Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, said that it was agreed with Iraq to pay for the imported oil  90 days after shipment date. El Molla added that it was agreed to import 1mb of Iraqi oil on a monthly basis. The minister’s statement came following the approval of the Egyptian cabinet on the deal.

The two countries agreed on setting prices on the date of shipments, according to Iraq Tradelink.

In related news, El Molla announced that the Egyptian Cabinet approved importing 12b barrels of oil from Iraq annually. He also said, during the press conference held in the Cabinet’s headquarter, that this move is the first joint cooperation between the two countries in the field of directly importing crude oil.

In addition, the Minister expected the first cargo to arrive by May 2017 and explained that the talks with Iraq had started during his visit to the country in October 2016, adding that Egypt and Iraq discussed refining Iraqi crude oil in Egypt.