Iraq and Iran agree to develop joint oilfields

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Iraq and Iran agree to develop joint oilfields

On Wednesday, the Iraqi Ministry of Oil announced that Baghdad and Tehran had agreed to form a committee specializing in developing the joint oilfields.

This step is taken as part of an effort to enhance and broaden opportunities for cooperation, according to the report.

The Iraqi Oil Ministry announced that the Iraqi Minister of Oil, Hayan Abdul-Ghani, met with the Iranian Minister of Oil, Javad Owji, and an agreement was reached.

The two parties have agreed to establish specialized committees that will work towards specific goals. Among these committees is a committee that will be responsible for developing joint oil and gas fields, while adhering to international standards to ensure the rights of both parties. Additionally, a joint committee will be established to manage the use of natural gas, petrochemical industries, and renewable energy. Lastly, a third committee will be responsible for rehabilitating and developing oil refineries.

Abdul-Ghani stated that cooperation would take place in areas such as oil marketing, pipelines, and exploration.

The Iraqi Oil Minister and a delegation of senior officials from the oil sector visited Iran on Tuesday to meet with officials in the Iranian government and the Petroleum Ministry.