Cairo plans to renew the contract to import 12 million barrels of Iraqi oil


An official source in the Egyptian oil sector that the General Petroleum Corporation plans to renew its contract with the company “Sumo” Iraqi to supply 12 million barrels of Basra oil for a new year, in May next year 2018.
The source, who was not named, said that “the month of May next date of renewal of the contract between the parties, and the General Petroleum Corporation will have completed the payment of the current shipments.”
The Egyptian General Petroleum Corporation signed a commercial contract with the company “Sumo” Iraqi, mid-April to supply about 12 million barrels of Basra light crude oil, 2 million barrels per shipment for one year renewable, and the grace period before payment of about 90 days , And refining Iraqi oil in Egyptian refineries.

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