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Iraq, Oman to cooperate in oil and gas sector

Industry

Iraq and Oman have signed a memorandum of understanding (MoU) for cooperation in the oil and gas sector

The MoU also includes the possibility of building a shared refinery in Oman for processing imported Iraqi crude, the Iraqi oil ministry said in a statement on Thursday.

According to the MoU, Iraq will aim to export crude to Oman, import oil products from there and build oil storage facilities in both countries, the statement quoted Iraqi oil minister Thamer Ghadhban as saying.

“The MoU aims at studying the possibility of building a shared oil refinery in the sultanate of Oman to process the crude oil imported from Iraq,” Ghadban said.

The two countries will also explore prospects for cooperation and investment in oil and gas exploration and production. In addition to refining, manufacturing, storing and marketing crude oil and oil products between them, the ministry statement said.

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