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FINANCIAL NEWS
Egypt’s fuel donations cause troubles
03 Nov 2013
(MENAFN) Egypt received huge amounts of fuel as gifts from Gulf countries, which is causing new troubles for the state oil company and foreign traders, The Peninsula Qatar reported.
Fees for delayed tankers at the country’s full ports are rising and leading the Egyptian General Petroleum Corp (EGPC) to cancel or postpone already made purchases.
EGPC Chairman said cargoes donated by Saudi Arabia, Kuwait and the UAE are taking priority, which causes bought cargoes delayed at the ports to incur penalties.
The Chairman said: “Contracted cargoes are waiting on the water, so we started telling them to please postpone, please cancel.”
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