October 13, The Iran Project – An Egyptian journalist says Egypt is seeking other sources to replace Saudi oil, stressing that importing Iran and Venezuela’s oil as substitution will escalate Riyadh’s regional crises and impose heavy costs on Saudis that they will not be able to handle.
Referring to a shortfall caused by Saudi Arabia’s abrupt decision to halt previously agreed oil shipments due to the Cairo’s stance towards Syria, Egyptian columnist Abdullah el-Sennawy said Egypt has been offered refined oil products for Iran and Venezuela.
Saudi Arabia agreed in April to provide Egypt with 700,000 tons of fuel monthly for five years on easy repayment terms, but Egyptian officials said this week that Saudi Arabia’s Aramco, the world’s largest oil company, informed Cairo it would not ship any fuel this month.
There has been no official word from Saudi Arabia on the abrupt halt of shipments, a decision that appears linked to a public spat between the two allies over Syria.
Egypt’s vote in favor of separate Russian and French draft resolutions on Syria at the UN Security Council over the weekend has apparently angered the Saudis, who oppose Russia’s military presence in Syria and support some of the anti-government militant groups there.