Iran signs contract to convert Iraq’s flare gas into petchem feedstock
Iran has secured a contract to convert flare gas from Iraqi oilfields into feedstock for petrochemical plants located near its border with the Arab country.
Iranian Oil Minister Mohsen Paknejad and Iraqi Deputy Prime Minister for Energy Affairs Hayyan Abdul Ghani supervised the signing of the contract on Monday in Baghdad, according to a report by the Iranian Oil Ministry’s news service Shana.
The report said that Iran's state-run and private companies will contribute to the flare gas recovery project in the Iraqi oilfields that are located near the Iranian border.
The report quoted Paknejad as saying that Iraq is currently burning a part of the flare gas that is extracted with oil, adding that Iran will capture the gases and transport them to its Natural Gas Liquids (NGL) plants across the border to convert them to feedstock for its petrochemical plants.
He said that the contract will alleviate a shortage of NGL feedstock in western Iran where the country is racing against time to end gas flaring in its own oilfields.
Shana said Paknejad and his delegation, who arrived in Iraq earlier in the day as part of an official visit, signed other contracts with the Iraqi side led by Abdul Ghani to facilitate petroleum sector cooperation between the world’s two major oil-producing nations.
Abdul Ghani, who is also Iraq’s oil minister, said after meeting his Iranian counterpart that the Arab country needs Iran’s technical and investment support to reach self-sufficiency in petroleum products.
The contracts include the exchange of experts between Iran and Iraq and launching joint investment projects, Shana said.
During his two-day visit to Iraq, Paknejad will also meet Iraqi Prime Minister Mohammed Shia' Al Sudani and the country’s Minister of Electricity Ziad Ali Fadel.
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