13:32 GMT16 May 2021
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    MOSCOW (Sputnik) - Iran and Iraq have reached an agreement on the joint development of two oilfields located along the border between the two states, the petroleum minister said on Sunday following talks with Iraqi Oil Minister Thamer al-Ghadhban in Tehran.

    "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.

    He went on to note that there was "the lack of development in the petrochemicals and gas industries in Iraq", and this move represents "a bright perspective for cooperation between the two countries."

    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.

    READ MORE: US Extends Iraq Waiver for Purchasing Electricity From Iran for 3 Months

    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.


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