UAE to supply Egypt with $8.7bn oil products

The United Arab Emirates has agreed to supply Egypt with oil products worth $8.7 billion for one year starting from September, Reuters reported yesterday.

According to an unnamed source, the first shipment will be delivered next week.

The UAE, along with Saudi Arabia and Kuwait, has provided Egypt with over $20 billion in assistance since the military’s ouster of President Mohamed Morsi last summer.

The official added that Egypt will receive part of the petroleum aid as grants and the rest will be repaid in instalments as part of a credit agreement.

Egypt is facing an unprecedented electricity crisis with almost daily power cuts in many areas across the country.

The official said that Egypt imports petroleum products worth an average of $1.3 billion per month.