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Malaysia and Iran deepen energy ties

TEHRAN, Sept. 30 (UPI) -- Malaysia and Iran are boosting their trade and industrial ties.

The Mehr News Agency reported Tuesday that Malaysian Minister of International Trade and Industry Datuk Mustapha Mohammad stated, "We seek to boost the volume of trade between the two countries."

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According to Mohammad, major Iranian imports purchased by Malaysia largely consist of oil and its petroleum byproducts, while the bulk of Iran's imports from Malaysia consist of electronic products and palm oil.

Iran and Malaysia already have cooperated in a number of large industrial joint ventures, many of them in the energy sector. In December 2007 the two countries signed a $6 billion agreement to allow Malaysia to participate in the development of some of Iran's massive South Pars offshore natural gas fields in the Persian Gulf.

Iran and Malaysia along with Syria and Venezuela are also involved in an extensive multilateral oil refinery deal. Last year bilateral Iranian-Malaysian trade totaled $1.43 billion, a 45 percent increase from 2007 levels. Three months ago the Iran-Malaysia Businessmen Council was established in Kuala Lumpur.

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