ArabFinance: Iraq's cabinet approved the renewal of a contract to supply the Egyptian General Petroleum Corporation (EGPC) with 12 million barrels of Basra light crude for 2021, Reuters cited an official statement.

The contract's terms will remain unchanged if Egypt pays the value of shipments within the year.

In November, both countries signed 15 agreements, memoranda of understanding (MoUs), and cooperation protocols to strengthen the joint ties.

The two Arab countries reportedly agreed on initially establishing an oil-for-reconstruction mechanism, under which Egyptian companies would implement developmental ventures in Baghdad.

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