05 Jul 2019
Oman and the Iraqi Oil ministry have signed a memorandum of understanding (MoU) ahead of plans to join to develop and improve the oil and gas sector. This was confirmed by Iraq’s Oil ministry.
The MoU includes the possibility of the construction of an oil refinery in Oman to process the imported Iraqi crude. The statement made said that the imported oil products in Oman will be stored in a storage there, and that both countries will have storage facilities built for better keeping.
Oman’s minister of Oil and Gas, Mohammed bin Hamad al-Rumhy highlighted that both countries must benefit from the deal made, saying ‘We will work to improve our collaboration further to benefit both countries mutually.’
Iraqi oil minister Thamer Ghadhban said, ‘The MoU aims at studying the possibility of building a shared oil refinery in the Sultanate of Oman to process the crude oil imported from Iraq.’ He went on to say, ‘In addition to refining, it includes manufacturing, storing and marketing crude oil and oil products.’
The agreement made allows both Oman and Iraq to continue look into the manufacturing and processing of oil and gas. As the Iraqi ministry explained how the two countries may also delve into oil and gas scientific and technological research.