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Wednesday, March 15, 2017
Saudi Aramco to resume oil shipments to Egypt: Minister

Saudi Aramco to resume oil shipments to Egypt: Minister
Shipments were halted in October
Ahram Online , Wednesday 15 Mar 2017
http://english.ahram.org.eg/NewsContent/3/12/261014/Business/Economy/Saudi-Aramco-to-resume-oil-shipments-to-Egypt-Mini.aspx

Egypt's Petroleum Minister Tarek El-Molla said Wednesday that Egypt
agreed with Saudi Arabia's Aramco company to resume providing Egypt with oil
products as per their agreement after a halt last October, an emailed
ministry statement read.

A timeline is currently being drafted between the country and Aramco
outlining the delivery of shipments, El-Molla added in his statement.

Reuters quoted a source at the ministry, who requested anonymity, as saying
that shipments would resume "within a very short time period."

El-Molla added that the two parties have been communicating to resume
shipments, especially given that they had a valid contract.

After the decision to halt shipments in October, the Egyptian ministry said
it had contracted “other foreign suppliers” to provide the country with its
petroleum needs, without giving further details.

Egypt also reiterated that the oil shipment halt had "no political
dimension."

An anonymous official at Aramco told Saudi media outlet Al-Manatiq in
October that the halt was attributed to a re-evaluation of Saudi oil
production, which might be reduced by half a million barrels per day after
an OPEC meeting.

It was agreed at the October that members would reduce output by 1.2 million
barrels a day in 2017. Saudi Arabia has reported that it has lowered its
output in January accordingly.

In April 2016, the oil-rich kingdom agreed with Egypt on a $22-billion soft
loan with facilitated payments to finance the latter’s petroleum needs for
five years.

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