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FINANCIAL NEWS
Egypt’s EGPC to buy 65 percent oil imports from ADNOC
18 Sep 2014
(MENAFN) Egypt’s state oil company, EGPC announced signing an agreement with United Arab Emirates’ ADNOC to buy 65 percent of its oil product imports for one year, Arabian Business reported.
The company said that the agreement will cover gasoline, diesel, heavy fuel as well as liquefied petroleum gas (LPG) which is used in homes.
Egypt, which was seeking to buy about USD9 billion of oil products from the UAE, has been importing petroleum products worth around USD1 billion to USD1.3 billion a month but that it is still struggling to meet the soaring energy demands, which have resulted in daily electricity cuts around the country of 86 million people.
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