
Kuwait has sent $1 billion worth of oil products to Egypt as part of a $4 billion package that the oil-rich country had earlier pledged to the crisis-hit country. Tarek al-Molla, chairman of the state-run Egyptian General Petroleum Corporation, told Anadolu Agency on Monday that the fuel shipments included 4 million barrels of crude and nine shipments of diesel. Kuwait, however, deducted $250 million from the package to make up for overdue payments for previous diesel shipments, he noted. Kuwait, along with other Gulf nations, rushed to extend financial support to Egypt following the July 3 ouster of president Mohamed Morsi by Egypt's powerful military establishment. Saudi Arabia and the United Arab Emirates together pledged to provide Egypt with a total of $8 billion in assistance, which includes the delivery of badly-needed petroleum products. Kuwait, for its part, has pledged $4 billion in aid to Egypt. Egypt spends some $1.3 billion monthly to import petroleum products, which are then sold on the local market at subsidized prices, aggravating the losses suffered by state-owned oil marketers. Acute fuel shortages played a part in stoking the mass protests that culminated in the ouster of Morsi, Egypt's first democratically elected president. The country remains in urgent need of financial aid to face an ongoing foreign currency shortage, a sizable budget deficit, depreciation of the Egyptian pound, a sharp rise in inflation, and the collapse of the local tourism industry.
GMT 18:36 2017 Tuesday ,26 December
Scenting a recovery, oil producers ratchet up spendingGMT 20:43 2017 Monday ,25 December
Oil markets will witness balance in 2018: Iraqi Oil MinisterGMT 16:17 2017 Sunday ,24 December
Iraq invites bids for new oil pipelineGMT 14:26 2017 Friday ,22 December
Energy prices bump key US inflation index up in NovemberGMT 17:59 2017 Tuesday ,19 December
Japan trade surplus drops sharply on higher oil importsGMT 17:31 2017 Thursday ,14 December
Energy costs push US consumer inflation higher as Fed meetsGMT 15:30 2017 Wednesday ,29 November
Shell resumes all-cash dividend as oil price recoversGMT 13:22 2017 Sunday ,26 November
Chinese demand teaser to weigh on Vienna oil summit
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor