Egypt receives $280-million oil aid from UAE in October

The UAE sends Egypt eight shipments of diesel, gasoline and heating oil last month.

Egypt receives $280-million oil aid from UAE in October

 


World Bulletin / News Desk

Egypt received petroleum assistance to the value of $280 million from the United Arab Emirates (UAE) in October, a high-ranking official from the Egyptian state-run General Petroleum Authority said on Saturday.

The UAE sent Egypt eight shipments of diesel, gasoline and heating oil last month, the official told Anadolu Agency, requesting anonymity.

Following the July 3 ouster of elected president Mohamed Morsi by the military, the UAE, Saudi Arabia and Kuwait offered Egypt a combined total of $15.9 billion in aid.

The UAE aid includes $3 billion in deposit at the Central Bank of Egypt, $1 billion in oil products and $2.9 billion for carrying out development projects.

The Petroleum Authority official said that oil assistance from both Saudi Arabia and Kuwait would come to an end by December.

Egypt imports petroleum products to the value of $1.3 billion every month. The Arab world's most populous country had coughed up 128.3 billion pounds (20% of its overall budget) last year to subsidize fuel for its citizens.

Güncelleme Tarihi: 02 Kasım 2013, 13:56
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