Kuwait has sent $1 billion worth of oil and petroleum aid to Egypt since July, said Tarek al-Molla, executive chairman of the state-owned Egyptian General Petroleum Corporation on Monday during a phone interview with Anadolu Agency.
The aid included 4 million barrels of crude oil that were sent in two shipments in August and were worth $450 million, as well as nine shipments of diesel worth $300, added Molla.
Following the toppling of President Mohamed Morsi on July 3, Kuwait, along with other Gulf countries, vowed to send Egypt oil and petroleum products as a form of aid. While Kuwait agreed to send $4 billion, Saudi Arabia and the United Arab Emirates together are sending $8 billion.
According to Molla, the Gulf countries’ oil aid has contributed to eliminating the fuel shortage crisis in Egyptian markets.
According to data from the Egyptian General Petroleum Corporation, Egypt consumes a monthly average of 450 thousand tons of solar, 300 thousand tons of butane and 500 thousand tons of gasoline and imports $1.3 billion worth of petroleum products every month.