Iran, Oman Sign MOU on Cooperation in Oil and Gas Industry

(MENAFN) On Saturday, the Iranian Oil Minister Javad Oji announced that Iran and Oman had signed a memorandum of understanding (MOU) on cooperation in the oil and gas industry, investment in petrochemical and petro-refining sectors, and export of oil products and petrochemicals. The agreement was signed in Tehran by the national oil companies of the two countries. Speaking to the press, Oji said that the MOU was the continuation of previous negotiations between the two sides.

Oji highlighted that there had been several stages of negotiations with Oman over the past one and a half years and that the memorandum of cooperation was signed in continuation of the negotiations in the upstream and downstream sectors of the oil industry. The Iranian minister expressed hope that the MOU would lead to an increase in the export of petrochemical products and oil products to Oman, considering the existing capacity in the country. He added that more details of oil and gas cooperation with Oman would be informed as negotiations become more serious.

The Omani Minister of Energy and Minerals Salim al-Aufi also met Iran’s First Vice President Mohammad Mokhber on the same day. During the meeting, Oji stressed the importance of bilateral trade relations and the need to achieve desired goals by removing obstacles ahead.

This MOU is a significant development for Iran and Oman, as it highlights their shared commitment to cooperation in the oil and gas sector. The agreement is expected to create more opportunities for investment, job creation, and economic growth in both countries. As negotiations continue, more details of the partnership are likely to emerge, including specific projects and timelines. It remains to be seen how this agreement will impact the wider geopolitical landscape in the region. However, the MOU is a positive step towards strengthening bilateral relations between Iran and Oman.

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