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6 Month Rebate for Iraqi Oil to Egypt

The sources reported that an Iranian and Russian meditations are underway to pass this agreement, which Egypt depends on to meet its oil needs

Cairo/ Iraq TradeLink: Egyptian officials disclosed that Egypt will request a 6-month rebate period to pay the Iraqi oil.

 
The sources reported that an Iranian and Russian meditations are underway to pass this agreement, which Egypt depends on to meet its oil needs, following the Saudi ARAMCO company's stoppage of providing Cairo with its oil requirements.
 
Earlier, Egyptian Petroleum Minister Tareq al-Ali announced that an Egyptian delegation will visit Iraq to finalize an agreement to get a 1-2 million barrels monthly.
 
It is expected that this agreement will be finalized in the first quarter of this year.
 
No details were given by the minister on the payment of the imported oil.
 
Egyptian official figures pointed that 13.5 million of oil are consumed monthly, where Saudi Arabia used to export 6 million barrels monthly and Egypt bought the rest from international markets, including 1.5 million barrels from Kuwait with a rebate period of 9 months for payment.
 
Economic and political observers in Baghdad expect more agreements with Egypt, particularly in the military and security spheres
 

Source: Iraq TradeLink

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