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Egypt oil minister visits Saudi

November 22, 2016 at 11:31 am

Egypt’s Oil Minister Tarek Al-Molla yesterday arrived in Saudi Arabia to participate in the 14th International Arab Conference for Mineral Resources in Jeddah.

This is the first visit by the Egyptian minister to the Gulf kingdom after Aramco, the world’s largest oil company, stopped sending fuel shipments that were part of a $23 billion aid deal to Egypt in October.

The Egyptian Oil Ministry said in a statement that Al-Molla has received an invitation from the Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, to participate in the two-day conference starting today.

According to the statement, the conference will include a ministerial meeting.

Saudi Arabia agreed in April to provide Egypt with 700,000 tonnes of fuel on a monthly basis for five years on easy repayment terms.

The Egyptian oil minister has recently said that his country will resort to international oil market to compensate for the halt in shipments.