14 Egyptian companies are readying up to participate in Oil for reconstruction Initiative with Iraq.
The sectors that these companies operate in?
Petroleum and its derivatives sector.
What is this initiative?
The Iraqi government made a deal with the ministry of Petroleum where the government agreed on selling the oil at lower prices in exchange for maintenance works for most oil projects in Iraq that have been affected by the Iraqi conflict throughout past years. In addition to executing constructions in that field for the Iraqi government.
Is there any actual movement on the initiative?
Last August, Egypt made a deal with Iraq regarding importing 12 million barrels of Iraqi crude oil for 6 months and its efforts to build an Egyptian-Iraqi partnership.
What are the most notable of these companies?
Petrojet, Enppi, Petromaint, Egyptian Petroleum Research Institute, The Egyptian General Petroleum Corporation, petrochemical companies, and MIDTAP - Middle East Oil Tankage And Pipelines.
Are there any Egyptian companies currently working in Iraq?
The Egyptian companies are currently working in Basra in Gas and Oil fields, while the Egyptian General Petroleum Corporation is a partner in the oil field “Block 9” south of Iraq, with a percentage of 10%.