Today.Az - Iran, Iraq sign energy MoU

Iran and Iraq energy ministers have signed a memorandum of understanding (MoU) to promote the ties in energy sector.

Iran Energy Minister Reza Ardekanian and his Iraqi counterpart Luay Al Khateeb agreed to expand cooperation in energy sector on Thursday,Trend reports citing IRNA.

"The memorandum of understanding is the result of intense negotiations between Iran and Iraq energy ministries," said Ardekanian.

The Iranian official noted the MoU would maintain long term framework of joint cooperation in energy sector, specially regarding gas and electricity imports to Iraq , reconstruction of Iraq power industry and collaboration of Iranian companies.

"Iranian companies would use their experience and knowledge in order to develop and reconstruct power industry in Iraq, while the MoU would prepare the grounds for infrastructure by the Iranian side," said Ardekanian.

The memorandum of understanding includes improvement of Iraq's power network, a management system. Meanwhile, Iran's experts are to train the Iraqis for subsequent work in the energy sector.

Iraq's Minister of Electricity Luay Al Khateeb also mentioned the importance of the MoU.

"Iraq's annual electricity needs had grown to 7 percent and the country requires energy sources , Iran is the closest and most trusted source to supply energy to Iraq," he said.