The Iraqi Council of Ministers approved the renewal of a contract to supply 12 million barrels (mmbbl) of Basra Light crude to the Egyptian General Petroleum Corporation (EGPC) in 2021.
This is the same quantity of crude that was agreed upon before the contract’s renewal. The contract’s validity will extend for the duration of six months time. Additionally, the contractual terms will be the same as the previous contract provided that EGPC pays within the contractual time period. It should be noted that the Minister of Petroleum and Mineral Resources, Tarek El Molla, had previously confirmed that the Egypt-Iraq crude import deal will be periodically renewed every six months. Not only that, but he discussed with the Iraqi Ambassador to Cairo, Ahmed Nayef Al-Dulaimi, the possibility of establishing a joint Egyptian-Iraqi company and to facilitate the participation of Egyptian companies in oil and gas projects in Iraq.