Africa > North Africa > Egypt > UAE to provide Egypt $9 bln in oil products

Egypt: UAE to provide Egypt $9 bln in oil products

2014/09/01

Egypt’s oil ministry said on Sunday that the United Arab Emirates would provide “about $9 billion” worth of petroleum products to Egypt over the next year in transaction approaching into result on Monday.

Ministry spokesman Hamdy Abdelaziz said in a statement that the arrangement between national-run Egyptian General Petroleum Company (EGPC) and its counterpart, Abu Dhabi National Oil Company, would contribute to conference part of Egypt’s petroleum needs over the next year.

Egypt has struggled to curb its swelling budget deficit and meet its soaring energy demands, which have resulted in daily electricity cuts around the country of 86 million people.

Oil-producing Gulf nations have come to Egypt’s aid since the army, prompted by mass protests, ousted Islamist President Mohammed Mursi last year.

An Egyptian official told Reuters before on Sunday that the UAE would provide Egypt with petroleum products worth $8.7 billion over a one-year period starting in September.

The official told Reuters that the initial shipment of petroleum would be sent next week.

He said some of the petroleum products would comes as grants and the remainder under a credit agreement that would be repaid in installments.

The United Arab Emirates, Saudi Arabia and Kuwait have together provided Egypt with additional than $20 billion in grants, loans and petroleum products since Mursi’s overthrow.

Fuel subsidies have in recent years cost Egypt’s government around $15 billion a year, a fifth of the national budget. But the government slashed energy subsidies and increased prices by additional than 70 % in July.

The official said Egypt imports petroleum products worth around $1 billion to $1.3 billion a month.

www.ocpgroup.ma/
Related Articles

  • Archaeologists find goldsmith's tomb near Egyptian city of Luxor

    2017/09/10 Egyptian archaeologists have discovered a tomb of a prominent goldsmith who lived additional than 3,000 years ago, unearthing statues, mummies and jewellery in the new major find near the Nile city of Luxor. Egypt’s Minister of Antiquities Khaled Al-Anani said on Saturday the tomb dated back to Egypt’s 18th dynasty New Kingdom era — around 15th century B.C.

  • UNWTO: International tourism – strongest half-year results since 2010

    2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.

  • H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity

    2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.

  • International Arrivals To Africa Reach More Than 18 Million In 2017

    2017/09/09 Market Research Company Euromonitor International revealed before this week the key trends shaping travel and tourism in Africa at the 41st Annual World Tourism Conference in Kigali, Rwanda. According to Euromonitor International’s new data, international arrivals to Africa grew by 6.5 % in 2017, to reach 18,550 million, up from 16,351 million in 2012. Key markets such as South Africa, Kenya, Nigeria, Mozambique, Cameroon, Mauritius and Tanzania accounted for 70 % of international trips to the Sub-Saharan African region.

  • New microfinance initiative worth $2.8m launched in Egypt

    2017/09/06 In August national-owned investment bank NI Capital launched a LE50m ($2.8m) microfinance arm called Tamweely (Arabic for “Funding”) in conjunction with government-backed private investment entity Ayady for Investment and Development, and Cairo-based private equity firm Post for Investments. NI Capital, a privately managed and incorporated subsidiary of the National Investment Bank (NIB), said Tamweely was part of its commitment to provide finance and capital mechanisms to bolster the local economy, with a focus on Upper Egypt and the Nile Delta.
Egypt News
More >
UCLGA en
Trending Articles
standart Chartered
Air Arabia, the Middle East and North Africa’s
Deutsche Bank AG, Frankfurt am Main
Telecom Italia Sparkle