Iraqi Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani and Iranian Oil Minister Javad Owji signed an agreement on Wednesday to allow investment in "joint oil fields" near the two countries' borders, APA reports citing Teletrader.
The Memorandum of Understanding will allow Baghdad and Tehran to work together on crude oil extraction and refinement, with the focus on fostering bilateral collaboration "in the field of petrochemical industries," the office of Iraqi Prime Minister Mohammed Shia' al-Sudani said in the statement following the meeting.
In April, Iranian President Ebrahim Raisi welcomed his Iraqi counterpart Abdul Latif Rashid to Tehran. The presidents reaffirmed their commitment to deepening the two countries' cooperation in various fields, including the energy sector.
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