The Egyptian General Petroleum Corporation (EGPC) renewed its contract with the Iraqi government to import about one million barrels (bbl) of crude oil per month, according to the General Trade Union of Petroleum Workers (GTUPW).

The contract was renewed last April under the same terms of the 2017 contract when EGPC and Iraq’s State Organization for Marketing of Oil (SOMO), signed the first contract to supply 12 million barrels (mmbbl) of Basra crude to the local market for a year and with payment facilities for a period of three months.

It is worth mentioning that the Ministry of Petroleum and Mineral Resources had started negotiations with the Iraqi government in 2013 to import about 4 mmbbl of crude oil per month, to be refined in Egypt. However, the negotiations were halted as the Iraqi government demanded Egypt to open a documentary credit with a European bank affiliated with the United Nations (UN).