(MENAFN) Iraqi Oil Ministry announced that Iraq has renewed the contract which guarantees exporting 12 million barrels of crude oil to Egypt during 2018.
Asim Jihad, spokesman of the Iraqi Oil Ministry said in a brief statement on Sunday that "The Iraqi Oil Ministry and the Egyptian Ministry of Petroleum agreed to renew Iraq's supplies to Egypt of 12 million barrels of crude oil in the same former conditions (of last year) starting from January 2018."
Iraq exported six cargoes of crude oil with 2 million barrels for each to Egypt, according to last year's contract.
In 2010, Iraq declared that its proven oil reserves had improved to 143.1 billion barrels from the previously estimated 115 billion barrels.
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