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Iran announces investment of $7 billion in developing a joint oil field with Iraq
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Economy News-Baghdad
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Economy News-Baghdad
Iranian Oil Minister Javad Oji announced that the process of developing the joint Azadekan oil field, with investments amounting to $7 billion, will be activated.
And Mehr News Agency reported that Oji wrote on Twitter on Monday evening: "For the first time in the history of the Iranian oil industry, the integrated development plan for the joint Azadekan oil field will be activated, with funding of $7 billion from government and private banks, economic holdings and the National Development Fund, and with the aim of increasing the production of this oil field." The field has reached 570,000 barrels per day.
The Azadkan field, located in Khuzestan province, southwest of Iran, and shared with Iraq, is one of the largest joint oil fields in the world.
The development of this field, which began several decades ago, has not reached the predetermined production, and Iran is seeking to develop this joint field by relying on Iranian capabilities and capital.
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