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.
Last Tuesday, Egyptian Petroleum Minister Tarek El Molla reportedly told reporters that the government is preparing to renew for six months the oil import contract signed with Iraq.
The announcement was made during a meeting with the Iraqi Ambassador to Egypt, Ahmed Nayef Al Dulaimi.
According to the Egyptian press, El Molla told Al Dulaimi that Egyptian oil companies are ready to strengthen their presence in Iraq, in the coming months, noting that they have previous successful experiences in the country.
By Chibisi Ohakah, Abuja