The oil ministers of Iraq and Oman signed MoUs relating to joint oil developments in the Sultanate on 4 July. First up was an MoU for Iraq to export crude oil to Oman in return for critical oil products. While Iraq’s crude oil production and exports have soared recently, years of conflict and stalled refinery projects have left Iraq resorting to costly imports of gasoline and middle distillates (MEES, 28 June).
Iraq’s Oil Minister Thamir Ghadhban said Iraq and Oman were also looking at constructing storage facilities in both countries. Oman’s strategic location outside of the Strait of Hormuz means it is advantageously located for trading into key Asian markets. (CONTINUED - 169 WORDS)