Cairo – Mubasher: Egypt plans to renew a contract to purchase Iraqi crude oil for another year and with the same quantity, the Egyptian petroleum minister said on Tuesday.
Results of the tender launched by the Egyptian General Petroleum Corporation (EGPC) for oil and gas exploration in the Red Sea will be announced next week, Tarek El Molla added in a press conference.
The Egyptian government previously stated it would import 12 million barrels of Iraqi crude oil over the course of 2018.
The EGPC had signed an agreement with Iraq-based Oil Marketing Company (SOMO) in 2017 to import 12 million barrels of Iraqi crude oil to be processed at the Egyptian refineries.
