CAIRO: A delegation from the Petroleum Ministry will visit Iraq in February to finalize the draft agreement to import crude oil, Egyptian minister Tarek el-Molla said.
Egypt aims to import 1-2 million barrels per month from Iraq. “It’s expected the deal will be concluded during the first quarter [of the year],” Molla said.
The move follows Saudi Arabia informing Egypt in November that shipments of oil products expected under a $23 billion aid deal had been halted indefinitely.
Egypt has gone from exporting energy to being a net energy importer as domestic output has failed to keep pace with rising demand. The government is seeking alternative solutions to help the country cope.
Gulf Arab countries, led by Saudi Arabia, have pumped billions of dollars into Egypt’s flagging economy since general-turned-president Abdel Fattah al-Sisi took over after a year of divisive rule by the Muslim Brotherhood.
But Riyadh has become frustrated with his lack of economic reforms and reluctance to be drawn into the conflict in Yemen, leaving Egypt to search for alternative sources of energy.
