Iraq offered the Egyptian government the opportunity to invest in several concession areas. The offer includes the importation of crude oil for refinement in Egypt and then re-export, an unnamed official told Al Masry Al Youm.

Egypt is currently working successfully in Iraq and there is nothing to prevent further investments, a source at the Egyptian General Petroleum Corporation (EGPC) told Egypt Oil and Gas.

The opportunity could benefit Egypt, according to the source, as Iraq would provide petroleum products, especially diesel and gasoline, to the Egyptian market at global prices.

If acted upon, the offer would build upon Egypt’s existing partnership with Iraq. Egypt has received 50% of the total amount it had previously agreed to import from Iraq, a governmental source told Al Mal News. The governmental source noted that Egypt has received three cargos—a total of 6 million barrels—of Basra crude oil since the signing of its May 2017 oil agreement with Iraq.

Per the agreement, Iraq will provide the Egypt with 12-million barrels of oil in 2017. The agreement also provides for the facilitation of payments, a 90-day grace period for payments, and the possibility of extension.

A significant percentage of the imported crude has been assigned to Alexandria Mineral Oils Company (AMOC) and Middle East Oil Refinery (MIDOR).