Iraq signed a memorandum of understanding with Egypt in establishing joint ventures for oil investment


October 31, 2016


Baghdad/Iraq and Egypt signed an SNG, Monday, a memorandum of understanding on setting up joint companies to invest in oil Egypt considered that these companies will contribute significantly to the development of Iraq's oil industry.

The oil Minister said Jabbar allaibi told a news conference with oil Minister Tariq public and attended by SNG, that "Iraq has signed with Egypt MOU to create joint companies to invest in oil drilling, refining and distribution, in addition to a possible investment refinery investment by the private sector, as well as the development of infrastructure and gas investment and training."

Allaibi added that "Egypt has enormous potential capabilities in the oil and gas industries", noting that "Iraq did currently memoranda of understanding have already been signed with Egyptian side in 2015 and 2016.

Egyptian oil Minister said Gibraltar, that "Egyptian companies located in southern regions of Iraq and operates several oil projects", pointing out that "the establishment of joint ventures between the two countries would develop better oil industry."

Egyptian oil Minister Tarek Al Mulla, Saturday (29 October 2016), in Baghdad on an official visit to Egyptian companies ' participation in the development of the oil sector in Iraq.

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