Iran, Iraq sign MOU on oil

BAGHDAD, Nov. 2 (UPI) -- Iranian oil executives wrapped up a five-day trip to Baghdad to sign a memorandum of understanding for activity in shared oil fields and facilities.

Alireza Zeighami, managing director of Iran's Central Oilfield Co., and Ali Marej Albahadely, managing director of Maysan oil refinery, signed the MOU during the weekend, the Islamic Republic of Iran Broadcasting network reports.

The Iraqi Oil Ministry said the meetings focused on the issues surrounding mutual oil wells that straddle the shared border with Iran.

Tehran has a delegation in the southern port city of Basra to discuss ways to connect the two countries through a regional oil pipeline.

Iraq is set to hold an international auction in December for oil contracts. Crude oil exports reached 58.7 million barrels in September.

The IRIB report says Iran exports nearly 800,000 gallons of gasoline to Iraq each day. Iran announced it was boosting output at its national refineries in preparation for U.S. sanctions on the petroleum sector.