Iraq and Iran sign a memorandum of cooperation in the field of oil and gas

02/22/2017 (0:01 pm) - The number of readings: 138 - Issue (3859)

Baghdad / term

Oil Minister Jabbar Ali Allaibi signed with his Iranian counterpart, the Beijing Zangana memorandum of understanding, which included the formation of joint committees to resolve a number of important files, as the common fields, in addition to the study of the pipeline to transport Iraqi crude oil from the Kirkuk fields through the Iranian territory, the study of the transfer of Iraqi oil from Basra to Abadan.

He said a statement issued by the ministry got (range) a copy of it, the memo also provided for the continuation of cooperation in the field of supplying electric power stations of the Iranian gas, and invited Iranian companies to invest in oil and gas and to participate in the rehabilitation of the infrastructure of oil and gas installations and factory petrochemicals in Basra sector.

The statement stressed that Iran has expressed willingness to give the Iraqi students fellowships in the oil majors, as the two sides held an expanded meeting to discuss issues of common interest, especially in relation to the development of oil and gas industry, fields the joint border between the two countries and the implementation of a number of important strategic projects to enhance the opportunities for cooperation optimization between the two countries, the Iranian minister also expressed satisfaction with the improvement in oil prices in world markets after the OPEC decision to reduce production.

Iraq is the second largest oil producer in OPEC after Saudi Arabia and relies on crude sales in 95 percent of public revenues, and its economy is suffering from the dual impact of weak oil prices and the war against al Daesh.

The Iranian oil minister arrived in Baghdad on Monday 02/20/2017, the head of a high-level delegation, met with Iraq's oil minister and a number of officials in the ministry.