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Thu 16 Mar 2017 08:07 AM

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Saudi Aramco to resume oil shipments to Egypt

State-owned oil giant suspended shipments in November, citing commercial reasons related to oil price slump

Saudi Aramco to resume oil shipments to Egypt
Saudi Aramco (Getty Images)

Saudi Arabian state oil company Aramco will resume oil product shipments to Egypt five months after suddenly halting them, the Egyptian Petroleum Ministry said on Wednesday.

The ministry said in a statement it was working out a time table with Aramco for the resumption of the shipments and that commercial reasons related to global oil prices and reduced production were behind the suspension in November.

A $23 billion Saudi aid deal with Egypt had included 700,000 tonnes of refined oil products per month for five years.

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