2 million Iraqi oil barrels to arrive in Egypt on Feb. 15 - EGYPT TODAY

CAIRO – Mon., 5 February 2018

The first 2 million-barrel crude oil shipment coming from Iraq will arrive in Egypt’s capital of Cairo, on February 15.

The crude oil shipment left Iraqi ports days ago and the ships are on their way to Cairo, according to an Egyptian General Petroleum Corporation (EGPC) source.

In January, Egypt renewed a contract to import 12 million barrels of Iraqi crude oil over the coming year, an official at EGPC stated.

The official, who declined to be named, said that six 2-million barrel cargoes of crude would be supplied over the course of a year, starting this month.

The Iraqi deal was originally agreed last April with the first shipment arriving in May. Egypt has gone from exporting energy to being a net importer as domestic output has failed to keep pace with rising demand.

Egypt to receive first shipment of Iraqi crude oil on Tuesday under new deal - AHRAM ONLINE

Egypt's Petroleum Minister Tarek El Molla

Monday 15 May 2017

Egypt will receive two million barrels of crude oil on Tuesday from Iraq, the first shipment to arrive as part of a deal with the Iraq's state oil marketing company SOMO, Al-Ahram’s Arabic website quoted Egypt’s Oil Minister Tarek El-Molla as saying.

Under the terms of the year-long agreement, which was reached last month by Baghdad and Cairo, Iraq will sell 12 million barrels of oil to Egypt.

Cairo has been struggling to procure oil and natural gas for domestic market needs from several sources in the past few years.

However, recent surges in natural gas discoveries and projected finds in the country promise to help Egypt cut down on its liquefied natural gas (LNG) imports in the coming year.

Iraqi crude oil to arrive in Egypt within 2 weeks - EGYPT INDEPENDENT / AL MASRY - AL YOUM

Sat, 06/05/2017 - 12:08

An official source with the Ministry of Petroleum said that the Iraqi shipment of Basra crude oil, which began shipping operations in Iraqi ports on Thursday, will arrive in Egypt within two weeks.

The source added, in statements to Al-Masry Al-Youm, that the Iraqi side stressed that the shipments which will arrive at the port of Ain Sukhna amount to about 2 million barrels during this period.

The high-level source added that the agreement with Iraq was not a substitute for the agreement with Saudi Aramco, which resumed shipments of petroleum products to Egypt last month, after it had been suspended during the last period.

On the horizon - ENTERPRISE

Tuesday, 2 May 2017

Egypt expects to receive its first 2 mn bbl shipment of crude oil from Iraq on 12 May, Oil Minister Tarek El Molla tells Youm7. 

According to the minister, the one-year agreement will see Iraq sending 2 mn bbl every second month for a total of 12 mn bbl.

Egypt to import 1 million barrels of crude oil a month from Iraq - EGYPT INDEPENDENT / REUTERS

Lukoil logo In West Qurna oilfield, Basra, Iraq, March 29, 2014.

Wed, 12/04/2017 - 15:11

The Cabinet has agreed to import one million barrels of Iraqi oil a month, Minister of Petroleum Tareq el-Molla announced.

The contract for the deal will be signed within days, he added in a press conference on Tuesday at the Cabinet headquarters.

Molla expectes the first shipment to reach Egypt on May 1. The ship capacity is up to two million barrels. A total of 12 shipments will reach Egypt a year, he added.

Agreement to import Iraqi crude to be finalized soon, Iraqi ambassador says - ENTERPRISE / REUTERS

Sunday, 9 April 2017

Egypt will finalize an agreement to import crude from Iraq soon. An Egyptian delegation will visit Iraq soon to close the agreement, which will include a 90-day grace period for payment, the Iraqi ambassador to Egypt Habib El Sadr told Reuters. 

Egypt has been in talks with Iraq to import 1 mn bbl of crude, with Oil Minister Tarek El Molla expecting the agreement to finalize this month. 

“The Iraqi government last week approved plans to extend two oil and gas pipelines from Iraq, via Jordan to Egypt at a cost of [USD 6 bn], the ambassador said, adding that the work will take three years to complete.”

Egypt to halve arrears with oil companies in coming weeks - REUTERS AFRICA

Wed Mar 29, 2017 9:21am GMTStephen Jewkes

RAVENNA, Italy (Reuters) - Egypt expects to cut the $3.5 billion euros it owes to international oil companies by around half in coming weeks, the Egyptian oil minister said on Wednesday.

"We have made a lot of progress on paying off arrears," Tarek El Molla said at an oil and gas conference.

The minister also said he expected to finalise an agreement to import crude oil directly from Iraq in a month at the most.

"We will import around 1 million barrels a month," he said.

Asked when Egypt might become an exporter of oil and gas, Molla said the country would be self sufficient by the end of 2018.

"Starting from 2019 and beyond we can start talking about exporting," he said.

EGPC in the market for an EGP 10 bn loan - ENTERPRISE / AL MAL

Monday, 27 March 2017

The Egyptian General Petroleum Company (EGPC) is negotiating for a EGP 10 bn loan with a banking consortium led by CIB to finance oil imports, Al Mal reports. Four-to-five private banks are funding the facility that is expected to carry a tenor of five-to-eight years, unnamed sources said.

The sources add that the Egyptian Electricity Holding Company will pay back part of the loan to the banks, as part of the EGP 40 bn it owes EGPC.

Egypt to receive first shipment from Iraqi oil deal in March: Ambassador - AHRAM ONLINE

Monday 27 Feb 2017Menna Alaa El-Din

Iraq is expected to deliver in March the first oil shipment to Egypt as part of a one-year agreement reached by the two countries in late 2016, Iraqi Ambassador to Cairo Habib Al-Sadr said on Monday.

In an interview with Al-Ahram daily newspaper, Al-Sadr said the first batch, set at one million barrels per month, would be delivered at the end of March 2017, adding that the deal should bridge the gap between oil production and consumption in Egypt.

The ambassador, who took office two months ago, said he had been working "behind closed doors" to speed up the shipment's delivery, given its importance for both countries.

Iraq to supply Egypt with 1 million barrels monthly: ambassador - EGYPT INDEPENDENT / REUTERS

Thu, 23/02/2017 - 05:00

The Iraqi Oil Marketing Company SOMO has signed a contract for oil exports with the Egyptian government, al-Ahram quoted Iraqi ambassador to Cairo Habib Mohamed Hady al-Sadr as saying on Thursday.

The company forwarded the contract to the Petroleum Ministry for final approval, he added.

Sadr told al-Ahram newspaper that the first batch of oil, estimated at 1 million barrels, will be handed over to Egypt in the last 10 days of March 2018.

Egypt, Iraq and Jordan are preparing for a major strategic joint energy project, he added. The three countries will extend oil and natural gas pipelines from Basra oil fields through Aqaba port in Jordan to Egypt.

Egypt nearing deal with Iraq in search for crude oil imports - REUTERS

Tue Feb 14, 2017 | 12:02pm EST
Lin Noueihed, Eric Knecht, Asma Alsharif; Editing by Jason Neely and Alexander Smith

Egypt is nearing a deal to import crude oil from Iraq and is looking to other countries to help secure supply, Egyptian General Petroleum Corporation's chief Tarek al-Hadidi said.

Cairo's search for additional crude comes after Saudi Arabia's state oil firm Saudi Aramco halted shipments of oil products to Egypt last year.

The $23 billion Saudi aid deal had included 700,000 tonnes of refined oil products per month for five years. Aramco has never provided a reason for why the deal was halted.

MIDOR raises refining capacity by 15% - ENTERPRISE

Wednesday, 8 February 2017

MIDOR has raised its daily refining capacity by 15% to 115k bbl in January 2017, an unnamed official at the company told Reuters. The increase is attributed to the USD 20 mn first phase of the company’s expansion plan, he added.

The second phase begins in 2H2017 to raise the daily capacity to 160k bbl, the official said.

The Oil Ministry has reportedly hinted last week that it is looking at using excess capacity at MIDOR to refine imported Iraqi crude.

Egyptian delegation to visit Iraq in February to finalize agreement on crude imports - EGYPT INDEPENDENT / REUTERS

Tue, 31/01/2017 - 14:32

A delegation from the Petroleum Ministry will visit Iraq this February to finalize the draft agreement to import crude oil, minister Tarek el-Molla said on Tuesday.

Egypt aims to import 1-2 million barrels per month from Iraq.

"It’s expected the deal will be concluded during the first quarter [of the year]," Molla said.

The move follows Saudi Arabia informing Egypt in November that shipments of oil products expected under a $23 billion aid deal had been halted indefinitely.

Egypt has gone from exporting energy to being a net energy importer as domestic output has failed to keep pace with rising demand. The government is seeking alternative solutions to help the country cope.

Oil Ministry studies refining Iraqi crude at MIDOR - ENTERPRISE / AL MAL

Monday, 30 January 2017

The Oil Ministry is studying refining Iraqi crude at the Middle East Oil Refinery (MIDOR), unnamed sources tell Al Mal. MIDOR is seen as the most capable of refining Iraqi crude, but the refinery is currently running at full capacity, the source added. If capacity is not freed at MIDOR, sources say other options include refining at the Amreya Petroleum Refining Company or the Alexandria Petroleum Company. 

Iraqi crude, which is scheduled to arrive between February and March, can provide 9-10% of domestic demand for refined petroleum products, the source added. Egypt is set to import 1 mn bbl of crude from Iraq each month.

Iraq to start exporting 1m oil barrels a month to Egypt: Iraqi ambassador to Cairo - MENAFN / DAILY NEWS EGYPT

11/01/2017

An agreement signed between the Egyptian government and its Iraqi counterpart to supply Egypt with 1m barrels of Basrah Light crude oil per month with facilitated payment terms will come into effect within the next few days. The announcement was made by Habib Al-Sadr, the Iraqi ambassador to Egypt, in an interview with the Middle East News Agency on Wednesday.

The Egyptian minister of petroleum visited Baghdad in October, after Saudi Aramco halted the five-year agreement to import 700,000 tonnes of petroleum products a month to Egypt. The Saudi decision to halt shipments led a number of deputies from the National Iraqi Alliance to call on the Iraqi government to export crude oil to Egypt with facilitated payments.

IOC receivables down to EGP 3.5 bn by 2016’s end -El Molla - ENTERPRISE / AL SHOROUK

Wednesday, 4 January 2017

Receivables due from EGPC to IOCs have dropped to USD 3.5 bn in 2016’s end, down from USD 3.6 bn at the end of September, Oil Minister Tarek El Molla said. The government bought USD 5.4 bn worth of crude and natural gas from IOCs last year and paid USD 5.5 bn, El Molla clarified, according to Al Shorouk. He said the Ministry is gearing up to make another round of payments to IOCs in order to encourage them to increase investments in Egypt.

Egypt seeks to import crude directly from Iraq - HYDROCARBON PROCESSING

12/23/2016Reporting by Amina Ismail; writing by Ahmed Aboulenein; editing by David Clarke and David Evans

CAIRO (Reuters) -- Egypt's Petroleum Minister Tarek El Molla said his country was seeking to reach an agreement with Iraq over importing crude oil directly and that he hoped to finalize the deal by the first quarter of 2017.

El Molla told reporters on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) that Egypt aims to import between 1 million and 2 million barrels per month from Iraq.

The move follows Saudi Arabia informing Egypt in last month that shipments of oil products expected under a $23 billion aid deal had been halted indefinitely.

Iran agrees to supply oil to Greek refiner Hellenic | Hydrocarbon Processing

Amir Hossein Zamaninia, Iran (left) & Panos Skourletis, Greece (right)

01.22.2016 - The agreement was announced after Iran’s Deputy Oil Minister Amir Hossein Zamaninia had discussed potential energy co-operation with Greek Energy Minister Panos Skourletis earlier on Friday.

Iran signed an agreement to supply crude oil with Greece-based refiner Hellenic Petroleum, reports said on Friday.

The deal would be Iran’s first such deal with a European company since the removal of international sanctions this month.

Deliveries will begin immediately, Hellenic Petroleum said in an e-mailed statement on Friday. The agreement also includes an adjustment for a financial backlog owed to Iran’s state oil company after sanctions imposed four years ago.

Egypt negotiates with Kuwait to renew contract to supply 3m barrels per month | Daily News Egypt

Crude oil imported from Kuwait Petroleum Corporation helps save fuel in local market, says official

Mohamed Adel, January 21, 2016

The Egyptian General Petroleum Corporation (EGPC) is negotiating with the Kuwait Petroleum Corporation (KPC) to renew a contract to supply 3m barrels of crude oil to Egypt per month with payment facilitations for the value of the shipments.

The contract is expected to be finalised by the conclusion of next September.

Egypt to import 3m barrels of crude oil per month from Kuwait, contract to end in September | Daily News Egypt

Facility will be allowed for full payment within 30 days for an extra million barrels, says official

Mohamed Adel, 4 Jan 2016

Kuwait Petroleum Corporation (KPC) will supply Egypt with about 3m barrels of crude oil per month, as well as solar and jet fuel supplies worth $1.2bn annually.

A high-profile official in petroleum sector told Daily News Egypt that Kuwait supplies Egypt with 2m barrels of crude oil per month with full payment to occur within a nine month period. Egypt also agreed on importing an extra million barrels with full payment to be made within one month.

The official said the contract of crude supplies will end in September 2016 and that Egypt imports crude oil from Kuwait according to the international prices for Brent at the time of supply, with no prices fixed in the contracts or interest payments. The official explained that solar and jet fuel supplies are paid after three months of receiving them.

He said in cases of crude imports exceeding local demand, the oil will either be refined into petroleum products that are then sold on the international market or else stored in Egypt and sold through the port of Sidi Kerir.

He said the Egyptian General Petroleum Corporation (EGPC) is making the most of the production capacities of refineries by importing crude oil and refining it in Egypt, providing fuel to the local market.

KPC almost completed the launch of a representative office in Egypt to act as a marketing centre for the production of crude oil in the countries of North Africa and the Mediterranean.

The official mentioned that EGPC agreed with KPC to open an affiliated-office in Egypt to market its products of crude oil within a plan to transform Egypt into a logistics centre for the marketing and storage of petroleum products.

SOURCE