The Iranian and Iraqi oil ministries yesterday signed a memorandum of understanding to study the construction of a pipeline to export crude oil from the northern Iraqi fields in Kirkuk via Iran, the Anadolu Agency reported.
The memorandum, which was signed by the Iraqi Oil Minister Jabbar Al-Luaibi and his Iranian counterpart Bijan Zanganeh called for ironing out several outstanding issues.
In addition, it included terms about the possible transportation of Iraqi oil through Iran’s Abadan refinery on the Arabian Gulf.
Reuters said that the two ministers said in a statement that they have also agreed to cooperate on the policies of the Organisation of the Petroleum Exporting Countries (OPEC).
Most of the Iraqi oil exports, approximately 3.25 million barrel a day, pass through the port of Basra.