Iran Ready to Invest in the Oil Fields of Iraq: Yahya Ale Eshagh

The President of Iran Chamber of Commerce and Industry, Yahya Ale Eshagh, said that the government of Iran is willing to cooperate with foreign companies and jointly invest in the oil fields located in Iraq. There are several foreign companies that are in talks with Iran for a joint investment with Iran in the oil fields.

The capabilities of oil companies that are in the private sector are tremendous from the technical and technological perspectives. Taking advantage of this would help Iraq to increase their revenues from the oil fields by entering into a partnership with the Islamic Republic of Iran.

Iran and Iraq have a common cultural and historical background. However, they were not able to enter into a cooperation due to the poor ties that exist between both the nations. There is a vast underlying potential with the oil companies present in Iran. Also, the resources available in Iraq are going untapped and they are not able to exploit their potential to the fullest in the petrochemical and oil industry.

The Chamber of Commerce and Industry of both the nations should work together to achieve better and this would benefit both the nations to a great extent. With the proper use of Iran’s technology on the vast oilfields located in Iraq, both the nations would be able to generate revenues greatly.

Yahya Ale Eshagh also said that the Islamic Republic of Iran is receiving requests from several oil companies of countries like Malaysia, South Korea, India, Brazil and France and are keen on investing in the oil industries situated in Iran. However, he is of the opinion that if Iran and Iraq cooperate and work together, the revenues can be increased significantly and it would help both the nations.

With the investment Iran is planning to make in Iraq, the technology used in oilfields of Iraq would improve greatly and Iraq would be able to produce more barrels of oil every day. Iran would also be able to put its technology to use to the fullest.