March 25, 2023

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Iran, Oman ink MOU on oil, gas, petchem, petro-refining co-op

TEHRAN- Iran and Oman signed a memorandum of understanding (MOU) in Tehran on Saturday on cooperation in the development of oil and gas fields, investment making in petrochemical and petro-refining sectors, and the export of oil products and petrochemicals, Iranian Oil Minister Javad Oji announced.

Oji made the remarks addressing the press on the sidelines of his meeting with Omani Minister of Energy and Minerals Salim al-Aufi at the place of Oil Ministry.

“Signing this MOU between the national oil companies of the two countries today was in continuation of the previous negotiations between the two sides”, the minister said.

Recalling that several stages of negotiations have been conducted with the Omani side over one and half past years, the official said: “Today, they signed a memorandum of cooperation in the continuation of the negotiations in the upstream and downstream sectors of the oil industry.” 

“With the finalization of the negotiations between the two countries, we will see an increase in the export of petrochemical products and oil products to this country, considering the existing capacity in the country”, Oji noted and said that as the negotiations become more serious, more details of oil and gas cooperation with Oman will be informed.

In the 13th government, there is special attention to all-round development with the neighbors of the country, especially Oman, the minister underlined and added that in the new period, efforts are being made to increase these cooperations, especially in the field of oil and gas.

Oji had intensive meetings with the ministers of foreign affairs and energy of Oman during his trip to Muscat on May 20, 2022.

On that trip, the minister announced reaching an agreement with Oman on forming a technical committee for the development of Hengam oil field which the two countries share in the Persian Gulf.

“We agreed to form a joint technical committee to develop the next phases of Hengam oil field, which is the only joint field between the two countries, in the form of a joint working group and a joint team,” Oji explained.

The Iranian oil minister stated that integrated development of the field, which is unprecedented in the region, unlike competitive exploitation, will save the joint field’s reservoir from getting damaged, and the production from the reservoir will take place safely, ensuring that the two countries will benefit most from the field development.

The official noted that the two sides have also agreed on exports of technical and engineering services from Iran to Oman.


Photo: Iranian Oil Minister Javad Oji (L) shakes hand with Omani Minister of Energy and Minerals Salim al-Aufi in Tehran on Saturday. 

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