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Saudi to meet Egypt's petroleum needs for 3 months

RIYADH, January 11, 2016

Saudi Arabia has pledged to meet Egypt's petroleum needs with payment facilities and interest rates up to 1 percent for three months starting from February, an Egyptian Petroleum Ministry official told Reuters on Monday.

Egypt has been facing an energy crisis and Gulf states such as Saudi Arabia have helped Cairo keep its economy afloat.

In December Saudi Arabia's King Salman ordered the kingdom to help meet Egypt's petroleum needs for the next five years.-Reuters




Tags: Egypt | Saudi | petroleum |

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