Egypt reveals details of a new contract with Iraq to import one million barrels of oil per month

Egypt's General Petroleum Corporation (SOMO) will be contracted for another year starting next January to supply one million barrels of crude oil per month to Egyptian refineries, an official source at Egypt's General Petroleum Authority said on Friday.

Egyptian media quoted the source as saying that by the end of December, the contract with the Iraqi company SOMO, which was for a year, will expire.

He explained that one million barrels will be purchased according to the international prices of crude oil, which currently ranges from 60 to 65 dollars per barrel.

The source revealed that in the case of contracting for the supply of crude oil from Iraq will be received every two months and shipped to the refineries.

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Special Thanks to Charles Bright!!