Oman and Iraq signed a memorandum of understanding (MoU) to cooperate in the oil and gas sector said a statement released by the Ministry of Oil in Iraq. The MoU also included the possibility of constructing a shared refinery in the Sultanate for processing crude oil imported from Iraq.

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The statement quoted Iraqi Oil Minister, Thamer Ghadhban affirming to export Iraqi crude to Oman, import oil products from Oman, and build oil storage facilities in both countries. “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,” Ghadban said.

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The two countries will also explore prospects of cooperation and investment in exploring and producing oil and gas. In addition to refining, manufacturing, storing and marketing crude oil and oil products between them, the ministry statement said.