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Iran-Iraq oil pipeline to become operational next year

IRNA - Islamic Republic News Agency

Tehran, July 18, IRNA
Oil Minister Bijan Namdar Zanganeh here Monday said that the construction of pipeline intended to transfer oil from Iran to Iraq, whose agreement was signed 10 months ago, is already underway and is expected to be implemented within a year.

Speaking to IRNA on the sidelines of inking a joint agreement in Tehran, he referred to the understanding reached between the two countries in the domain of oil cooperation, he declared that two pipelines will be constructed between Abadan and Basra.

"Iran will take charge of the relevant executive and financial affairs of the project, whose details will be specified in the memoranda of understanding (MoUs) due to be mutually signed within a month.

"Purchase of 150,000 barrels of oil from Iraq, which is to be transferred from Basra to Abadan oil refinery, is one of the items included in the inked MoUs," he added.

He noted that according to the document, oil products including petrol, oil, gas and kerosene refined at Abadan refinery will be transferred to Basra.

The minister referred to the agreement reached between the two sides on laying a pipeline between the Mahshahr port city and Abadan for import of petrol and its transfer to Iraq.

Meanwhile, Zanganeh referred to the training of Iraqi manpower by using the educational facilities of both countries and supply of the equipment required by Iraq's oil industry as another point on which agreement was reached.

"The joint working group comprising deputy oil ministers from the two countries will be formed within 10 days. Establishment of Iraq's petrochemical plant and renovation of the country's oil industry are also included in the document," he added.

The document on oil cooperation will be signed by the
officials of both sides within a few hours.


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