Egypt plans to supply 2 million barrels of crude per month to Iraq

Egypt plans to supply 2 million barrels of crude per month to Iraq

economy Since 2017-04-06 at 12:01 (Baghdad time)

Baghdad Mawazine News
Egyptian Oil Minister Tariq Al-Mulla said that there are no obstacles in agreement with Iraq to supply two million barrels of crude per month, pointing out that the negotiations are in place and the contract will be signed in the coming days.
"There are no obstacles in agreement with Iraq to supply two million barrels of crude per month," Mullah said in a statement after meeting Iraqi Ambassador in Cairo Al-Habib al-Sadr. "The negotiations are in place and the contract will be signed soon."
"We have discussed with the Iraqi side the latest developments regarding the signing of the contract," he added, referring to the importance of strategic cooperation between the two brotherly countries aimed at increasing the fields of mutual cooperation and exchanging experiences in various petroleum industries.
"The most important of these industries is research, exploration and production of oil and natural gas, development and maintenance of infrastructure, construction of pipelines and networks of transport of crude oil and petroleum products, natural gas and the implementation of petroleum projects in addition to training and qualifying human cadres in the petroleum industry."

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Al-Sadr: Egyptian delegation to visit Iraq "soon" to sign an oil import contract with Sumo

Political Since 2017-04-06 at 16:18 (Baghdad time)


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Iraq's ambassador to Egypt, Habib al-Sadr, said Thursday that a delegation from the Egyptian Ministry of Petroleum would visit Iraq "soon" to sign a contract to import 1 million barrels of crude oil per month for a year.
Al-Sadr's comments came after Al-Mal newspaper quoted unnamed government sources as saying that Egypt had decided not to complete the deal to import crude oil from Iraq because of the lack of agreement on the grace period and the resumption of Saudi Aramco's supply of petroleum products.
"I am surprised by what was published today that the agreement is not ongoing from the Egyptian side because I was on a visit to the minister last night and assured me that his country is moving forward in its agreement with Iraq on supplying one million barrels of oil per month and can be increased for a year and under conditions Soft repayment ".
"I informed the Egyptian minister that my government is ready and fully prepared to implement the agreement and has completed all the necessary arrangements and procedures to enforce it." The minister promised me that an Egyptian delegation would visit Iraq soon to sign the contract with the Iraqi Oil Marketing Company (SOMO). ten days".
Egypt agreed with Iraq in February to import 1 million barrels of crude oil per month for one year from March 1 initially, but the final contract did not sign and no deliveries of Iraqi oil to Egypt in March.
Oil Minister Tariq al-Mulla said Thursday in a press statement that his country is still continuing negotiations with Iraq to import two million barrels of crude oil per month and that the contract is to be signed soon.
The newspaper quoted sources as saying that "Egypt has asked Iraq to give them a year to pay the value of Basra crude, but Iraq agreed to 90 days only, which was not accepted by the government."
"The agreement provides for a grace period of 90 days from the date of receipt of the shipments," Sadr said. "The Egyptian minister assured us that Aramco only covers 20 percent of the country's oil needs."
Saudi Aramco, the world's largest oil company, returned to supply Egypt with about 700,000 tons of oil a month at the end of March after it stopped in October.
"The Iraqi government agreed last week to extend two oil and gas pipelines from Iraq to Jordan and then to Egypt," Sadr said. "The cost of extending the pipelines is six billion dollars and it will take three years and we will soon start working on this strategic project to link the Arab countries."
"The project will provide Jordan and Egypt with their needs and more needs will be exported to foreign markets," he said.
Egypt signed in November 2015 a memorandum of understanding with Iraq and Jordan to supply Baghdad, Egypt and Jordan with oil and gas.
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