UAE to provide Egypt with $8.7 bln petroleum products

The United Arab Emirates will provide Egypt with petroleum products worth $8.7 billion over a year starting in September, an Egyptian official told Reuters on Sunday.

Egypt has struggled to curb its swelling budget deficit and meet its soaring energy demands, which have resulted in daily electricity cuts around the country of 86 million people.

Oil-producing Gulf countries have come to Egypt's aid since the army, prompted by mass protests, ousted Islamist President Mohamed Mursi last year.

"We will complete all the details this week and the first shipment will be sent next week," the official said, referring to the UAE agreement.

He said some of the petroleum products would comes as grants and the remainder under a credit agreement that would be repaid in instalments.