TEHRAN, Sept. 13 (Mehr News Agency) - Iran and Iraq are planning to sign an agreement on integrated development and exploitation of their joint oil fields. Iraq's Oil Minister Hussain al-Shahristani and his Iranian counterpart, Kazem Vaziri-Hamaneh by the next months, will sign the agreement, details of which are being worked on by the technical committee.
The initial agreement between Tehran and Baghdad over the development and exploitation of the shared oil fields was signed back in 1970.
Another agreement, also under study, will be on swapping Iraq's light Basra oil for oil products. Baghdad had initially proposed for the transfer of its Basra oil to Iran's Abadan Refinery, in Khuzestan Province through a 30-kilometer pipeline, in lieu of which Iraq would have received oil products.
Iran shares around 19 onshore and offshore oil and gas fields with its neighboring states, of which a few are shared with Iraq. The most important of the jointly owned oil fields are Azadegan, Yadavaran and Hoveizeh all situated in the oil-rich southwestern Iranian province of Khuzestan which borders Iraq.
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