Egypt's EGPC says to buy 65% oil imports from UAE's ADNOC

Egypt's state oil company, EGPC, will buy 65 percent of its oil product imports from the United Arab Emirates' ADNOC for one year after the government approved the deal on Wednesday.

The agreement covers gasoline, diesel, heavy fuel and liquefied petroleum gas (LPG) that is used in homes, Egypt's cabinet said in a statement.

It did not give the prices agreed but an oil ministry official said last month that Egypt was seeking to buy about $9 billion of oil products from the UAE and that some of the products would come as grants and the remainder under a credit agreement that would be repaid in instalments.

The official said Egypt imports petroleum products worth around $1 billion to $1.3 billion a month.