Egypt seeks to resume Iraqi oil imports in Q3

Shafaq News/ Egypt is pushing to restart annual imports of 12 million barrels of Basra crude from Iraq in the third quarter, after an 18-month suspension, a government official told “Asharq Business.”

The source said final negotiations with Iraq to resolve outstanding issues over opening financial credits for the crude shipments are now “in their final stages,” paving the way for the deal’s revival.

According to official data, the agreement between Cairo and Baghdad had been regularly renewed before Iraq suspended it at the end of 2023 due to a dispute over payment mechanisms.

“The talks include offering favorable terms to the Egyptian General Petroleum Corporation, allowing Baghdad to receive payment three months after delivery,” the source added.

Egypt’s General Petroleum Corporation had originally signed a commercial agreement in April 2017 with Iraq’s State Oil Marketing Organization (SOMO) to supply 12 million barrels of Basra Light crude, in six shipments of 2 million barrels each, under a one-year renewable contract.