Iraq renews deal to supply Egypt with one million barrels of crude oil per month

The Iraqi government has renewed a contract to supply Egypt with 12 million barrels of crude oil per year, one million barrels per month, Anadolu Agency has reported.

“Oil and petroleum ministries in both countries have agreed to renew the supply of 12 million barrels of crude oil to Egypt under the same conditions, starting from January this year,” Iraqi Oil Ministry spokesman Assem Jihad said in a statement.

Jihad added that “this agreement comes within the framework of strengthening relations between the two countries and their keenness to expand the horizons of bilateral cooperation”.

The Egyptian government had agreed to buy 12 million barrels of oil per year from Iraq under an agreement reached by the governments of the two countries at the end of 2016.

Iraq, Egypt and Jordan have an agreement to build an oil pipeline from Basra, located in southern Iraq, to the port of Aqaba in south Jordan.

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