Code: 470582 A

According to Iranian Oil Minister, Iran and Iraq have agreed to develop an oil field jointly.

"Bijan Namdar Zangeneh", Iranian Oil Minister, pointing out that for the first time, Iran is joint-developing an oil field with a neighboring country, announced that according to the reached agreement between Iran and Iraq, the oil share of both sides would be determined and if each were inclined, can sell or buy the other's share.  

Iranian oil minister, regarding the content of the signed Memorandum of Understanding with his Iraqi counterpart told ILNA that we had negotiations on production in two city oil field and another one in Khouzestan to be developed jointly, which means having single developmental plan and single contractor.  

"In the plan, the companies will run and operate the project and governments have been put outside the operation, although, if we become interested in doing that we should evaluate its legal conditions" he emphasized.

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iran iraq Oil field
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