Iran Speaker and Iraq oil minister stress importance of bolstering energy cooperation and implementing oil agreements

Iran's Parliament Speaker Ali Larijani stressed in a meeting with Iraqi Oil Minister Abdul Kareem Luaiby in Tehran on Tuesday the importance of bolstering energy cooperation with Iraq and implementing oil agreements between the two neighboring countries.

“Despite efforts made by Iran and Iraq, the two countries enjoy much more potential in various fields which should be used to strengthen bilateral cooperation in line with the interests of the two nations,” Larijani said.

He went on to say that Iran's scientific and technological progress, and economic and industrial capabilities can be served as “important assets” for Iraq's development, he added, Majlis news agency (ICANA) reported.

Larijani expressed support of the Iranian government and nation for the establishment of a sustainable democracy and the settlement of problems in Iraq, saying Tehran will spare no effort in this regard.

The Iraqi minister, for his part, said Tehran has the necessary capabilities to help Baghdad resolve its problems.

Luaiby praised the Middle East's biggest gas transit contract between Iran, Iraq and Syria and added that the strategic agreement will lead to an important development in energy deals among regional countries.

Iran, Iraq and Syria signed a 10-billion-dollar agreement on Monday for the transit of Iranian gas from the country's South Pars gas field to Europe via Lebanon and the Mediterranean Sea.

According to the deal, Iranian gas will be transited to European countries, including Greece, via a 5,000-kilometer pipeline from Iraq, Syria, Lebanon and the Mediterranean Sea. The project will take three to five years to be completed.

Iraq has already said that it needs between 10 to 15 million cubic meters of Iran's gas, Syria about 15 to 20 million cubic meters, and Lebanon about five to seven million cubic meters until 2020.