Iraq begins next month to export one million barrels of oil to Egypt

History of edits:: 2017/2/23 11:24 147 visits readable


Euphrates News quoted the Egyptian Al-Ahram newspaper in its edition on Thursday, Iraq's ambassador to Cairo, Habib Mohammed Hadi as saying that the Iraqi oil marketing company SOMO {} has completed the signing of a contract with oil supply Egypt 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 a month early next month."

The ambassador added that he would create a "giant tanks for the storage of Iraqi oil to Egypt to take its oil needs and issues remaining to global markets" within 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 on February 14 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 import of crude after Saudi Aramco halted oil product shipments to Egypt last year.

The Saudi aid to Egypt, a deal worth 23 billion dollars, including 700 thousand tons of refined oil products a month for five years, and did not remember Aramco at all the reason to stop the deal.

Egypt has turned to the spot market in recent months to make up for the shortfall.
The Petroleum Authority announced last month that it is seeking to buy up to 1.012 million tons of gas oil delivered in February and March, compared with about 200 thousand tons of gas oil a month before Aramco shipments stopped.

Egypt and resorted to Iraq in search of a long-term solution to compensate Anaks.anthy