Oil Minister Jabbar Ali al-Luaibi announced the agreement with the Islamic Republic of Iran to initial agreement on the joint investment of oil fields Khanh in the province of Diyala and Sindbad in the province of Basra. This came after the round of talks between the two delegations in Tehran ended.
The oil minister said: It was agreed in principle on investment and joint development of these fields, expressing the hope to sign the final agreement in the first quarter of next year.
Al-Luaibi said that this agreement is a step towards investment in these fields and guarantee the right of each party according to international standards and agreements.
Al-Luaibi said it was agreed to form a joint committee to study the possibility of exporting quantities of crude oil from the Kirkuk fields to a refinery in Iran through a pipeline network to be established for this purpose.
For his part, said spokesman Assem Jihad that the two countries agreed to discuss and study the possibility of the Iranian side to invest gas associated with the oil operations of some small oil fields in southern Iraq to produce quantities of dry gas and liquids and condensates to cover the local need.
Jihad added that the talks included cooperation in the fields of joint investment between the oil companies of both countries in order to improve the performance of national companies, as well as continued cooperation in the fields of training and infrastructure and supply of gas to power plants.