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FINANCIAL NEWS
Egypt in talks to import Iranian crude: Report
11 Sep 2012
(MENAFN) Iran and Egypt are negotiating over importing Iranian crude oil, as the Islamic Republic is looking for new customers amid western sanctions, the Iranian Students’ News Agency (ISNA) reported, citing Iranian Oil Minister Rostam Qasemi.
Iranian officials have said on several occasions over the last few months they are in talks to sell oil to new buyers, but rarely name them and there is little evidence of significant volumes of oil being shipped to new customers.
The European Union imposed a total ban on purchases of Iranian crude from July, making it difficult for Tehran to sell all its oil, the main anchor for the economy.
Earlier this month, Al Ahram newspaper quoted Egyptian Petroleum Minister Osama Kamal saying that Cairo had no problem importing and refining Iranian crude in Egypt.
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