Tehran, Baghdad to Expand Oil Cooperation Despite US Sanctions

Oil officials from Iran and Iraq emphasized the need to broaden cooperation in the oil sector in defiance of the sanctions the US has imposed on the two countries.

News ID: ۸۲۷۸۵۸

01 March 2024

EghtesadOnline: In a meeting with Iraqi Deputy Oil Minister Hamid Younes Al-Zubaei, held in Tehran, CEO of the National Iranian Oil Refining and Distribution Company Jalil Salari denounced the sanctions imposed by the US against Tehran and Baghdad.

He stated that the two neighbors are enhancing their cooperation in the oil sector in spite of the sanctions.

He also noted that major steps have been taken by the Iranian administration to enhance cooperation with the neighboring and friendly countries.

Iran has become self-sufficient in manufacturing 80 to 90 percent of the oil industry’s equipment, Salari said.

Pointing to the “constructive agreements” that Iran and Iraq have signed during the Iranian oil minister’s visit to Baghdad, Salari said Iran is ready to share its experience and technical know-how with Iraq in the CNG sector.

“As the energy carrier, namely CNG, constitutes a major part of the fuel in the transportation sector, Iran has managed to indigenize manufacturing of parts and equipment required in this sector,” he added, Mehr News Agency reported.

In September 2023, Iranian Oil Minister Javad Owji said his ministry has inked good agreements with Iraq in the field of exporting gas, collecting associated (flare) gas and also exporting technical-engineering services in the oil sector. / Tasnim