Egypt is negotiating with Iraq to import 24 million barrels of oil per year starting in 2018, the Minister of Petroleum and Mineral Resources, Tarek El Molla, said, according to Amwal Al Ghad.
Under the terms being negotiated, Egypt will receive 2 million barrels of oil per month, El Molla noted.
The deal, if reached, would double Egypt’s crude imports from Iraq.
In April 2017, Egypt signed a one-year agreement with Iraq to import 12 million barrels of oil, Ahram Online reported at the time. The original deal followed an announcement from Saudi Aramco that it would suspend its crude shipments to Egypt.