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Egypt secures 4 million barrels of crude oil from renewed contract with Iraq

The Iraqi Cabinet announced on Monday that it has approved a recommendation to the Council of Energy Ministers to renew the contract with the Egyptian General Petroleum Corporation for the purchase of four million barrels of Basra Medium crude, with two million of barrels for the month of June and the same for the month of August.

Cairo and Baghdad signed a deal in 2016 that allows Egypt to import one million barrels of Iraqi Basra crude a month, with payment facilities.

Egypt has about 12 crude oil refineries with a production capacity of 34 million tons, of which only about 25 million tons are used each year.

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