Egypt, Iraq to Establish Firm to Boost Bilateral Ties in Oil Sector

Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat)
Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat)
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Egypt, Iraq to Establish Firm to Boost Bilateral Ties in Oil Sector

Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat)
Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat)

Egypt and Iraq discussed strengthening bilateral relations in the oil and gas sector through operating Egyptian oil companies in Iraq and establishing a join company to implement projects.

Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla said that the agreement to import 12 million barrels of Iraq’s crude oil is still active, noting that the six-month deal is renewed regularly.

The Egyptian petroleum sector is ready to reinforce the presence of its companies in Iraq in the coming period with various oil, gas, and petrochemical activities, announced Molla during his meeting with the Iraqi Ambassador to Cairo, Ahmed al-Dulaimi.

The Egyptian Ministry of Petroleum and Mineral Resources issued a press release, a copy of which was obtained by Asharq Al-Awsat, noting that Cairo discussed sending Egyptian experts in the field of oil refining to train Iraqi personnel.

The two officials also agreed to train the cadres in this vital industry and meet Iraqi needs.

During the meeting, Molla stressed the importance of permanent coordination and continuous consultations between the oil and gas sectors of both countries to enhance cooperation.

The Iraqi ambassador said his country's government is keen to boost bilateral relations and open new horizons for cooperation backed by the full support of the political leadership in both countries.

He stressed the importance of using distinguished Egyptian expertise, especially in the field of energy, noting that Egypt’s success, distinction, and experience will benefit Iraq at this important stage that is witnessing a shift towards investment, development, and reconstruction.



German Economy Minister Says EU Open for Talks on China Tariffs

German Vice Chancellor and Economy Minister Robert Habeck poses for pictures alongside National Development and Reform Commission (NDRC) Chairman Zheng Shanjie following the opening session of the German-Chinese Climate and Transformation Dialogue in Beijing, China June 22, 2024. REUTERS/Maria... Purchase Licensing Rights
German Vice Chancellor and Economy Minister Robert Habeck poses for pictures alongside National Development and Reform Commission (NDRC) Chairman Zheng Shanjie following the opening session of the German-Chinese Climate and Transformation Dialogue in Beijing, China June 22, 2024. REUTERS/Maria... Purchase Licensing Rights
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German Economy Minister Says EU Open for Talks on China Tariffs

German Vice Chancellor and Economy Minister Robert Habeck poses for pictures alongside National Development and Reform Commission (NDRC) Chairman Zheng Shanjie following the opening session of the German-Chinese Climate and Transformation Dialogue in Beijing, China June 22, 2024. REUTERS/Maria... Purchase Licensing Rights
German Vice Chancellor and Economy Minister Robert Habeck poses for pictures alongside National Development and Reform Commission (NDRC) Chairman Zheng Shanjie following the opening session of the German-Chinese Climate and Transformation Dialogue in Beijing, China June 22, 2024. REUTERS/Maria... Purchase Licensing Rights

Germany's Economy Minister Robert Habeck said during his visit to China on Saturday that the European Union's door is open for discussions regarding EU tariffs on Chinese exports.

"What I suggested to my Chinese partners today is that the doors are open for discussions and I hope that this message was heard," he said in his first statement in Shanghai, after meetings with Chinese officials in Beijing, Reuters reported.

Habeck's visit is the first by a senior European official since Brussels proposed hefty duties on imports of Chinese-made electric vehicles (EVs) to combat what the EU considers excessive subsidies.

Habeck said there is time for a dialogue between the EU and China on tariff issues before the duties come into full effect in November and that he believes in open markets but that markets require a level playing field.

Proven subsidies that are intended to increase the export advantages of companies can't be accepted, the minister said.

Another point of tension between Beijing and Berlin is China's support for Russia in its war in Ukraine. Habeck noted Chinese trade with Russia increased more than 40% last year.

Habeck said he had told Chinese officials that this was taking a toll on their economic relationship. "Circumventions of the sanctions imposed on Russia are not acceptable," he said, adding that technical goods produced in Europe should not end up on the battlefield via other countries.