Egypt petroleum minister on Iran visit

CAIRO, November 7, 2016 – Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla reportedly travelled to Iran on Sunday for talks on an oil deal, sources close to his entourage have said.

The visit comes shortly after the Saudi Arabia halted its oil cargoes to Egypt, allegedly over the latter’s support of a Russian-backed UN draft resolution on Syria. El Molla on Monday confirmed shipments had been suspended. Under a five-year agreement between Egyptian General Petroleum Corporation and Saudi Aramco, Saudi Arabia was supplying some 5 million barrels of oil per month.

In late October, El Molla travelled to Iraq for talks on deepening oil co-operation. The three-day visit resulted an in memorandum of understanding on Egypt’s contribution to developing Iraqi oil resources.

The minister’s visit to Iran is expected to result in a similar agreement, paving the way for future oil supplies.

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