TEHRAN, Dec 1 (NNN-TASNIM) – Iran signed with Iraq a contract worth four billion U.S. dollars, to provide technological and engineering services to the Arab country, it was reported here yesterday.
The contract can help cover some of the shortfall in Iran’s exports to Iraq, in the fiscal year ending Mar 20, especially in the areas of manufacturing, technological and engineering services, and medical services, Hamid Hosseini, head of the board of directors of the Iranian Oil, Gas, and Petrochemical Products Exporters’ Association, was quoted as saying.
Hosseini also noted that, Iran’s exports to Iraq during the past eight months saw a 1.4-billion-dollar decline, year on year.
Iran’s exports to its neighbour are expected to increase in the next four months, and will go back to the normal level, he said.
Around 45 percent of Iraq’s electricity is generated by natural gas imported from Iran.
While the United States has imposed sanctions on Iran, to bar other countries from buying Iranian oil and gas, Iraq received exemptions from Washington to import Iran’s gas.
