Iran, Iraq discuss development of joint oil projects
2 Min Read
Iran and Iraq are set to develop their bilateral ties and work on joint oil projects that would benefit both states economically.
-
An Iranian oil worker rides his bicycle at Tehran's oil refinery south of the capital Tehran, Iran, December 22, 2014. (AP)
Tehran and Baghdad are working on enhancing their bilateral ties, including in the areas of investment in and development of joint oil fields, as well as the export of technical and engineering services from Iran to Iraq, Iranian media reported on Saturday.
Iranian Oil Minister Javad Owji and his Iraqi counterpart Hayyan Abdul Ghani held a meeting in the Austrian capital of Vienna, with the two discussing the implementation of joint oil projects. Moreover, the two sides stressed the importance of expanding bilateral ties in oil, gas, and oil derivatives.
Owji held on Thursday talks with the Secretary General of Gas Exporting Countries Forum (GECF), Mohamed Hamel, to discuss bilateral ties and the latest updates on the energy situation in the world.
Both parties exchanged their views on the future of gas markets in the world, as well as investment opportunities, the prediction of gas prices, and cooperation between gas exporting countries in the global market.
Read more: Iran claims back $2.7bln previously frozen by Iraq under US sanctions
This comes months after the Iraqi Oil Ministry announced that it agreed with Tehran to expand energy cooperation and establish a joint body to overlook the developments of the agreement.
The announcement came following a meeting between Ghani and Owji in Baghdad.
Earlier in May, Iran's President Ebrahim Raisi called for the expansion of energy cooperation between Iran and Iraq and stressed the need for Baghdad to fulfill its commitments to Tehran on gas and electricity payments.
