Iran, Iraq agree to extend gas contracts in 5 years
Noting that Iran and Iraq have two gas export contracts in place, the Iranian Oil Minister Javad Owji says that the two neighboring countries have agreed to extend the contracts in the next five years.
Owji, who is on a visit to the Iraqi capital Baghdad, made the announcement on Saturday after a meeting with Iraq's Minister of Electricity Ziad Ali Fazel.
He said one of the outcomes of his Iraq trip was to work out a mechanism for the extension of the current gas export agreements with the Arab country’s Ministry of Electricity.
Iran is currently supplying gas to power plants in the Iraqi cities of Baghdad and Basra under two separate contracts, the official said.
Based on an agreement signed earlier this week, Iran and Iraq will be able to extend the current gas export deals within the next five years and after carrying out expert reviews, Owji said.
The Iranian and Iraqi authorities signed a major agreement on oil, gas, and petrochemical cooperation in Baghdad on Thursday.