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Egypt to renew Iraq crude oil import deal

Oil tanksers seen at the Al-Basra Oil Terminal in Iraq [Samuel W. Shavers/Wikipedia]
Oil tankers seen at the Al-Basra Oil Terminal in Iraq, 16 May 2017 [Samuel W. Shavers/Wikipedia]

Egypt will renew its contract to import crude oil from Iraq, Egyptian Petroleum Minister Tarek El-Molla announced yesterday.

"The agreement to import 12 million barrels of Iraqi crude oil will remain in effect for the next six months," El-Molla said during his meeting with the Iraqi ambassador to Egypt, Ahmed Nayef Al-Dulaimi.

The minister added that the Egyptian petroleum companies were "ready to enhance their presence in Iraq in the coming period," noting that the companies had "previous successful experiences in Iraq."

The Iraqi deal was originally agreed in April 2017 with a first shipment that arrived later in May. Egypt has gone from exporting energy to being a net importer as domestic output has failed to keep pace with rising demand.

READ: Egypt unemployment rate rises to 9.6%

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