Egypt In Talks To Import 12 Million Barrels of Iraqi Oil – 2 Feb, 2017

Egypt is in talks with Iraq to import 1 million barrels of crude oil per month for one year, Tarek el-Hadidi, head of Egypt’s state oil company EGPC, told reporters on the sidelines of a conference.

Egypt’s oil minister confirmed in December that talks were under way but said at the time that the aim was to import 1 million to 2 million barrels per month.

Hadidi said the deal under discussion would see Egypt import Iraqi oil under a one-year agreement, which could be renewed. He said the oil would be refined in Egypt.

Source: Reuters