Egypt in talks to extend oil product supplies from Gulf

                
Egypt is negotiating with Saudi Arabia, Kuwait and the United Arab Emirates to supply it with petroleum products into 2014, Egyptian Petroleum Minister Sherif Ismail said on Tuesday.          
The three Gulf countries, which pledged to provide Egypt with $12 billion in aid after the army ousted Islamist president Mohamed Morsi on July 3, are already providing petroleum products until the end of December, Sherif said.           

The Gulf countries have been sending diesel, gasoline and fuel oil to Egypt since July, he said.           

Ismail also said that Egypt is hoping to implement a smart card system at the start of 2014 for fuel purchases by vehicle drivers.          

The finance ministry said in July it planned to phase in the card system gradually in July, August and September.                     

The government has been struggling to reduce the cost of its energy subsidies, which make up 20 percent of all state expenditure, without angering its citizens.                         

REUTERS