The memorandum on mutual understanding for development of oil and gas projects in Iraq was signed between Azerbaijani Energy Ministry and Iraqi Oil Ministry

Azerbaijan and Iraq have agreed to jointly develop the oil and gas projects in Iraq, reads the information posted on the web site of the Azerbaijan Energy Ministry.

The memorandum on mutual understanding for development of oil and gas projects in Iraq was signed between Azerbaijani Energy Ministry and Iraqi Oil Ministry in Baku on 2nd June.

Azerbaijani Energy Minister Natig Aliyev said at the meeting with Iraqi Oil Minister Adil Abdulakhmadi that rich energy resources, which both countries possess, open wide possibilities for expanding of bilateral cooperation. Azerbaijani Minister added that the memorandum will become the basis for expansion of the future cooperation.

According to Turan, delegation of State Oil Company of Azerbaijan (SOCAR) has recently visited Baghdad and the Iraqi side has offered it to consider the possibility of development of oil fields. SOCAR’s experts have been studying the options of SOCAR’s participation in the projects.

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