Oman and Iran have signed an MoU to jointly develop oil and gas fields, petrochemical assets and trade between the two nations

Oman and Iran sign oil and gas partnership

MUSCAT, March 7, 2023 – Oman and Iran have signed an MoU to jointly develop oil and gas fields, petrochemical assets and trade between the two nations, Iran’s Minister of Oil Javad Owji announced on Saturday.

The agreement includes export of technical and engineering services from Iran to Oman.

Owji met with his Omani counterpart Minister of Energy and Minerals Salim Al Aufi at the oil ministry in Tehran, Iran.

“With the finalisation of the negotiations between the two countries, we will see an increase in the export of petrochemical products and oil products to this country, considering the existing capacity in the country,” said Owji.

The move follows the two markets agreeing to jointly develop the Hengam oilfield in May 2022, which sits between the two country’s sea border.

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