FINANCIAL NEWS

Iran, Iraq to boost oil relationship

06 Jun 2012

(MENAFN) Iran and Iraq have both agreed to expand their oil cooperation with one another. They are talking about developing joint fields for refining and exporting oil to foreign nations, reported Tehran Times.

The Iranian Oil Minister Rostam Qasemi was in Iraq last week negotiating the terms of the bilateral agreement with the Iraqi Prime Minister Nouri Al-Maliki and the Iraqi Oil Minister Abdul Karim al-Luaibi.

The agreement outlines that Iran is to export between USD1.7 billion- USD1.8 billion of oil products every year to Iraq.

The two countries will also team up for Organization of the Petroleum Exporting Countries (OPEC) conferences and will ask the members to pump crude oil to reach their targets. Iran and Iraq are the second and third largest producers of oil in the world.

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