Iraq, Saudi Arabia sign 18 O&G MoUs

OPEC members and “brother countries” Iraq and Saudi Arabia have signed 18 memoranda of understanding (MoUs) covering crude oil, natural gas, refining and other projects, the Iraqi oil ministry said in a statement Wednesday.

Iraq’s oil minister, Jabar Al-Luaibi, described the signing of the deals as “a significant event and a perfect quantum leap in the bilateral relations between the two countries,” Kallanish Energy learns.

His Saudi counterpart, Khalid Al-Falih, visiting Basrah with a delegation for a local energy fair, said Saudi companies will open branch offices in Iraq to achieve more bilateral cooperation and expand the size of investments, the statement noted.

Without providing specific details, the Iraqi oil ministry said the deals included “many aspects, such as investment, cooperation, industry, partnerships, importing raw materials & supplies of infrastructure, pipelines, technical services, well drilling and development.”