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Egypt May Renew Iraqi Oil Import Contract

Egypt May Renew Iraqi Oil Import Contract

Egypt would likely renew its Iraq oil supply contract which expires in the coming days. Agence Ecofin said in a report that Cairo may renew the contract for a period of six months.

The current contract was signed for the first time in 2017 when Egypt’s traditional supplier, Saudi Arabia, blocked deliveries on behalf of the African country at the end of 2016.

The Wahhabi kingdom then blamed its partner for the lack of effective economic reforms to get the economy afloat, when it had released more than $20 billion for this purpose.

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Source: OrientEnergyReview

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