No Saudi Aramco Oil Shipments To Egypt For Second Month

No Saudi Aramco oil shipments to Egypt for second month

CAIRO, Nov 7, (Pakistan Point News - 07th Nov, 2016 ) - Egypt will buy from global oil markets in November after Saudi Aramco halted deliveries for a second month, an oil ministry official said on Monday. The move by the Saudi oil giant came as the two countries disagreed over Syria's conflict, with Egypt edging closer to Russia, a key backer of President Bashar al-Assad's regime whom Riyadh opposes. Egypt announced in October that it had invited tenders to meet its refined oil products needs after Aramco halted the delivery of 700,000 tonnes.

"In November we're buying from the world market," said the ministry official, adding they have not been informed when Aramco would resume shipments. Saudi Arabia has provided Egypt with billions of Dollars in aid and credit since President Abdel Fattah al-Sisi overthrew Islamist Mohamed Morsi in 2013 while army chief, and King Salman visited Cairo in April. They had agreed during the visit to finance Egyptian imports from Aramco for five years in a $23-billion (21-billion-euro) deal. The two governments have differences over the Syrian conflict and over Egypt's unwillingness to send ground troops to join a Saudi-led coalition fighting rebels in Yemen.