CAIRO/SINGAPORE Oct 7 (Reuters) - Egypt has not received October allocations of petroleum aid from Saudi Arabia, traders told Reuters, forcing its state oil buyer to rapidly increase tenders even amid a severe dollar shortage and growing arrears to oil producers.
Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years under a $23 billion deal between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC) signed during a state visit this year by Saudi Arabia's King Salman.
Delivery of the Saudi Aramco products was halted as of Oct. 1 though the reason remains unclear, a trader that deals with the EGPC told Reuters.
The kingdom has pumped billions of dollars, including grants, into Egypt's flagging economy since the toppling of President Mohamed Mursi of the Muslim Brotherhood in 2013 after mass protests against his rule.
The oil aid has saved Egypt hundreds of millions of dollars per month at a time when it faces an acute shortage of hard currency that has forced it to ration dollars for key commodities and Gaming caf?(C) p?(C)dagogique negotiate long term credit arrangements with oil producers to keep critical supplies flowing.
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