Egypt to import Saudi fuel

Egypt signed on Monday an agreement with Saudi Aramco, the world’s largest petrol company, to import petrol for three months, an official from the Ministry of Petroleum revealed yesterday.

The official, who spoke on condition of anonymity, said: “We signed an agreement with Saudi Aramco to import petrol shipments for three months estimated at $1.4 billion to be paid in three years with an interest rate of three per cent.”

He added: “We will start receiving the products after finishing some simple procedures within days,” noting that the agreement included diesel and gasoline.

Egypt, and its 86 million residents, has been suffering from a severe shortage of energy. It is looking to encourage foreign oil companies to invest in its new natural gas fields.