Egypt is expected to receive some 3.5 billion dollars in petroleum products from Saudi Arabia by August
The head of the Egyptian General Petroleum Corporation, Tarek Al-Molla, told Reuters that aid from Saudi Arabia to Egypt, predominantly in the form of petroleum products, is expected to reach $3.25 to $3.5 billion by the end of August.
Egypt has been receiving $650-700 million worth of petroleum products on a monthly basis since April, Al-Molla said, adding that the aid is expected to continue until August.
Once source at the Ministry of Petroleum told Reuters last week that in order to help Egypt’s energy crisis, Gulf countries have already supplied Egypt with petroleum products, amounting to $2.5 billion from January until the end of April. The source clarified that the United Arab Emirates (UAE) had provided Egypt with $2 billion, while Saudi Arabia supplemented the aid with some $500 million in petroleum products.
Many Gulf Arab states have been supportive of Egypt ever since the ouster of Islamist President Mohamed Morsi on July 3, 2013. Following Morsi’s removal, the UAE, Saudi Arabia and Kuwait have eagerly donated aid to Egypt, a combined total of $12 billion, $4 billion of which was petroleum products sent from last July to December.
The petroleum aid is aimed to help Egypt with its escalating energy crisis, which is expected to worsen in the upcoming hot summer months. Natural gas shortages in Egypt have been causing power cuts across the country,crippling the function and activities of various sectors.