BR100 Decreased By (-1.04%)
BR30 Decreased By (-1.14%)
KSE100 Decreased By (-0.89%)
KSE30 Decreased By (-1.03%)
AGHA 7.66 Decreased By ▼ -0.15 (-1.92%)
BECO 5.12 Decreased By ▼ -0.09 (-1.73%)
BML 57.31 Decreased By ▼ -0.19 (-0.33%)
BOP 33.79 Decreased By ▼ -0.24 (-0.71%)
CNERGY 9.84 Decreased By ▼ -0.12 (-1.2%)
CSIL 5.30 Decreased By ▼ -0.01 (-0.19%)
FCCL 53.13 Decreased By ▼ -1.57 (-2.87%)
FFL 16.55 Decreased By ▼ -0.14 (-0.84%)
FNEL 1.22 Decreased By ▼ -0.01 (-0.81%)
KEL 7.25 Decreased By ▼ -0.15 (-2.03%)
KOSM 5.82 Increased By ▲ 0.05 (0.87%)
LOTCHEM 29.05 Decreased By ▼ -0.27 (-0.92%)
MLCF 91.77 Decreased By ▼ -2.59 (-2.74%)
NBP 201.98 Decreased By ▼ -1.07 (-0.53%)
NCPL 56.50 Decreased By ▼ -0.50 (-0.88%)
NPL 66.75 Decreased By ▼ -0.95 (-1.4%)
OGDC 313.95 Decreased By ▼ -1.89 (-0.6%)
PACE 10.49 Decreased By ▼ -0.15 (-1.41%)
PAEL 41.92 Decreased By ▼ -1.28 (-2.96%)
PIBTL 16.45 Decreased By ▼ -0.29 (-1.73%)
PPL 217.00 Decreased By ▼ -2.78 (-1.26%)
PRL 49.85 Increased By ▲ 0.66 (1.34%)
PTC 69.81 Decreased By ▼ -0.72 (-1.02%)
SSGC 26.95 Decreased By ▼ -1.30 (-4.6%)
TBL 9.79 Decreased By ▼ -0.07 (-0.71%)
TELE 8.63 Decreased By ▼ -0.16 (-1.82%)
TPL 18.38 Increased By ▲ 0.14 (0.77%)
TPLP 13.41 Increased By ▲ 0.14 (1.06%)
TREET 22.50 Decreased By ▼ -0.22 (-0.97%)
TRG 59.70 Decreased By ▼ -0.44 (-0.73%)
Markets

Saudi Aramco resumes Egypt oil deliveries: ministry

Published Updated

imageCAIRO: Egypt has received its first two oil shipments from Saudi giant Aramco after deliveries were suspended for several months over political differences, an oil ministry spokesman said on Sunday.

"On Friday and Saturday, we received the first two deliveries after a resumption of the contract with Aramco," oil ministry spokesman Hamdi Abdel Aziz told AFP.

"We will receive another two deliveries on March 26 and 27."

During a visit to Cairo by King Salman in April last year, Saudi Arabia agreed to finance Egyptian imports of refined products from Aramco for five years in a $23-billion (21.5-billion-euro) deal.

But in October, Aramco decided to suspend deliveries of 700,000 tonnes of petroleum products a month during a spat between the two countries over the conflict in Syria.

At the time, Aramco was cited as saying the suspension was due to "special commercial conditions amid fluctuations in international oil prices".

But the move came after Egypt voted in favour of a Russian-drafted UN Security Council resolution on Syria that Saudi Arabia strongly opposed.

Moscow is a staunch supporter of President Bashar al-Assad's regime while Riyadh is a key backer of the rebels.

Riyadh has also been frustrated by Cairo's unwillingness to send ground troops to join a Saudi-led coalition fighting rebels in Yemen.

Saudi Arabia has provided Egypt with billions of dollars in aid and credit since then army chief, now President Abdel Fattah al-Sisi overthrew his Islamist predecessor Mohamed Morsi in 2013.

The kingdom is strongly opposed to the now outlawed Muslim Brotherhood movement to which Morsi belongs.

Copyright AFP (Agence France-Press), 2017

Comments

Comments are closed for this article.