The Egyptian Minister of Petroleum, Tarek El Molla, signed a memorandum of understanding (MoU) to import oil from Iraq. El Molla stated that this agreement will pave the way for the development of Egyptian-Iraqi cooperation in the field of oil and gas, reported Ecofin Agency. This agreement comes after Aramco  halted its oil shipment to Egypt.

Iraqi Oil Minister, Jabar al-Luaibi, commented that the agreement prepares the way for collaboration that includes Iraqi oil exports to Egypt. He added that Iraq offered Egypt the opportunity to invest in 12 Iraqi oil fields, informed Hellenic Shipping News.

In related news, Egypt Oil&Gas reported that the Egyptian General Petroleum Corporation (EGPC) had signed a contract with Kuwait Energy oil firm on its Siba gas field, which is located southeast of Basra Governorate in Iraq. According to the agreement, EGPC would own 15% of Siba field. This was the second time EGPC signed an agreement with Kuwait Energy after the agreement over Fayhaa petroleum field located in Basra, Iraq, in which EGPC owns 10% as per the agreement.