The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla disclosed that an oil delegation will visit Baghdad during February to reach an agreement on the final draft to import Iraqi crude oil, Iraq Trade link News reported. Egypt is aiming to import 1-2mb of Basra Light crude oil on monthly basis with facilitated payment terms.
In October 2016, El Molla visited Iraq where he discussed with Prime Minister, Haidar Al-Ibadi, the means of cooperation in oil and gas sector. The meeting followed Saudi Aramco’s halt in the five-year agreement to import 700,000 tons of petroleum products a month to Egypt.
Egypt’s Ministry of Petroleum’s Official Spokesman Hamdi Abdel Aziz confirmed the delegation’s visit to Iraq. The spokesperson denied that Egypt is trying to import light crude from Libya as well due to the fact that the available quantities in the country were not sufficient to cover the Egyptian demand of oil, El Shorouk informed.