Cairo - Saudi Aramco Oil Company will resume exporting its products to Egypt after a five-month halt, Egypt's Petroleum Minister Tarek al-Molla said Wednesday. A timeline is being drafted for the upcoming oil deliveries, al-Molla added. The shipments will be exported under the previous contract concluded between the Saudi company and the Egyptian General Petroleum Corporation (EGPC) in 2016. "The move comes after the negotiations held during the past period between the Saudi company and the EGPC to resume exporting oil supplies to Egypt," al-Molla said. The minister explained that Aramco suspended oil shipments to Egypt due to changes in oil prices in the global market during the past period in addition to Saudi Arabia's decision to decrease oil production. After shipment suspension, local Egyptian media reports claimed that Saudi Arabia ceased deliveries of fuel supplies to Egypt after the North African country backed a Russian resolution on Syria in the UN Security Council. In April 2016, the Saudi company agreed with Egypt on a 22-billion-U.S. dollar loan with facilitated payments to finance Egypt's petroleum needs for five years.
