Iran-Iraq Mull Enhancing Oil Ties

Tehran, June 5, IRNA – Iran’s Deputy Oil Minister announced on Monday, Tehran and Baghdad mull expanding ties in the upstream and downstream sectors of the oil industry. Managing Director of the National Iranian Oil Refining and Distribution Company (NIORDC), Alireza Zeighami, said the two sides have reached an agreement in the fields of expanding joint fields, refinery section and export of oil and gas oil derivatives. “As per the agreement, Iran would export over $1.7 m worth of oil products and Associated Petroleum Gas (APG) to Iraq per annum,” he said. On constructing refineries in Iraq, Zeighami voiced Islamic Republic of Iran's willingness to share its valuable experiences in oil industry with other countries. Based on current studies, Iran and Iraq share 23 joint hydrocarbon fields which are divided into exploration, developmental and production categories. Iran shares oil and gas fields with most of its neighbors, including Persian Gulf littoral states such as Iraq, Kuwait, Qatar and Oman, as well as it northeastern neighbor Turkmenistan./end