Iran, Iraq to swap oil

Economy - Based on a swap agreement sealed by Iran and Iraq, Kirkuk oil will be exported to Iran, Iraqi Oil Minister Jabbar al-Luaibi said on Friday.

'Both sides agreed to export 30,000-60,000 barrels of oil per day (to Iran),' Iraqi Oil Ministry said in a statement.

'The export volume is subject to increase and it will be transferred by tankers through Kermanshah, western Iran till the oil pipelines will be completed,' Luaibi added.

'According to the agreement, Iran will also deliver the same amount of oil to Iraq through southern borders,' he added.

'The measure will result in creating new ways for exporting Iraq's oil, refining Kirkuk oil, attracting income for Iraq and reinforcing relations with Iran,' the Iraqi minister said.

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