TEHRAN, Aug. 14 (UPI) -- The governments of Iran and Iraq signed a memorandum of understanding on oil cooperation Sunday to trade crude oil in exchange for liquid gas.
The two oil ministries said they would exchange Iraqi crude oil reserves for Iran's liquid gas and paraffin, Iranian TV reported.
"With the implementation of this memorandum of understanding, Iran will import 100,000 barrels of crude oil per day from Iraq for refining in the Abadan and Kermanshah refiners and will, in exchange export about 2 million liters of paraffin to that country," said Iranian Oil Minister Seyed Kazem Vaziri Hamaneh.
Iraqi Oil Minister Hussein al-Shahristani said both governments agreed to study prospects for joint oil fields exploration.
"The two sides agreed to form committees to study joint oilfields and to achieve ways of uniform, joint development of these fields. The two countries' experts are to make the contents of this memorandum of understanding operational within one week," he said.
