Petroleum Africa
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Friday, August 2, 2013
Six shipments of fuel from the UAE have arrived in Egypt. Spokesman for the petroleum ministry Hamdi Abdel-Aziz told Ahram Online that these shipments included diesel, petrol, and the low-quality fuel oil mazut. It was unclear as to whether Egypt, who is extremely cash poor, paid for these shipments or if they were given to the beleaguered North African country.
The country is also due to receive the first of five free LNG shipments pledged by Qatar. The shipment reportedly stands at 70 million cubic feet.
Toward the end of July the UAE deposited $3 billion into the Egyptian central bank. A total of $12 billion has been pledged to Egypt by fellow Muslim countries. Besides the UAE, Saudi Arabia and Kuwait have pledged financial support since the latest popular uprising that ousted Egypt’s first democratically elected president Mohammed Morsi.
In another related matter, negotiations between the petroleum ministry and foreign oil companies are ongoing to facilitate repayment of Egypt’s debts, which stand at an estimated $5.4 billion.
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