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.

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.