CAIRO: Egypt will buy 65 per cent of its oil product imports for the next year from the UAE, in the latest Gulf lifeline to an economy rocked by three years of turmoil.
The deal, approved by the Egyptian government and announced yesterday, covers petrol, diesel, heavy fuel and liquefied petroleum gas that is used in homes.
Egypt has struggled to curb its swelling budget deficit while meeting soaring energy demands, resulting in daily electricity cuts around the country of 86 million people.
Egypt also introduced deep cuts to energy subsidies in July, which have resulted in price rises of more than 70pc, as it seeks to curb public spending and fuel waste.
Egypt's cabinet, in a statement on the deal, said that the price was 'appropriate'.
An oil ministry official said last month that Egypt was seeking to buy about $9 billion of oil products from the UAE.
