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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