Saudi Arabia grants Morocco $500m to ease oil price pains
2008-05-06
Saudi Arabia will grant Morocco $500m to mitigate the effects of soaring international prices on Morocco's oil bill, MAP reported on Monday (May 5th). The news was contained in a message from Abdallah Ibn Abdelaziz al-Saoud to King Mohammed VI, delivered by Saudi Arabia's ambassador to Morocco Mohamed Ben Abderrahman El Besher. Morocco's Office des Changes reported that crude oil imports in the first quarter of 2008 reached $1.1 billion, a 68.9% increase over the same period in 2007.
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