"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    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    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    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    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    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    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.



Petroleum Ministry was not officially notified about not being supplied October shipments: Tarek El Molla
The ministry proposed a tender to secure the needs of the market in case the Saudi shipments did not arrive
Published in Daily News Egypt on 09 - 10 - 2016

The Egyptian General Petroleum Corporation (EGPC) proposed last week an international tender to foreign companies to supply the local market's needs of petroleum products (benzene, diesel, Butane gas, and Mazut) for October. This tender comes in anticipation of news that the Saudi Arabian Oil Company's (Aramco) shipments did not arrive.
Minister of Petroleum and Mineral Resources Tarek El Molla told Daily News Egypt that Saudi Aramco might not send the agreed fuel shipments for October, so EGPC proposed a tender to provide the required needs of the market.
He added that Saudi Aramco has not officially notified the ministry of anything yet, but it is likely that they cannot supply the required shipments for this month due to its internal conditions, noting that this is acceptable in long-term contracts of petroleum products.
El Molla pointed out that Saudi Aramco has been sending all the agreed fuel shipments regularly since May. The deal included supplying 400,000 tonnes of diesel, 200,000 tonnes of benzene, and 100,000 tonnes of Mazut monthly, over a period of five years.
Some traders told Reuters that Egypt would not receive the Saudi petroleum aid of October, in which EGPC was forced to propose an immediate tender despite the severe shortage of US dollars and the increasing arrears for oil companies.
El Molla added that the Egyptian-Saudi contract stipulates that the value of petroleum product shipments will be paid according to the international prices at the time of supply.
He further added that during the summer months, Saudi Aramco petroleum shipments were regularly received at Egyptian ports and were distributed within the domestic market to meet the growing demand.
The Ministry of Petroleum has signed a commercial contract with Saudi Aramco to provide Egypt with petroleum products for five years starting from May, and EGPC shall pay for the shipments at an interest rate of 2% and a grace period for up to three years.
The total cost of the shipments worth $30bn is related to the continuing decline in petroleum prices globally.
This agreement came after the signing of a financing agreement between the EGPC and the Saudi Fund for Development (SFD), on the sidelines of the Coordinating Council of the two countries held in Riyadh in March.
El Molla said that the local consumption of petroleum products and natural gas amounts to 6.5m tonnes monthly, 4.2m tonnes of which are secured from domestic production.
He added that Egypt imports 2.3m tonnes of petroleum products and natural gas monthly, to meet the local market's needs.


Clic here to read the story from its source.