Egypt has received the shipment of petroleum products worth about $650million in May and June 2016 from Saudi Arabia, as part of the five-year agreement it entered into with Riyadh to supply its fuel needs.

The five-year contract signed between the Egyptian Ministry of Petroleum and Saudi Arabia’s Aramco, includes the supply of petroleum derivatives to Egypt for five years, from May 2016, at an interest rate of 2% and an extra time of 3 years. The total worth of these shipments is estimated to increase to $30 billion during the global low oil prices.

This shipment includes benzene, diesel, and mazut products.

According to the Egyptian Minister of Petroleum, Tarek El-Molla (photo), the country has received petroleum shipments valued at $300 million in May and the worth of the fuel shipments received in June is estimated to increase to $350 million as a result of the increase in oil prices in the global market.

El-Molla disclosed that the country’s monthly consumption of petroleum products and natural gas is currently at 6.5million tons. 4.2million tons out of the 6.5million tons are locally produced while the remaining 2.3million tons are imported.

Egypt intends to raise its per day crude oil production from 695,000 bbls to 700,000 bbls all through the upcoming financial year, Egypt Oil and Gas news reports.

Anita Fatunji