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President of the Egyptian General Petroleum Tariq al-Mulla, freezing negotiations with Iraq to import crude oil.
The Egyptian government has signed with their Iraqi counterparts last April an agreement Egypt imports which 4 million barrels of crude oil per month from Iraq, to be refined in laboratories Egyptian, but the negotiations have been hampered after Iraq's status conditions for the completion of import operations, including demanding Egypt letter of guarantee A foreign banks, the UN, to ensure that Egypt's ability to repay foreign currency import oil.
Mulla said in a press statement that "Iraq put some conditions are not commensurate with the economic conditions of Egypt them to be a grace period for payment of 3 months, and we hope that up to 9 months, such as Kuwait, or 6 months, and stipulated that also open a letter of credit from a bank of global First Class. "
Mullah stressed that "the Iraqi side was frank with the Egyptian government since the beginning of the negotiations, as called for Egypt to open letter of credit with the Bank of belonging to the European Organization of the United Nations."
According to observers, the Iraq stresses in credit conditions due to the signing of Baghdad on the Charter of the United Nations with the transfer of revenues from the sale of oil to the organization by a European or American banks that deal with the organization so that they can discount reparations Iraq's invasion of Kuwait.
Iraq has signed and Egypt in March last year an agreement during the visit of the Egyptian delegation headed by former Prime Minister Hisham Qandil to Baghdad requires the approval of the Iraqi side to meet the Egyptian request to provide the Egyptian Petroleum four million barrels per month of crude oil Basra and through the Iraqi oil marketing company Sumo .
The Egyptian government has requested preferential rates reduced oil imports from Iraq has refused to Iraq. Ended.
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