Egypt strikes oil deal with Iraq
Pipelines to transport crude oil from Iraq to Egypt will be constructed
Egypt has reached an agreement with Iraq to build crude oil pipelines between the two countries, passing through Jordan, to start refining oil in Egypt into consumable products such as diesel, gasoline and liquefied petroleum gas, Hatem Saleh, Egyptian minister of industry and trade told state-owned MENA news agency.
Egypt will benefit extensively from this project as it will guarantee a stable and sustainable source of fuel, and the project revenues will benefit the three countries of Egypt, Jordan and Iraq, Saleh said during a press conference in Baghdad on Monday.
The minister added that the Egyptian delegation is currently negotiating with Iraqi authorities the possibility of lifting the Iraqi import ban on Egyptian dairy products.
Egyptian Prime Minister Hisham Qandil is currently visiting Iraq to boost trade ties and mutual cooperation, accompanied by the minister of industry and trade, the minister of electricity, the minister of petroleum and the minister of planning and international cooperation.
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge