Iran, Iraq agree for development of joint oilfields

127424524242542424Bijan Zangeneh, Iranian minister of petroleum, has announced that Iran and Iraq have reached an agreement for joint development of the Naft Shahr and Khorramshahr joint oil fields

During a visit to the Energy Industries Engineering and Design (EIED), an affiliate to the Oil Industries’ Engineering and Construction (OIEC) the official said, “There are massive potentialities for expanding Iran-Iraq cooperation in oil, gas, refining and petrochemicals, and Iran is ready to offer itself capabilities to the Iraqi oil industry.”

He added that Thamer al-Ghadhban, Iraqi minister of oil, during a visit to EIED, learned about the capacities of the company, and it was decided that a joint partnership will be established between OIEC and a similar company in Iraq in order to develop joint capacity utilisation.

The official further stated that Iran had a lot of potentialities in the oil, gas, refining and petrochemicals sectors, adding, “Given the lack of development in the petrochemicals and gas industries in Iraq, there is a bright perspective for cooperation between the two countries.”

He further added that Iran’s gas dues from Iraq stood at a billion dollars already.

Iran is the only exporter of natural gas to neighbouring Iraq, both members of the Organisation of the Petroleum Exporting Countries (OPEC).

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