Egypt reached a preliminary agreement to import 2mn barrels of crude oil from eastern Libyan fields under the control of the internationally recognized government based in Tobrouk, Al Mal newspaper reported.
Egypt will purchase the Libyan oil at an estimated $2.5 per barrel discount in exchange for rehabilitation services to bombed Libyan fields and destroyed oil pipelines. The Libyan oil is to be refined at Egyptian refineries mostly for in domestic consumption and be paid for after one-year. The supply of crude from Libya at a discount aims to cut Egypt’s import bill for crude oil as well as refined products contributing to narrowing of the yawning gap in merchandise trade.
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