Iraq, Iran Sign MoU to Invest in Joint Oil Fields, Strengthen Cooperation
Date
5/14/2023 8:53:16 AM
(MENAFN) Iraq and Iran have signed a memorandum of understanding (MoU) to invest in joint oil fields located on the border of the two countries. The deal was signed by Iraqi Oil Minister Hayan Abdel-Ghani and his Iranian counterpart Javad Owji. The MoU will also see both countries cooperating in the fields of crude oil extraction and refining.
Under the terms of the MoU, Iraq and Iran will work together to develop and invest in joint oil fields located on the border of the two countries. The agreement also includes provisions for cooperation in the fields of crude oil extraction and refining. The two countries will also work towards strengthening cooperation in the field of petrochemical industries.
In addition to investing in joint oil fields, the MoU also includes provisions for training and qualifying cadres working in the oil and gas sectors. This will help to ensure that both countries have the skilled workforce necessary to support their oil and gas industries.
The MoU between Iraq and Iran is significant as both countries are major oil producers in the Middle East. The agreement is expected to lead to increased cooperation between the two countries in the oil and gas sectors, which could have a positive impact on their economies.
Overall, the MoU signed between Iraq and Iran is a positive development for both countries. The agreement to invest in joint oil fields and cooperate in the fields of crude oil extraction and refining is expected to lead to increased cooperation in the oil and gas sectors. The provision for training and qualifying cadres working in the oil and gas sectors is also a positive step towards ensuring that both countries have the skilled workforce necessary to support their oil and gas industries.
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