The Egyptian oil and gas sector plans to renew the Iraqi contract for another year for refining and importing crude oil, said Tarek El Molla, Minister of Petroleum, according to Amwal Al Ghad.

Iraqi crude oil cargoes contribute to the local market’s fuel demands, preventing bottlenecks, El Molla noted during his speech at the press conference held to announce Egypt Petroleum Show (EGYPS 2019).

Egypt will not terminate the contract for floating storage and regasification unit (FSRU) as it is considered a strategic alternative to secure Egypt’s natural gas needs in case of any shortage, the minister pointed out.