Trade

Egypt signs MoU with Iraq for oil imports after Saudi halts Oil shipments

Tuesday, 01 November 2016 13:52

(Ecofin Agency) - Egypt’s oil ministry has signed a memorandum of understanding with Iraq in order to import oil from the latter. This deal is coming almost three weeks after Saudi Arabia's sudden decision to stop oil shipments to Egypt, therefore putting more pressure on the government.

According to Oil Minister, Tarek el-Mulla, the agreement will open the doors for the development of oil cooperation with Iraq.

For his part, Iraqi’s oil Minister, Jabar al-Luaibi, said the agreement prepares the way as Iraq is offering Egypt the opportunity to invest in 12 Iraqi oil fields, Associated Press reports.

In March, Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years under a $23 billion deal signed between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC) but Egypt stopped receiving its aid some weeks ago.

This has made Egypt’s state oil company to quickly increase tenders.

On October 24, EGAS launched the World’s biggest tender for liquefied natural gas (LNG) in an effort to secure 96 LNG shipments for 2017-2018.

Egypt which was once an energy exporter, turned into a net importer in recent years, as a result of declining production and increasing consumption. This has made the government to ration gas supplies to industries, making some plants incapable of operating at full capacity.

El Molla has said that the country will increase the production of natural gas to 5 billion cubic feet per day during the 2017 and 2018 fiscal year when the giant Zohr field begins operation.

To him, Egypt will still increase its importation of gas to feed the rise in consumption.

Anita Fatunji

 
Finance


 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.