Egypt renews Iraqi crude oil contract for one year

Egypt has reportedly renewed an agreement to import crude oil from Iraq, an official at state petroleum buyer EGPC tells Reuters’ Arabic service. The contract was renewed for another year and will see Egypt import 12 mn bbl of Iraqi crude that will be delivered in 2 mn bbl shipments every two months starting January, the official says. Oil Minister Tarek El Molla had announced in November that the government was in talks with Iraq to buy as much as 24 mn bbl of crude a year.