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Tuesday, 29 August 2017

EGPC to extend Iraqi crude import agreement for another year

The Egyptian General Petroleum Corporation (EGPC) is planning to extend its contract with Iraq to continue importing crude oil for a second year, an unnamed official tells Al Shorouk. Negotiations are still expected to take place, the source adds. So far in 2017, Egypt has imported 8 out of 12 mn bbl of Iraqi crude. While Iraq was meant to deliver 1 mn bbl a month under the initial agreement, cost cutting measures saw Iraq delivering a monthly 2 mn bbl. A portion of the refined oil is re-exported back to Iraq. Egypt recently renewed its 2 mn-bbl-per-month contract with Kuwait.

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