Iraqi Ambassador to Cairo, Habib Al Sadr, stated that Egypt is about to start receiving 1mb of light crude oil per month from Iraq within the coming few days, reported Amwal Al Ghad.
The Ambassador added during an interview with Egypt’s official new outlet Middle East News Agency (MENA) that the light oil cargos will come from Al Basra and are possible to be increased. Furthermore, Iraq will provide Egypt with with payment facilitations, reported BBC.
This came among the memorandum of understanding (MoU) that Egypt signed in March 2016 to receive crude oil and natural gas from Iraq. This MoU was finalized during the visit of the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, to Iraq at the end of October 2016. This visit came few days after the announcement of the halting of Saudi Aramco’s 700,000 tons cargos of petroleum products to Egypt.
Moreover, an official at the Egyptian General Petroleum Corporation (EGPC) had previously stated that EGPC was in talks with Iraqi officials in order to import more than 1m of crude oil from Basra. These cargos would contribute in covering a huge part of local market’s demands.