In a significant move towards enhancing bilateral cooperation in the energy sector, Iraqi Minister of Oil Hayan Abdul-Ghani and Iranian Minister of Petroleum Javad Owji engaged in talks during their participation in the seventh summit of the Gas Exporting Countries Forum (GECF) held in Algeria.
The discussions primarily revolved around the development of joint oilfields shared by the two nations.
The meeting, as reported by the Iraqi News Agency (INA), underscored the mutual desire to explore avenues for collaboration in various domains, including infrastructure development, oil and gas production, and joint investment initiatives in the shared oil fields.
The Iraqi Ministry of Oil revealed that a significant stride was taken last December when Baghdad and Tehran reached an agreement to establish a specialized committee dedicated to the development of these joint oilfields.
The agreement highlighted the importance of adhering to international norms to ensure equitable distribution of benefits for both parties involved.
As part of their ongoing dialogue, the Iraqi and Iranian officials concurred on the formation of several specialized committees. These include a committee focused on the development of joint oil and gas fields aimed at safeguarding the rights of each nation.
Additionally, a joint committee has been tasked with overseeing the utilization of natural gas, fostering growth in petrochemical industries, and exploring opportunities in renewable energy.
Furthermore, a third committee is slated to address the rehabilitation and modernization of oil refineries, reflecting a comprehensive approach to enhancing the energy infrastructure of both nations.
Minister Abdul-Ghani emphasized that collaboration between Iraq and Iran would extend to critical areas such as oil marketing, pipeline infrastructure, and exploration activities.
This collaborative effort is poised to leverage the strengths of both nations in the energy sector, fostering sustainable growth and development.
The discussions held at the GECF summit underscore the strategic importance of cooperation between Iraq and Iran in the realm of energy security and economic prosperity.
With both nations possessing significant oil and gas reserves, joint initiatives aimed at optimizing production and maximizing utilization hold immense potential for mutual benefit.
The development of joint oilfields represents a tangible step towards strengthening ties between Iraq and Iran, transcending geopolitical considerations in favour of shared economic interests.
By fostering a conducive environment for cooperation and collaboration, both nations are poised to unlock new opportunities for growth and prosperity in the energy sector and beyond.
As the dialogue between Iraqi and Iranian officials progresses, stakeholders remain optimistic about the potential outcomes of enhanced cooperation.
With a shared commitment to harnessing the vast potential of their energy resources, Iraq and Iran stand poised to chart a course towards greater economic integration and sustainable development in the region.
In conclusion, the discussions between Iraqi Minister of Oil Hayan Abdul-Ghani and Iranian Minister of Petroleum Javad Owji at the GECF summit mark a significant milestone in the journey towards deeper collaboration in the energy sector.
As both nations continue to explore avenues for cooperation, the prospect of joint initiatives in oil and gas development holds promise for advancing mutual interests and fostering economic growth.
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