Saudi Gifts Egypt Oil

Saudi Arabia will provide Egypt with free petroleum products worth more than $3bn over the period April-August, roughly around $650-700mn per month, the head of the Egyptian General Petroleum Corporation (EGPC) Tarek El Molla says. Three Gulf states, Saudi Arabia, Kuwait and the UAE, had earlier pledged an aid package of $12bn, including petroleum products, immediately after the ousting of former Muslim Brotherhood president Muhammad Mursi in July 2013.

The EGPC official denied that a decision had been taken to raise product prices or to lower subsidies on these products, noting that such a decision will be taken by the cabinet as a whole and not by the ministry of petroleum. (CONTINUED - 381 WORDS)