A Review of the Nigerian Energy Industry

Egypt denies intention to purchase oil from Iran

12 September 2012, Sweetcrude, CAIRO – EGYPT says it has no plans to purchase oil from Iran, in reaction to suggestions that it is involved in talks with the Iranian authorities in that regard.

On Tuesday the website of the Iranian Oil Ministry, Shana, carried a report quoting Oil Minister Rostam Qasemi as saying: “Necessary negotiations are under way between the two sides.”

But, Egypt cleared the air on Tuesday, with Oil Minister Osama Kamal telling Reuters: “All that has been published on negotiations being held for Egypt to buy Iranian oil is completely devoid of truth.”

He continued: “I can confirm that the Egyptian Petroleum Ministry has not entered into this type of negotiation before, and all that has been said on the matter is totally untrue.”

Iran is struggling to find international markets for some of its crude following the imposition of further sanctions by the US and European nations.

In Monday’s address, Qasemi also said Iran had finalised a deal with Pakistan over the launching of a gas export pipeline in 2014.

On international oil prices, the minister said: “In our view, the price of oil is still low and has the potential to rise further.”

In this article

Join the Conversation