Iran, Iraq Ink Fresh Oil Agreement

An executive at the Iraqi Ministry of Oil announced that Iraq and Iran have inked an agreement to build two networks, one of which will deliver oil byproducts from Iran to the southern Iraqi port of Basra. He further pointed out that the other network will export Iraqi crude oil from fields in Basra via the Iranian ports.

The agreement is part of a previous agreement signed between the oil ministers of both countries on August 10, 2007.