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Libya to supply oil on credit to Egypt

Industry

Libya has announced plans to supply one million barrels of oil a month to Egypt on credit in a move that would provide the latter with relief from fuel shortages

Omar Shakmak, Libya's deputy oil minister, said the agreement, which is expected to meet about five per cent of Egypt’s oil needs, was agreed on standard commercial terms but the length of the period of credit was yet to be finalised. It could extend beyond the six weeks terms commonly practiced in the oil industry, Dow Jones reported.

Egypt has, meanwhile, been trying to secure a US$4.8bn loan from the International Monetary Fund.

Shakmak said that the terms offered to Egypt were driven solely by commercial considerations and not political motives.

“I am not involved in political discussions,” Shakmak said, adding, that the prices offered were in line with the market and offering credit was a routine practice in the oil industry.

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