Saudi Arabia increases potential supply of petroleum products to 700,000 tonnes a year
The Egyptian and Saudi Arabia governments reached a final agreement regarding the five-year plan to supply Egypt’s petroleum needs, Al Masry Al Youm reported. The quantities were increased to 700,000 tonnes a year from an earlier 500,000, the paper reported citing anonymous official source. The value of the deal is cUSD23 billion with Saudi Arabia availing financing with a one-year grace period and 2% interest rate per annum. The cited interest rate comes in contrast to the 3% cited in Al Mal’s report last week. (Al Masry Al Youm)
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