Cairo: Egypt’s state oil company, EGPC, will buy 65 per cent of its oil product import needs from the UAE’s Adnoc for one year after the government approved the deal on Wednesday.

The agreement covers gasoline, diesel, heavy fuel and liquefied petroleum gas (LPG) that is used in homes.

Egypt’s cabinet said in a statement that the deal was approved to meet the country’s urgent needs and because the prices were appropriate. It did not give the prices agreed.