Iran and Iraq has officially begun the construction of a long-awaited shalamcheh-Basra railroad.
The Iranian deputy minister of oil has announced that the gas export deal with Iraq is being finalized.
Iran and Iraq have agreed to continue their bilateral cooperation to establish joint industrial zones and complete the Shalamcheh-Basra railway.
Iran has exported as much as $2.348 billion worth of goods to Iraq in the first quarter of the current Iranian calendar year (March 21 – June 21), according to an official with the knowledge of the matter.
Head of Iran-Iraq Joint Chamber of Commerce Yahya Al-Eshaq said that the Iranian private sector can increase its trade with Iraq over the next year.
Iraq has completely settled an overdue debt to Iran for its gas imports from the country, according to an Iranian deputy oil minister.
A source in the Iraqi foreign ministry has confirmed the Arab country will pay $2.76 billion worth its energy debts to Iran as part of a recent understanding with US authorities.
Noting that Iran and Iraq have two gas export contracts in place, the Iranian Oil Minister Javad Owji says that the two neighboring countries have agreed to extend the contracts in the next five years.
An oil cooperation agreement has been signed between Iran and Iraq.
A senior official in Iran’s Trade Promotion Organization (TPO) says Iranian exports to Iraq hit a new record in the calendar year to late march.