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.

The step is taken to enhance and extend the cooperation opportunities within the framework.

The Iraqi Oil Ministry announced an agreement was made during a meeting between the Iraqi Minister of Oil, Hayan Abdul-Ghani, and his Iranian counterpart, Javad Owji.

Both parties have come to an agreement to establish specific committees. One of these committees will be responsible for developing shared oil and gas fields in compliance with international standards, ensuring equal rights for each party. Another committee will oversee the utilization of natural gas, petrochemical industries, and renewable energy. A third committee has been formed to focus on the rehabilitation and development of oil refineries.

Abduk-Ghani explained that there will be cooperation 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 from the Iranian government and Petroleum Ministry.