Tehran, Aug. 13, (BNA) Iranian Oil Minister, Khadim Waziri and his Iraqi counterpart, Hossein Shahrastani, signed here on Sunday a memorandum of understanding on cooperation in the oil field.
Iran News Agency (IRNA) said the Mou stipulated that Iran should supply Iraq with kerosene and liquefied Gas in return for crude oil. Iran's Oil Minister said in a statement following the signing of the Mou that Iran will receive 100 thousand crude oil barrels and get them refined on its soil and in return Iraq will receive two million litres of kerosene. He added that Iran will soon meet an Iraqi desire to purchase oil tanks and oil derivatives from Tehran. On the other side, the Iraqi Minister of Oil said the two countries reached an agreement on exchanging and trading in crude oil and oil derivatives and signed another accord on formation of joint delegations to study oil fields in both countries.