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Egypt Confirms its Readiness to Strengthen Oil Cooperation with Iraq

17-08-2020

Engineer Tariq Mulla Minister of Petroleum and Mineral Wealth of Egypt, today confirmed his country's willingness to strengthen its corporate presence in Iraq for the next period with various petroleum, gas and petrochemical activities. The Presidency of the Council of Ministers stated in a statement that this had taken place during the meeting of Minister Mullah, Ambassador of Iraq to Egypt and Permanent Delegate to the League of Arab States Dr. Ahmed Al-Dulaimi to discuss ways of strengthening bilateral relations in the field of petroleum and gas and the expansion of Egyptian petroleum companies to participate in the implementation of oil and gas infrastructure projects in Iraq. In this context, Mullah mentioned the possibility of establishing an Egyptian-Iraqi joint venture company to facilitate the entry of the Egyptian companies into oil and gas projects in Iraq. However, it confirmed the proceedings of an agreement of the Iraqi supply crude to Egypt of 12 million barrels for a period of 6 months which was renewed regularly and confirmed the coordination and consultation between the petroleum and gas sectors of the two countries in order to strengthen joint cooperation. He noted the agreement and its transfer of Egypt’s expertise to Iraq in the petroleum refining industry and the operation of refineries by training Iraq cadres to meet the needs of Iraq in order to obtain the necessary technical support and qualification in this vital industry. Al-Dalimi stressed his country's desire to strengthen bilateral relations, open to Egypt and new avenues of cooperation. Iraq seeks a strong presence of Egyptian companies in Egypt.