Tareq al-Mulla, Chairman of the General Petroleum Authority, said Monday the United Arab Emirates (UAE) has agreed with the Ministry of Petroleum to send four shipments of petroleum products including gasoline and diesel fuel in September.
Mulla added in a phone call with the Anadolu news agency that Emirati officials have offered to meet Egypt’s needs of fuel during the coming period and to establish joint petroleum investments with Egypt.
The needs of the Egyptian market of diesel fuel are about 450 thousand tons per month, while the needs of butane and gasoline reach 300 thousand tons and 500 thousand tons per month respectively.
The UAE dispatched ten shipments of different petroleum products during the past two months worth US$330 million, Mulla said.
The UAE studies joint investments with Egypt, such as establishing oil refineries to increase the domestic production and long-term solutions for the general budget deficit, which mainly goes towards petroleum product imports, Mulla added.
The subsidies of petroleum products amounted to LE130 billion in the last fiscal year, which ended on 30 June 2013.