News ID: 1111
Published: 0740 GMT September 03, 2014

Tehran, Baghdad sign new oil contract

Iran and Iraq signed a new oil agreement based on which Iran's gasoline export to Iraq will increase sevenfold, Iran's deputy oil minister said.

Abbas Kazemi added that the first gasoline package was exported to Afghanistan after Iran gained efficiency in gasoline imports.

The National Iranian Oil Refining and Distribution Company (NIORDC) signed an agreement with three private companies to increase gasoline export to Afghanistan.

"The rise in gas export to Afghanistan reduces fuel smuggling on the one hand and increases oil revenues on the other," he said.

Seyyed Nasser Sajjadi, managing director of NIORDC, confirmed the fresh Iran-Iraq gasoline contract, noting that gasoline export will reach 2.5 million liters per day.

“Almost 900 million liters of gasoline will be exported to Iraq in one year,” he said, adding that 131 million liters of gasoline were exported in the year starting mid August 2013.

Iran plans to export oil products worth $5 billion and $10 billion till the yearend and next year respectively.

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