Iraq is set to start supplying Egypt with one million barrels of light crude oil per month within the coming few days, Iraqi Ambassador to Cairo Habib al-Sadr stated Wednesday.
This comes among the Memorandum of Understanding (MoU) that Egypt signed in November 2016 to receive crude oil and natural gas from Iraq’s Basra.
Hereby the MoU, the amounts of imported Iraqi crude oil would be provided with facilitated payments and could be increased later, the ambassador added.
On other side, an official sources at the Egyptian General Petroleum Corporation- EGPC told Amwal Al Ghad on Sunday that the authority is in advanced talks with Iraqi officials to import more than one million barrels of crude oil from Basra.
These amounts of Iraqi crude oil would participate directly in securing a large part of Egyptian market’s needs, the sources clarified.
The Egyptian-Iraqi deal came after Saudi Arabian Oil Company- Aramco halted shipments of oil products to Egypt indefinitely.