Signing of Memorandums of Understanding to Expand Oil Cooperation between Iran and Iraq

According to Energy Press, Mohsen Paknejad, who has traveled to Iraq, referred to the cultural, religious, and historical commonalities of the two countries on the sidelines of a meeting with Hayan Abdul Ghani Al-Sawad, the Iraqi Deputy Prime Minister for Energy Affairs, in Baghdad, and stated: “There are favorable grounds for cooperation between the two countries, Iran and Iraq. In the oil sector, considering these commonalities, we have started activities. Some of these activities go back to the memorandums of understanding that were previously signed between the two countries, and during this trip, we took some steps to implement these memorandums.” He stated that some of these agreements are to be implemented in the field of offshore exploration using the capabilities and capacities of Iranian companies, and that the implementation areas will be examined in a joint working group. He added: “In the western part of the country, in the NGL facility unit, which is fed with associated gases from crude oil, we have a shortage of feedstock. Meanwhile, Iraq burns some of these associated gases in fields adjacent to the Iranian border without using them after production. Therefore, we signed an agreement in this regard to transport these associated gases into the country as feedstock for NGL units with private sector investment.”