Agreement to import Iraqi crude to be finalized soon, Iraqi ambassador says

Egypt will finalize an agreement to import crude from Iraq soon. An Egyptian delegation will visit Iraq soon to close the agreement, which will include a 90-day grace period for payment, the Iraqi ambassador to Egypt Habib El Sadr told Reuters. Egypt has been in talks with Iraq to import 1 mn bbl of crude, with Oil Minister Tarek El Molla expecting the agreement to finalize this month. “The Iraqi government last week approved plans to extend two oil and gas pipelines from Iraq, via Jordan to Egypt at a cost of [USD 6 bn], the ambassador said, adding that the work will take three years to complete.”