UAE’s ADNOC to supply USD400m of petroleum to Egypt

16 Apr 2015

(MENAFN) The state-owned Abu Dhabi National Oil Company (ADNOC) is set to initiate monthly shipments worth USD400 million of oil goods to Egypt, according to Egyptian General Petroleum Corporation (EGPC), Reuters reported.

The shipments are going to be sent under an interest, which the Abu Dhabi firm preferably fixed at 3 percent, but the number is still under further negotiation. The initial shipment is due to be on arrival next week from now.

“It is expected that the first shipments will arrive in a week from now,” the EGPC source said, adding that the deal was signed and concluded back in 2014. It is said that ADNOC already purchased 9 cargoes to run the delivery.

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