The Egyptian Petroleum Minister, Tareq al-Mulla (pictured) has stated that the Egyptian cabinet, during its meeting on 10 April under Prime Minister Sherif Ismail, approved buying oil from Iraq and clinching a deal to import about million barrels monthly, with a total of 12 million barrels annually.
Mulla added that the first oil shipment is envisaged to arrive by early May. The container ship can accommodate up to million barrels, Mulla said, noting that this is the first cooperation with Iraq in the field of direct importation of crude oil.
He added that the contract will be shortly inked by the Egyptian General Petroleum Corporation (EGPC) and Iraq Petroleum Company (IPC).
He further said that talks on importing the Iraqi oil started last October during his visit to Iraq.