Shafaq News / The Prime Ministers of Iraq and Iran have presided over the signing of a memorandum of understanding (MoU) concerning the joint oil fields situated along the border between the two nations.

The announcement was made on Wednesday evening by Iraqi Prime Minister Mohammed Shia al-Sudani during a meeting with Iranian Oil Minister Javad Owji.

According to a statement issued by the Prime Minister's office, the MoU encapsulates a comprehensive discussion of the collaborative relationship between Iraq and Iran, outlining measures to enhance the capacities of both countries in the face of international economic hurdles. The agreement was signed on behalf of Iraq by Oil Minister Hayan Abdul Ghani and on behalf of Iran by Javad Owji.

The statement elucidated that the MoU encompasses the organization of cooperative endeavors for the exploitation of shared oil fields, cooperation in the extraction of crude oil, its purification and refinement, and technological dealings with associated gas.

Additionally, the agreement stipulates the fortification of collaboration in the petrochemical industries sector, as well as in the realm of training and qualification of personnel employed in the oil and gas sectors.

Earlier in the day, the Iraqi Minister of Electricity, in his meeting with the Iranian Oil Minister, characterized the negotiations between the two sides as "fruitful," expressing a keen interest in fostering cooperative partnerships aimed at the development of the energy sector.