Egypt and Iraq have signed a memorandum of understanding to strengthen mutual cooperation in the oil and gas space.

Egyptian oil minister Tarik Al-Mulla and his Iraqi counterpart Adel Abdul Mahdi inked the MoU, Egypt’s petroleum ministry said in a statement published on its website Friday. Al-Mulla said provisions of MoU include study of ways in which Egypt and Iraq could cooperate in refining crude oil from Basra as well as using Egyptian port infrastructure to store the oil. This would be helpful in turning Egypt into a strategic hub. The two parties also plan to work together in drilling oil and gas wells with participation of Egyptian companies in these projects in Iraq. Mahdi said the partnership will help Iraq use Egyptian refining, transportation and storage infrastructure for better marketing and exports of its energy products.