Egypt confirms commitment to contracts to import oil shipments from Iraq

Shafaq News / A government official at the Egyptian Ministry of Petroleum stated that Egypt imported fuel shipments worth about $2 billion during the past two months of January and February.

The official added that petroleum product imports constituted between 60 and 70% of the import bill, amounting to approximately $1.3 billion during January and February.

Notably, the Egyptian General Petroleum Corporation is associated with contracts to import crude oil shipments from Iraq and petroleum products from other countries including Saudi Arabia, the UAE, and Kuwait to meet between 25 and 30% of the Egyptian market's fuel needs.

The official continued that "the value of the country's fuel imports during 2023 decreased by about 11%, compared to 2022 when the import bill reached around $14.3 billion."