The Iraqi Minister of Petroleum and Mineral Resources Tariq Al-Mulla issued a statement that first oil shipment from Iraq will be reached to Egypt on 12th May 2017 and the estimated amount of crude oil will be 2 million barrels. He pointed out that the Egyptian trucks are filled with crude oil and moving from Basra ports to Egyptian ports. The negotiations took place 2 weeks ago between the Egyptian General Petroleum Corporation and Iraqi officials. The current agreement will provide total amount of 12 million barrels light crude oil from Basra to Egypt and 2 million barrels crude oil will be provided to Egypt after every 2 months. Al-Mulla said in a statement that this agreement has been considered the beginning of cooperation from Egyptian side with Iraq and there might be well understanding and collaboration from both sides during the coming period. He added that there are Egyptian oil companies including “Petrojet, Sun Egypt”, and ENPPI is working in the rehabilitation for Iraqi installations.
Al-Mulla further added that current agreement between Iraq and Egypt to import oil shouldn’t be considered as an alternate for Saudi Aramco shipments. The current agreement would allow the government to a grace period prior to the payment of dues shipments of more than 90 days and the terms of payment are softer. The Iraqi Electricity Ministry also indicated that the investment in the electric power projects have been decreased due to a handsome amount of reduction in the volume of energy consumption. The spokesman of the ministry Musab Ustaad indicated that Iraq needs 22,000 Megawatts to overcome the energy crisis and the electric power investment project has reduced due to the volume of energy consumption in the country. He also predicted that investment in electricity has reached at its self-sufficiency. Point to be noted that the Iraqi Electricity Ministry started privatization to electricity projects in 2015 for the areas of Yarmouk and Zayouna, but most southern provinces had rejected the privatization process.