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Egypt inks first oil deal with Iraq

Egypt inks first oil deal with Iraq

BAGHDAD: Egypt 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 expects 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.

“This step is very good as it’s the first cooperation with Iraq in the direct import of crude oil,” said Molla, adding that the contract will be concluded between the Egyptian Petroleum Authority and the Iraqi Petroleum Company.