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Home PageNewsIraq Business NewsEnergy & Mineral Resource Petroleum to be supplied in Sudan and Egypt by Iraq on credit

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Petroleum to be supplied in Sudan and Egypt by Iraq on credit
20 Jun 2013

Both Sudan and Egypt will be furnished with Iraqi oil in credit, as agreed by Baghdad recently.

This news has been derived from the local media channels of Egypt on last Monday. Iraq agreed in principle on Monday to provide both Egypt and Sudan with crude oil to be purchased on credit, Egyptian state news agency MENA reported on Monday.

According to the report of MENA, oil supply will take place as soon as Egypt and Sudan obtain credit letters from the international banks and Iraq's cabinet issues its final approval of the deal. Assem Gehad, the petroleum ministry’s spokesperson for Iraq, stated that the country has agreed to sign contracts with Egypt and Sudan for supplying oil in credit. Iraq has ensured monthly shipments of four million barrels of crude oil to Egypt through the Sumo Oil Marketing Company.

In a related development, Egyptian Minister of Industry and Foreign Trade Hatem Salah announced in March that Egypt had agreed with Iraq to build crude oil pipelines linking the two countries. The planned pipeline will pass through Jordan and that will allow Egypt to refine the crude oil into consumable products, like - diesel fuel, gasoline and liquefied gas.

According to Salah, Egypt will get considerable amounts of benefits through the project and it will guarantee it a stable and sustainable source of energy.

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