Archives

Home

Media Center

Financial News

12-05-14

Saudi Fuel donations to Egypt reach USD3bn

(MENAFN) According to an Egyptian energy official, the value of the fuel donations from Saudi Arabia to Egypt will hit USD3 billion through the April-August period of 2014 in order to solve energy crisis in Egypt, Gulf News reported. The value of the monthly amount will be between USD650 and USD700 million through the same period, as the head of state-run Egyptian General Petroleum Corp (EGPC) said. "Saudi petroleum aid to Egypt will be more than USD3 billion from April until the end of August," he added. These donations would alternate the gas used for electricity after a shortage of its percent which caused, as experts say, the power cuts.