Iran, Iraq ’s Kurdish regional government sign MoU on oil cooperation

Business Materials 16 June 2015 17:18 (UTC +04:00)

Baku, Azerbaijan, June 16

By Umid Niayesh - Trend:

Iran and the Iraqi Kurdish regional government have reached a preliminary agreement on oil cooperation, Esmail Hashm Firouz, caretaker of International Affairs of the National Iranian Oil Products Distribution Company (NIOPDC) said.

The sides have signed a memorandum of Understanding (MoU) for crude oil and oil products trade, Hashm Firouz said, Iran 's Mehr news agency reported June 16.

Based on the MoU Iran will receive crude oil from the regional government and will export oil products including kerosene and gas oil in exchange, he added.

The market of the Kurdish autonomy of northern Iraq has a capacity to import six million liters of gas oil and 2.5 million liters of kerosene, Hashm Firouz said.

Iran has already signed an agreement with Iraq to export 3 million liters of gas oil to the neighboring country, the official said, adding Tehran has readiness to increase the figure two times.

The Islamic Republic plans to increase the export of oil products to Iraq and Afghanistan to reduce fuel smuggling to the neighboring states.

Managing Director of the NIOPDC, Nasser Sajjadi earlier said that there is 15 million liters surplus capacity in Iran to export gas oil and kerosene to the international market.

The National Iranian Oil Company is scheduled to make liquefied gas and kerosene available to the market, he added.
Iran possess the world's fourth largest oil reserves and the first largest gas reserves.

Edited by CN

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