Iran, Iraq to jointly develop oilfields
April 9, 2019
Iranian and Iraqi officials met Sunday to discuss joint development of energy projects, Kallanish Energy learns.
The two countries agreed to cooperate on the Naft Shahr and Khorramshahr oilfields, establishing a partnership between Tehran’s Oil Industries Commissioning and Operation Co. (Oico) and ‘a similar company in Iraq’, according to a press release.
The two oilfields are located in Iranian territory, on the border with Iraq.
“There are massive potentialities for expanding Iran-Iraq cooperation in oil, gas, refining and petrochemicals grounds, and Iran is ready to offer itself capabilities to the Iraqi oil industry,” said Iranian minister of Petroleum Bijan Zangeneh.
“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 added.
Iran is looking at linking its power and gas networks to Iraq’s, with further plans to expand partnerships with other countries in the region.
The two countries aim at reaching a trade volume of $20 billion in the coming months. At the moment, it sits at $12 billion, Reuters reported.
Both are OPEC members and Iran is the only exporter of natural gas to Iraq. The U.S. imposed sanctions on Iran’s exports in November, in response to the country’s nuclear program, although Iraq was granted a 90-day waiver last month.
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