New Saudi petroleum aid valued between $700M-$800M

CAIRO: Saudi Arabia will send new petroleum aid to Egypt within the next two months in amounts in excess of 1.3 million tons and valued between $700 million to $800 million, Al-Mal business website reported Sunday.

Al-Mal said Saudi Arabia had agreed with the Egyptian government to provide the local market with petroleum material during the second quarter of this year after the United Arab Emirates supplied the needs of the first quarter.

The Saudi petroleum supplies to Egypt could be extended until the third quarter, not just the second quarter, an official source from the General Petroleum Authority told Al-Mal.

The source said that since April, Saudi Arabia has provided Egypt with 670,000 tons of petroleum products a month, at a value of $350 million to $450 million a month.

The total amount of petroleum aid offered by the Gulf countries to Egypt during the first six months of this year exceeded $3.2 billion, the source added.

The head of the General Petroleum Authority told Al-Mal that the total amount of petroleum aid from Gulf countries to Egypt since July 2013 reached $6 billion.

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