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Egypt due to get first shipment of crude oil from Iraq

Xinhua, May 15, 2017 Adjust font size:

Egypt will receive two million barrels of crude oil from Iraq on Tuesday, reported the state-run Ahram online.

The expected first shipment is part of a deal with Iraq's state oil marketing company SOMO, according to the same source.

In light of an agreement reached last month between Baghdad and Cairo, Iraq will sell 12 million barrels of oil to Egypt, Egypt's Oil Minister Tarek El-Molla was quoted as saying by the official website.

Cairo has struggled to procure oil and natural gas for its domestic market needs from several sources in recent years.

However, recent surges in natural gas discoveries and projected finds in the country promise to help Egypt cut down on its liquefied natural gas (LNG) imports in the coming year.

Egypt, the world's eighth largest importer of LNG, has discussed deferring contracted shipments this year with its LNG suppliers to reduce purchases in 2018 and attain self-sufficiency in the alternative fuel source by the end of 2018. Endit