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Reuters: Saudi Aramco halts oil supplies to Egypt

by ChemOrbis Editorial Team -
  • 11/10/2016 (15:49)
According to Reuters, an Egyptian official reported that Saudi Aramco informed the Egyptian General Petroleum Corporation (EGPC) about its inability to supply petroleum products to the country. The source gave no timeline or a reason for the suspension while traders claimed that Aramco has halted shipments of refined oil products to Egypt since the beginning of October.

As per an agreement signed between the two countries, Saudi Arabia is in charge of providing 700,000 tons of refined oil products per month for five years to Egypt. The $23 billion agreement was inked between Saudi Aramco and EGPC in 2015.

However, some media reports claimed that Saudi Aramco denied that it has officially suspended the contract. Instead, the company reported that the petroleum shipments have been delayed due to the revision of Saudi Arabia’s market share following a preliminary oil output deal in Algeria to cut production.
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