"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," Iranian Petroleum Minister Bijan Zanganeh was quoted as saying by the ministry's press service.
The sides will jointly develop the Naft Shahr and Khorramshahr oilfields. The official announcement was made during the two ministers' visit to the Energy Industries Engineering and Design (EIED) company, an affiliate to the Iranian Oil Industries' Engineering and Construction (OIEC) Group.
The remarks come after Iranian President Hassan Rouhani said that the two countries plan to achieve bilateral annual trade of $20 billion. He also noted that Iran hoped to increase exports of electricity, gas and oil to the neighbouring country.