Egypt renews contract for Iraqi crude oil one year

Egypt renewed a contract to import 12 million barrels of Iraqi crude oil over the next year, an official at Egyptian General Petroleum Corporation said .

The officia said that six cargoes each of 2-million barrel crude oil would be supplied over the course of a year, starting this month.

The Iraqi deal was originally agreed last April with the first shipment arriving in May.

Egypt has gone from exporting energy to being a net importer as domestic output has failed to keep pace with rising demand.