Iran, Iraq weighing development of two joint oilfields: Zanganeh

TEHRAN, Apr. 07 (MNA) – Oil Minister Bijan Namdar Zanganeh announced Iran and Iraq have reached an understanding for the development of two joint oilfields, namely Naft Shahr and Khorramshahr.

Zanganeh broke the news on Sunday during a visit to the Energy Industries Engineering and Design (EIED) Company, adding that "there are massive potentialities for expanding Iran-Iraq cooperation in oil, gas, refining and petrochemicals grounds, and Iran is ready to offer its capabilities to the Iraqi oil sector.”

He added that during the visit to EIED, which is affiliated to the Oil Industries' Engineering and Construction (OIEC), Iraqi Oil Minister Thamir Ghadhban learned about the capacities of the company, and it was decided that a joint partnership be established between OIEC and a similar company in Iraq in order to develop joint capacity utilization.

Zanganeh further pointed to Iran’s vast potentials in the oil, gas, refining and petrochemicals sectors, adding that "given the lack of development in the petrochemicals and gas industries in Iraq, there is a bright perspective for cooperation between the two countries."

The veteran minister noted that based on the talks between the two sides, Iranian firms can take part in the oil projects implemented in Iraq.

Noting that Iran’s gas dues from Iraq stand at $1 billion, Zanganeh said the Central Bank of Iran has been tasked to follow the process of receiving the money from the neighboring country.

MR/IRN83267547

News Code 143845

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