Iraq to Invest in Joint Oil Projects with Iran

Iraqi Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has said an agreement will soon be signed with Iran to jointly invest in two oil fields shared between the two countries.

Last month, Iraq’s Ambassador to Tehran, Rajih al-Mussawi, said his country was considering a plan to cooperate with Iran to develop the Azadegan oil field which the two sides share.

According ot PressTV, Iran discovered the Azadegan field in 1999 in what was the country’s biggest oil find in decades.  It is believed to be connected with Iraq’s supergiant Majnoon oil field.

Japan’s Inpex was contracted to develop the Azadegan project, but later quit in an apparent reaction to US sanctions against Iran.

Shell is reportedly trying to quit the Majnoon project, but has also submitted its technical study plan to Iranian authorities to develop the Azadegan and Yadavaran oil fields.

(Source: PressTV)

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