Egypt to receive first Iraqi crude shipment on May 12

Egypt will start receiving the first Iraqi crude oil shipments of 2 million barrels on May 12, the country’s Ministry of Petroleum announced Monday.

Egypt’s state oil company EGPC signed two weeks earlier with Iraq a deal to import a total of 12 million barrels of crude oil for one renewable year i.e. 2 million barrels per month from Basra, which would then be refined into petroleum products in Egypt.