EGPC to extend Iraqi crude import agreement for another year

The Egyptian General Petroleum Corporation (EGPC) is planning to extend its contract with Iraq to continue importing crude oil for a second year, an unnamed official tells Al Shorouk. Negotiations are still expected to take place, the source adds. So far in 2017, Egypt has imported 8 out of 12 mn bbl of Iraqi crude. While Iraq was meant to deliver 1 mn bbl a month under the initial agreement, cost cutting measures saw Iraq delivering a monthly 2 mn bbl. A portion of the refined oil is re-exported back to Iraq. Egypt recently renewed its 2 mn-bbl-per-month contract with Kuwait.