News

Iran Says Reaches Understanding with Iraq to Develop Two Oilfields

GENEVA (Reuters) – Iran and Iraq have reached an understanding about developing two oilfields on their mutual border, Iran’s oil minister was quoted saying on Sunday, a day after Iranian President Hassan Rouhani called for increased trade between the two countries.

The focus of the understanding is the development of the Naft Shahr and Khorramshahr oilfields, Oil Minister Bijan Zanganeh said according to a report on Iran’s oil ministry website on Sunday, without giving any details of the plan.

Rouhani called on Saturday for Iran and Iraq to expand their gas, electricity and oil dealings and boost bilateral trade to $20 billion, state TV reported, despite difficulties caused by U.S. sanctions against Tehran.

“We hope that our plans to expand trade volume to $20 billion will be realized within the next few months or years,” Rouhani said, after a meeting with visiting Iraqi Prime Minister Adel Abdul Mahdi, in remarks carried by state television.