Iran to ship surplus oil products to Iraq
Iran has expanded its oil refining capacity which it says it meets domestic needs with much surplus for exports.
The markets it wants to target are those of neighboring states, mainly Afghanistan, Turkey and Iraq.
Iraq is even richer than Iran in oil riches but the country is Tehran’s main target for exports.
Iraq’s refining capacity is still below domestic consumption requirements.
Iraq is in urgent need of gasoline and other forms of products, namely fuel oil to run its power plants.
During a recent visit by an Iranian delegation to Baghdad, the countries were reported to have reached a broad agreement on expanding cooperation in fields of energy.
Iran currently exports electricity to Iraq, builds power plants, constructs bridges, roads and housing units.
Iran even exports gasoline, the commodity of which it used to import millions of liters every day.
The delegation has promised to furnish Iraqi power plants with 3 million liters of fuel oil to meet needs of the country’s power plants for fuel.
Iraq has emerged as Iran’s number one trading partner with the value of trade exchange forecast to reach $10 billion this year.
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