Egypt to receive 4 mln barrels of Iraqi crude oil

Iraq’s government said on Monday that it has approved to renew a contract allowing the Egyptian General Petroleum Corporation (EGPC) to buy four million barrels of Iraqi crude oil in June and August, Reuters reported.

The four barrels will be distributed to EGPC by acquiring two million barrels in June and another two million barrels in August, the government said in a statement.

In 2016, Cairo and Baghdad signed an agreement, which enables Egypt to import one million barrels of Iraqi Basra crude every month and with payment facilities.