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GCC pledges $6bn worth of free fuel to Egypt

: Tuesday, May 06 - 2014 @ 09:54

Tarek El-Molla, head of the Egyptian General Petroleum Corp (EGPC) has said Gulf oil producers have given Egypt a free fuel lifeline totalling $6bn in value to help fend off unrest on its streets in the summer when consumption soars, Reuters has reported. The aid consisted of “huge quantities” of benzene, diesel, heavy fuel oil mazut, butane and crude oil, since last July, El-Molla said. Arab Gulf countries had agreed to rotate management of the support, with the UAE in charge for the first quarter of 2014 and Saudi Arabia taking over in the second quarter, he noted.

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Tuesday, May 6- 2014 @ 9:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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