Cairo – Mubasher: The Egyptian General Petroleum Corporation (EGPC) is aiming to start negotiations with Iraq over the next period to renew the Iraqi crude oil import agreement for an additional year, according to Shorouk News, citing an official source at the EGPC.

The signed agreement between Egypt and Iraq includes importing 1 million barrels per month of Basra’s light crude oil, equivalent to 12 million barrels per year.

The agreement stipulates the supply of 2 million barrels in one shot due to the increase in the cost of transfer, which raised the amount of imported oil to 8 million barrels until now, as the total amount will be delivered to Egypt in six months.

Last April, the EGPC had halted the agreement with the Kuwait Petroleum Corporation (KPC) to supply about 1.5 million tonnes of petroleum products annually, and 2 million barrels of crude oil monthly to be refined in Egypt for three years.