Second Iraqi oil shipment arrives to Egypt

CAIRO – 2 April 2018: The second 2 million-barrel crude oil shipment coming from Iraq arrived to Egypt’s ports at the beginning of this week, according to a source familiar with the oil sector.

Egypt received its first 2 million-barrel crude oil shipment coming from Iraq on Feb. 15.

In January, Egypt renewed a contract to import 12 million barrels of Iraqi crude oil over the coming year.

Spokesman for the Iraqi Oil Ministry Assem Jihad said that six 2-million barrel cargoes of crude would be supplied from late February to June 2018.

The Iraqi deal was originally agreed on last April with the first shipment arriving in May.

Egypt has gone from exporting energy to being a net importer as domestic output failed to keep pace with rising demand.