Iraq initially agrees to supply Egypt, Sudan with crude oil

Iraq initially agreed to supply Egypt and Sudan with crude oil on deferred payments in a way to ease economic burdens on the two countries, an spokesman for the Iraqi Oil Ministry said. The fuel supplies will start immediately after Egypt and Sudan complete their documentary credit procedures at any international bank and after the approval of the Iraqi cabinet, Essam Jahad told Iraqi newspaper of Al-Sabah out Monday. Iraq, which has the world's third largest oil reserves, is a member of the Transparency International and so all its oil exports are monitored by the organization. Iraq is also required to hand the organization annual reports on crude production and revenues. Egypt and Sudan have lately asked Iraq to feed them with oil supplies to fill their growing consumption. After receiving the crude oil, both countries will refine it into consumable products such as diesel, gasoline and liquefied petroleum gas