UAE sends 30,000 tonnes of diesel to Egypt

[DJKeefy]

The United Arab Emirates (UAE) has sent 30,000 tonnes of diesel to Egypt via Suez, a senior Petroleum Ministry official said on Tuesday.

The diesel shipment is the first in a series the UAE has pledged to Egypt following the 30 June protests that ousted the Muslim Brotherhood's Mohamed Morsy from power.

The same official, who declined to be named, said the fuel deliveries are aimed at alleviating financial pressures on the Egyptian General Petroleum Corporation.

Egypt imports petroleum products worth US$300 million every month, squeezing the country’s foreign currency reserves which dropped to $14 billion by the end of June.

Subsidized petroleum products and energy have been a heavy financial burden over the past two years following the 25 January revolution. The government spends around 20 percent of the gross domestic product (GDP) on energy subsidies which have so far exceeded LE122 billion for this fiscal year.

The Petroleum Ministry official also said that the ministry is currently negotiating the number of diesel shipments with the UAE.

Gulf countries had refrained from sending assistance packages to Egypt which they had originally pledged following the 25 January uprising. They cited the Muslim Brotherhood's unclear positions towards Gulf states.

Defence Minister General Abdel Fattah al-Sisi on Wednesday announced that Supreme Constitutional Court head Adly Mansour would lead the country in the transitional period up to the election of a new president as part of a military-led roadmap.

Source: http://www.egyptindependent.com/news/ua ... esel-egypt

[DJKeefy]

The UAE seems to be helping Egypt a lot now Morsi has gone.