Egypt's PM, JICA chief discuss boosting investment, education ties at TICAD 9    Egyptian pound wavers vs. USD in early trade    SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Ministry of Petroleum seeks to renew Aramco's contract for 3 more months
Final agreement was not yet reached with Russian Rosneft on payment facilities, says official
Published in Daily News Egypt on 13 - 10 - 2015

The Ministry of Petroleum is negotiating with the Saudi Aramco to renew a contract to supply part of Egypt's fuel needs for three more months, and facilitate the payments for the petroleum shipments.
A prominent official at the Ministry of Petroleum said the payment facilitations that were agreed upon with Aramco in that regard will end in November.
He explained that the previous agreement with the Saudi company included the supply of 500,000 tonnes of diesel, 220,000 tonnes of Mazut, and 150,000 tonnes of benzene monthly.
The Minister of Petroleum had agreed with Aramco on $1.4bn to supply petroleum substances shipments for three months, starting from September. The costs will be paid off after a year.
Saudi Arabia is the largest oil exporter in the world, and a supporter to Egypt, next to the UAE and Kuwait. Billions of dollars in aid was given by the three Gulf states after the removal of president Mohamed Morsi in 2013.
Saudi Arabia increased its crude oil production to 10.308m barrels in the second half of 2015, in order to support its share in the Asian market and feed local power plants and refineries.
On the other hand, the official said a final agreement was not yet reached with the Russian Rosneft on the facilitations to pay for the petroleum substances shipments supplied by it. He added that if the contract renewal with Aramco is finalised, the rest of the local market needs will be provided through Rosneft.
The local market requires an estimated 500,000 tonnes of diesel per month, 300,000 tonnes of butane gas, 150,000 tonnes of benzene, in addition to 500,000 tonnes of Mazut, according to a report by the Egyptian General Petroleum Corporation (EGPC).
The local benzene consumption amounts to 6.1m tonnes annually, 2.7m tonnes of which is 80 octane, followed by 92 octane with total consumption of 2.5m tonnes, and 95 octane with about 400,000 tonnes, according to the state's general budget for fiscal year 2014/2015.


Clic here to read the story from its source.