Iran, Iraq Boost Cooperation in Energy Sector

Iraq and Iran have agreed to increase their cooperation in the oil, gas and refinery sectors.

Iran's Fars News Agency reports that the Managing-Director of the National Iranian Oil Refining and Distribution Company (NIORDC), Ali Reza Zeiqami, said on Monday that Iran and Iraq had reached an agreement to expand cooperation in developing joint fields, the refining section, and the exports of oil and gas products.

According to the agreement between Iranian and Iraqi officials, Iran will export $1.7 - 1.8 billion of petroleum and Associated Petroleum Gas (APG) products annually to Iraq.

Products such as oil, gas, and kerosene would be exported to Iraq by sea via the Mahshahr and Bandar Abbas ports, and via three land routes.

Zeiqami said Iran had also agreed to cooperate in the construction of a refinery in Iraq and to share its technological knowhow in this field with its neighbor.

Based on current studies, Iran and Iraq share 23 joint hydrocarbon fields, including five major oil fields: Naftshahr, Dehloran, Paydare Gharb, Azadegan and Yadavaran.

(Sources: Fars News Agency, Iraqi Ministry of Oil)

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