Egypt, Saudi Aramco sign oil products deal
Oil
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CAIRO: The Egyptian General Petroleum Corporation (EGPC) signed a contract with Saudi Arabia’s state-owned Aramco to provide Egypt with its needs of petroleum products for the next five years, the Ministry of Petroleum said in a statement on Friday.

Minister of Petroleum Tarek el Molla witnessed the signing ceremony between Mohamed el Masry, CEO of EGPC and Aramco’s CEO Yasser al Mofti and CEO of EGPC Mohamed el Masri.

The contract comes after EGPC in March inked a deal with the Saudi Fund for Development on the sidelines of meeting of the Egyptian-Saudi coordination council in Riyadh.

The deal is the second during the past six months. In August, Egypt signed a similar deal worth $1.4 billion with Aramco to provide Egypt with its needs of petroleum products for three months.

The deal in August included 500,000 tons of diesel fuel, 220,000 tons of heating oil and 150,000 tons of gasoline per month.

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