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Iran, Iraq sign energy MOU

July 16, 2009 at 12:12 PM   |   Comments

TEHRAN, July 16 (UPI) -- Iran and Iraq signed two memorandums of understanding regarding the management of joint oil fields and bilateral energy issues following three days of talks.

Several oil fields straddle the Iranian border with Iraq. Iraq is keen on moving toward recovery in its national energy sector as it emerges from years of conflict following the U.S.-led invasion of 2003. Iran, for its part, has pushed to develop its own resources in spite of crippling economic sanctions.

Seifollah Jashnsaz, managing director at the National Iranian Oil Co., led a delegation to Iraq to negotiate the way forward on bilateral energy cooperation, the Petroenergy Information Network reports.

The memorandums deal with the training of personnel in the energy sector as well as drilling service operations and research and development.

A bilateral delegation will shuttle between both countries to direct the provisions outlined in the MOUs. Iran said it was interested and ready to provide Iraq with a partner in engineering, seismology and drilling operations.

"Iran can provide Iraq oil industry with its most needed services," said Jashnsaz.

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