BAGHDAD : Former archrivals, Iran and Iraq might sign an oil deal within two weeks to develop oil and gas fields in both the countries.

Iraq’s Oil Minister Hussein al-Shahristani has said that the Iran-Iraq talks on joint oilfields were going ahead well and an oil deal was expected to be signed by March 20, IRNA reported.

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The agreement is to be inked in line with Iraq’ efforts to develop its oilfields and increase oil and gas exports, Shahristani said.

Spokesperson for Iraqi oil ministry Asem Jahad said that his country intends to develop its oilfields based on a five-year plan and increase its oil export to four million barrels a day from 1,700,000.

The Iraqi oil minister anticipated that his country’s oil exports would reach two million barrels a day by March 20.

He hoped that following the agreement, they would be able to extract oil from joint oilfields.

Shahristani also said that 30 foreign companies have announced their readiness to participate in Iraqi oil projects.

Iraq’s economy is dependent on petrodollars as its budget bill has not yet been approved by the parliament due to fall in oil prices.

IANS