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Libya to dispatch oil to Egypt next month

Industry

Libya will soon start dispatching oil to Egypt on soft credit terms as Cairo is currently struggling to pay for oil imports

The Libyan oil industry officials said that Tripoli would supply Cairo with US$1.2bn worth of crude at world prices but on interest-free credit for a year.

The first cargo is expected to arrive in the Egyptian capital next month, Reuters reported.

Under a deal signed by both sides, Libya will sell 12mn barrels of crude to Egypt over 12 months, the officials added.

However, the officials maintained that the two sides were still discussing the kind of crude oil to be supplied.

Cairo has, so far, failed to agree on a US$4.8bn loan deal with the International Monetary Fund and has sought help from oil-producing countries in the world.


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Libya to supply oil on credit to Egypt

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