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September 11, 2012 3:00 am

Egypt in Talks to Purchase Iranian Oil

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Iranian tanker. Photo: wiki commons.

WSJ – Iran is in talks to sell oil to Egypt, officials on both sides say, part of a broader push to make up for lost European Union sales and a renewed engagement between the two countries.

Tehran has approached Cairo to sell 2 million barrels of oil—worth over $200 million—that are part of a stock of unsold Iranian crude stuck in the Egyptian port of Sidi Kerir because of international sanctions against Tehran, one person familiar with the approach said.

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