Oman, Iran agree to cooperate on oil, related services 

Oman, Iran agreed on oil activities in the three axes of integrated development of Hengam joint field, exporting technical and engineering services, and exchanging petrochemical products.

In a statement from Islamic Republic News Agency said: Iranian Petroleum Minister Javad Owji’s trip to Oman has been in line with Iran’s oil negotiations with the regional and neighboring countries so the Iran can use its existing capacities in the oil and gas industry to play the most important role in the energy market.

The most important agreement made during this trip was the integrated development of the Hengam joint oil field.

Accordingly, Hengam field will be a joint field between Iran and Oman.

Despite the high volume of oil and gas reserve, the integrated development of joint fields in the Middle East is an issue that has never been met.

However, the Wester companies that have enjoyed the largest share in developing the Middle East oil and gas fields have always waged dispute with regard to developing these fields in order to have the maximum benefit.

The second axis that turned out to be an agreement between Iran and Oman during OWji’s visit to Muscat was to export technical and engineering services in the upstream and downstream sectors.

Therefore, Iran can rely on its domestic capabilities to implement oil and gas projects in neighboring countries. 

In addition to generating revenue for the country. It will lead to the developing political and economic relations. 

The third axis of agreements was the participation of the two countries in exchanging petrochemical products.

Iran has increased capacity of producing petrochemical products over the last few years, which was provided the country with the opportunity to participate in international markets. 

Last year, Iran set $15 billion record of petrochemical exports meaning that the two countries’ partnership and using the existing capacities can expand this market for Iran.

By relying on this diplomacy, Iran can both circumvent sanctions and increase its oil exports.  – IRNA

more recommended stories

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.