FINANCIAL NEWS

Baghdad, Tehran sign MOU on oil export pipeline project

21 Feb 2017

(MENAFN) Iran and Iraq had signed a memorandum of understanding (MOU) in order to study the construction of pipeline to export crude oil from the northern Iraqi fields of Kirkuk via Iran.

In the signing ceremony, there were the oil ministers of the two countries, and they also called for a commission to solve a conflict about joint oilfields and the possible transportation of Iraqi crude to Iran’s Abadan refinery.

Jabar al-Luaibi, Iraqi Oil Minister said in a statement that he also agreed with visiting Iranian counterpart Bijan Namdar Zanganeh to discuss more cooperation policies about the Organization of the Petroleum Exporting Countries.

However, both countries are OPEC’s second- and third- largest producers after Saudi Arabia, as Iraq produces and exports most of its crude from the southern region.

MENAFN2102201700450000ID1095261492

MENAFN2102201700450000ID1095261492

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