OCT. 31, 2016, 12:40 P.M. E.D.T.
CAIRO — Egypt's state news agency says the country's oil ministry has signed a memorandum of understanding with its Iraqi counterpart to pave the way for Egypt to import oil from Iraq.
Oil Minister Tarek el-Mulla was quoted by MENA on Monday as saying that the agreement will "open the doors" for developing oil cooperation with Iraq.
His Iraqi counterpart, Jabar al-Luaibi, says that the agreement prepares the way for wide cooperation, including on Iraqi oil exports to Egypt. He says Iraq offered Egypt the opportunity to invest in 12 Iraqi oil fields.
The deal comes nearly three weeks after Saudi Arabia's abrupt decision to halt previously agreed oil shipments to Egypt, putting heavy pressure on the government. Egypt angered the Saudis by voting in favor of Russia's draft resolution on Syria.
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