Saudi Aramco to resume oil supplies to Egypt
According to an agreement worth $23 billion which had been previously signed between the two countries, Saudi Arabia was expected to provide 700,000 tons of refined products per month to Egypt for the next five years. However, the company halted shipments of oil products to Egypt indefinitely last October.
The two parties deny having tension and disagreements between each other while Aramco reportedly say the decision to halt the shipments to Egypt was deemed necessary because of changes in global oil market prices, a decline in Saudi Arabia’s oil production levels and scheduled maintenances at refineries.
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