ECONOMY


Azerbaijan, Iraq sign MoU

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Baku, June 1, AZERTAC

The Ministry of Energy of Azerbaijan and the Oil Ministry of Iraq have today inked a Memorandum of Understanding on projects of development of oil and gas in Iraq.

The MoU was signed by Azerbaijan`s Minister of Energy Natig Aliyev and Minister of Oil of Iraq Adil Abdul-Mahdi.

Minister Aliyev spoke of the historic roots of relations between Azerbaijan and Iraq, noting the two countries share common opinions on the global issues within international organizations. He expressed confidence that the rich oil resources of the two countries would open new horizons for expansion of cooperation between Azerbaijan and Iraq. He noted the signed MoU would be a base of future cooperation in this field.

Iraqi Minister Adil Abdul-Mahdi expressed satisfaction with his meeting with the SOCAR leadership. He said Iraq held 2nd place among OPEC countries for amount of oil production, and added his country planned to increase the amount of oil production. He hailed novelties in Azerbaijan`s oil industry.

Minister Aliyev underlined that the relations between Azerbaijan and Iraq should not be limited with energy field, adding “we have to expand our relations in all fields.”

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