3894
Egypt, Saudis in  $350m Energy Deal
International

Egypt, Saudis in $350m Energy Deal

Egypt signed $350 million worth of financing agreements with Saudi Arabia on Saturday aimed at upgrading its power grid and securing imports of petroleum products as it seeks to end its worst energy crisis in decades, World Bulletin reported.
Power cuts have become common in Egypt as the cash-strapped government struggles to supply enough gas to its power stations let alone upgrade a grid suffering from decades of neglect.
Two loan agreements signed on Saturday worth a total of about $100 million will be invested in two electricity stations that are expected to boost the capacity of the national grid. A further $250 million in assistance will come in the form of petroleum products.
Egypt has also turned to the United Arab Emirates for oil products, signing deal in September that commits it to purchasing about 65 percent of its needs from its Gulf ally in the next year.

Short URL : http://goo.gl/HsBt9i

You can also read ...

China Calls Pentagon Report Pure Guesswork
China’s Defense Ministry has lodged a complaint with the...
Antonio Guterres
United Nations Secretary-General Antonio Guterres said in a...
Rescuers evacuate people from a flooded area to a safer place in Aluva in the southern state of Kerala, India, on August 18.
Rescuers have used helicopters and boats to evacuate thousands...
A man mourns over the casket of one of the children killed in the strike.
The bomb used by the Saudi-led coalition in a devastating...
Officials Worry Trump May Back Erik Prince’s Plan to Privatize War in Afghanistan
US President Donald Trump is increasingly venting frustration...
Xi to Visit North Korea Next Month
Chinese President Xi Jinping is set to visit Pyongyang next...
Elder Statesman Kofi Annan Dies
Former United Nations secretary-general and Nobel Peace Prize...

Trending

Googleplus