Adnoc to start monthly oil product deliveries to Egypt next week

Cairo: Abu Dhabi National Oil Company (Adnoc) will start monthly deliveries of $400 million (Dh1.5 billion) of petroleum products to Egypt from next week until the end of October, a source at the state-owned Egyptian General Petroleum Corporation (EGPC) said on Thursday. “It is expected the first shipments will arrive in a week from now,” the source said. He added that Egypt will receive the products on credit and was still negotiating the interest rate for payment. Adnoc is seeking a 3 per cent rate, the source said. The deal to supply the products was agreed to last year.