Egyptian Oil Minister Tariq Al-Mulla said on Tuesday that he has reached an agreement with Saudi state-run oil company Aramco to extend the supply of crude to Egyptian refineries for a further six months starting last January.
The world’s largest oil company had begun supplying crude to Egyptian refineries on a trial basis in November and December 2017 and then it began regular supply in 2018.
The company will supply more than 500,000 barrels of crude oil per month in the period from January to next June, the minister said, Reuters reported. He gave no financial details.
Saudi Arabia agreed in April 2016 to supply Egypt with 700,000 tons of refined petroleum products per month for five years.
Also, Qalaa Holdings on Tuesday announced its diesel production unit at the Egyptian Refining Company’s (ERC) project will begin commercial operation in the third quarter of 2019.
The trial operation of all units of the project is set for completion by the end of Q2-19, the Cairo-based firm said in a statement to the Egyptian Exchange (EGX).
Qalaa Holdings, which has operations in a slew of industries including energy, cement and logistics, has completed the acquisition of around 99.28% stake in ERC, according to the statement.
Earlier this month, three banking sources told Reuters that ERC was seeking a multi-million mega loan worth $80 million from the Commercial International Bank.
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