The end of the signing of the agreement to extend Egypt one million barrels of Iraqi oil a month


Economy News / Baghdad ...

He said the Iraqi ambassador in Cairo, Habib al-Sadr, on Thursday, for the end of the signing of an agreement to supply Egypt one million barrels of oil per month, pointing out that the first shipment will arrive in Egypt early next month.

Quoted the Egyptian Al-Ahram newspaper, in its edition on Thursday (February 23, 2017), Iraq's ambassador to Cairo, Habib Mohammed Hadi al-Sadr as saying that the Iraqi Oil Marketing Company (SOMO) has completed the signing of a contract Egypt's supply of oil, and sent the Egyptian Ministry of Petroleum for approval.

The newspaper quoted the ambassador as saying, "is expected the arrival of the first shipment to Egypt, the estimated one million barrels per month, early next month."

The ambassador added that he would create a "giant tanks for the storage of Iraqi oil, Egypt to take its oil needs and issues remaining to global markets", in the framework of a project to build two pipelines for oil and gas from the fields of Basra passing through Jordan.

The head of the Egyptian General Petroleum Corporation Tariq al-Hadidi, said in a February 14, said that Egypt is close to reaching an agreement on the import of crude oil from Iraq, and is looking to conclude similar deals with other countries to manage supplies.

Egypt and are looking for additional sources of imported crude, after Saudi Aramco halted oil product shipments to Egypt last year.