MOSCOW (Pakistan Point News / Sputnik - 07th April, 2019) Iran and Iraq have reached an agreement on the joint development of two oilfields located along the border between the two states, Iranian Petroleum Minister Bijan Zanganeh 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," Zanganeh was quoted as saying by the ministry's press service.
The sides will jointly develop the Naft Shahr and Khorramshahr oilfields. The 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.
"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 minister added.
Iranian President Hassan Rouhani previously 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 neighboring country.
