Latest news with #BasraLight
Iraqi News
04-05-2025
- Business
- Iraqi News
Egypt seeks to resume oil imports from Iraq
Baghdad ( – A government official revealed that Egypt plans to resume importing 12 million barrels of Basra crude oil per year from Iraq beginning in the third quarter, after a halt of roughly one and a half years. At the end of 2023, Baghdad ceased supplying Egypt with this amount of Basra crude oil per year due to financial disagreements between the two countries, according to Asharq Business with Bloomberg, an Arabic-language business news provider. According to the source, Egypt and Iraq are nearing the end of their discussions to settle disagreements over the issuance of letters of credit for the delivery of Iraqi crude oil shipments. In April 2017, the Egyptian General Petroleum Corporation (EGPC), a national oil company of Egypt, signed an agreement with Iraq's State Organization for Marketing of Oil (SOMO) to provide 12 million barrels of Basra Light crude oil per year at a rate of two million barrels per shipment. Beneficial conditions for the EGPC, which pay Baghdad for exports to Egypt three months after delivery, are part of the discussions with Iraq. Under credit arrangements, Egypt currently buys one million barrels of Kuwaiti oil each month in addition to one million barrels from Saudi Arabia's Aramco.
Shafaq News
04-05-2025
- Business
- Shafaq News
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.
