Iraq and Egypt's Petroleum Deal: A Closer Look (Revised)
Iraq prolongs oil supply agreement, supplying Egypt with approximately 4 million barrels of oil.
In a recent announcement, Iraq's government has confirmed the renewal of a petroleum deal with Egypt's General Petroleum Company (EGPC). This deal, set to take place in June and August, will see the purchase of a total of 4 million barrels of Iraqi crude oil.
According to the Iraqi government, EGPC will be acquiring 2 million barrels in June and another 2 million barrels in August. This agreement was initially established in 2016, allowing Egypt to import one million barrels of Basra crude oil monthly, with payment flexibility.
However, it's worth noting that as of mid-2025, the course of these negotiations between the two governments is still under wraps. Industry insiders suggest that the discussions are near completion, but specific details like quantities and exact timelines remain undisclosed. The closed-door talks are believed to be centered on securing favorable terms for Egypt, indicative of both nations' strategic emphasis on regional energy collaboration.
Although the deal's exact contours are still being kept under the radar, it's safe to say that this petroleum transaction will further solidify the energy partnership between Iraq and Egypt.
Stay tuned for more updates as the situation unfolds!
Written by Moayad Kenany, Enhanced by Omar Abdel-Razek, and Edited by Susan Fenton.
Last Updated: 21 March 2023
The petroleum deal between Iraq and Egypt, revolving around the purchase of Iraqi crude oil, falls under the broader context of the energy industry. Financial aspects of the agreement, such as payment flexibility and potentially revised quantities, are expected to be discussed in the ongoing negotiations, further highlighting the intersection of finance and energy in the deal.
