Thursday 18 September 2014

Egypt to buy 65 percent of oil product imports from UAE - Al Arabiya News

Egypt to buy 65 percent of oil product imports from UAE - Al Arabiya News:



"Egypt will buy 65 percent of its oil product imports for the next year from the United Arab Emirates, in the latest Gulf lifeline to an economy rocked by three years of turmoil.



The deal, approved by the Egyptian government on Wednesday and announced in a statement, covers gasoline, diesel, heavy fuel and liquefied petroleum gas (LPG) that is used in homes.



Egypt has struggled to curb its swelling budget deficit while meeting soaring energy demands, resulting in daily electricity cuts around the country of 86 million people."



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