Cairo/ Iraq TradeLink: Egyptian Petroleum Ministry sources confirmed that the oil agreement with Iraq is still valid and will be implemented, at most, in mid of April, 2017.
The sources added that the talks on the agreement were finalized with Iraqi oil ministry and Iraqi Oil Marketing Company (SOMO), except some procedures to start the shipments.
“The Iraqi oil exports is not a replacement of Saudi ARAMCO’s oil , which it is expected to be resumed in future”, the sources elaborated.
“ARAMCO’s oil exports to Egypt constitute only one third of Egyptian needs”, the sources disclosed.
The Iraqi-Egyptian oil agreement stipulated supplying Egypt with one million barrels of Basra light oil on a monthly basis, as well as refining Iraqi oil in Egypt.