Iran, Spain Sign MoU on Oil, Gas Cooperation

A memorandum of understanding (MoU) was inked in Tehran on the promotion of cooperation between Iran and Spain in the oil and gas industries.

General Director for Europe, America and Caspian Sea Neighboring Countries in Iran’s Oil Ministry Hossein Esmaeili Shahmirzadi and Deputy Director General of Commerce Policies for Africa and Middle East at the Spanish Secretariat of State for Trade Maria Mercedes Higuero signed the document on the sidelines of a meeting of the Iran-Spain joint workgroup.

Ms Higuero is heading a Spanish delegation to Iran to attend the 23rd International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show-2018) and talk with Iranian officials on enhancement of mutual cooperation.

The MoU is aimed at encouraging the two sides’ companies to develop cooperation in such fields as upstream and downstream oil sectors, supply of equipment, transfer of technology and technical knowhow, IOR (improved oil recovery) and EOR (enhanced oil recovery).

Addressing the meeting prior to the signing ceremony, Iranian Deputy Oil Minister Amir Hossein Zamaninia highlighted the need for partnership with foreign companies and attracting foreign investment from countries like Spain to modernize Iran’s oil industry infrastructures.

There has been growing enthusiasm for trade and cooperation with Iran, especially among European countries, since coming into force of the JCPOA in January 2016.

Back in February, a top Spanish delegation led by Foreign Minister Alfonso Dastis visited Iran and signed two memorandums of understanding on political, economic and industrial cooperation with the Islamic Republic.

(Source: Tasnim, under Creative Commons licence)

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