Tehran, Iran, July 9
Trend:
Within bilateral cooperation, Iran will renovate refinery in Iraq as part of the country's reconstruction projects, said the secretary general of Iran-Iraq joint Chamber of Commerce, Trend reports citing ILNA.
"It has been agreed that development, reconstruction and renovation of Baiji oil refinery in Iraq on the area that was freed from ISIS will be assigned to Iranian companies. We hope there will be no problems in implementing the project," Hamid Hosseini noted.
The official emphasized that the US sanction against Iran will not effect the reconstruction of refinery. "Iraq obtained exemption from US, as the United States is aware of Iraq's problems, so it will not pressure Iraq," he added.
"Integrated development of Iran-Iraq joint oilfields are in the interest of two the countries. While both states face problems in providing finances, their joint efforts can avoid dual costs," he said.
"Many oil projects in Iraq are currently being operated by foreign companies. The country's cooperation with Iran covers heavy and light crude oil, although the quality of oil might be lower than in Iran," he added.
"Iraq is producing around 4.7 million barrels of oil per day, but its refining capacity is only 600,000 barrels per day. Currently, it exports more than 4 million barrels," said Hosseini.