Egypt receives last Iraqi crude shipment under current contract

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Tue, 17 Oct 2017 - 12:04 GMT

Crude oil- Reuters

Crude oil- Reuters

CAIRO - 17 October 2017: Egypt is set to receive the last shipment of an agreement with Iraq to import crude Tuesday, a source in the Egyptian General Petroleum Corporation (EGPC) told Egypt Today.

This pushed up the total quantities received from Iraq to 12 million barrels.

The EGPC was reported last month to be considering the extension of an agreement with Iraq to import crude for one more year.

Under an agreement reached in April in Baghdad, 12 million barrels of oil shipments are to be delivered to Egypt from the state oil manufacturing company SOMO.

All shipments were expected to be received before the end of 2017. The agreement, which has a 90-day grace period, is subject to renewal.

Due to a shortfall in oil and natural gas production, Egypt has been importing crude and liquefied natural gas (LNG) shipments from several sources in the past few years.

To secure market needs, Egypt imports crude from Kuwait Petroleum Corporation (KPC) under a three-year agreement to supply 1.5 million tons per year, which are refined in Egyptian refineries.

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