NISOC signs MOU with Iraq’s BOC to grow co-op in oil, gas sector

2023-02-12 03:23:54

(MENAFN) The National Iranian South Oil Company (NISOC) recently inked a Memorandum of Understanding (MOU) with Iraq’s Basrah Oil Company (BOC) to surge partnership in the oil and gas sector. The MOU, which was signed in Baghdad, is aimed at promoting joint cooperation between the two companies in the areas of exploration, production, and development of oil and gas sectors.

The signing of the MOU was attended by high-ranking officials from both companies, including the managing director of NISOC and the CEO of BOC. During the ceremony, both sides emphasized the importance of this cooperation for the development of the oil and gas industry in both nations and for enhancing economic ties between Iran and Iraq.

According to the MOU, the two companies will work together on a range of initiatives, including the exchange of technical expertise, the joint exploration of oil and gas fields, and the development of new projects in the energy sector. The MOU also provides a framework for collaboration in the areas of human resources development, research and improvement, and technology transfer.

The managing director of NISOC said that the MOU was a powerful step forward in enhancing cooperation between Iran and Iraq in the energy sector. He additional stated that the joint efforts of NISOC and BOC would contribute to the development of the oil and gas industry in both countries and help to promote economic ties.

On the Iraqi side, the CEO of BOC emphasized the importance of this cooperation for the growth and development of the oil and gas sector in Iraq. He further noted that the MOU would help to enhance the capabilities of the Basrah Oil Company and establish more prospects for investment in the energy sector.

To put it briefly, the MOU between NISOC and BOC is a significant step towards enhancing cooperation in the oil and gas sector between Iran and Iraq. The joint efforts of the two companies are expected to have a lasting impact on the energy sector in both countries and help to promote economic ties between them. This MOU is a clear indication of the commitment of both countries to work together for the benefit of their people and their economies.

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