Egypt seeks alternatives after Saudi halts fuel deliveries
Egypt has invited tenders to meet its refined oil products needs for October after Saudi Aramco halted the expected delivery of 700,000 tonnes for this month, the petroleum ministry said on Tuesday.
The move by the Saudi oil giant was a surprise as Riyadh has been one of the main regional backers of President Abdel Fattah al-Sisi and had agreed to finance Egyptian imports from Aramco for five years in a $23 billion deal reached in April. "The Saudi Aramco company verbally informed the General Petroleum Corporation earlier this month that it would halt its supplies for October, without offering any reasons," ministry spokesman Hamdy Abdel Aziz told AFP.
Egypt has invited "tenders in international markets to supply the amount needed for October and we have opened credit lines with the central bank and will reach a deal soon."