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Iran and Iraq sign $4 billion contract on technology and engineering services

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Tasnim Hamid Hosseini

Iran has signed a $4 billion contract with Iraq to provide technological and engineering services to the Arab country, the semi-official Tasnim news agency reported on Wednesday.

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The contract may help cover part of the shortfall in Iran’s exports to Iraq in the fiscal year ending March 20, especially in the areas of manufacturing, engineering and technological services, and medical services, quoted Tasnim Hamid Hosseini, head of the board of directors of the Iran Oil, Gas and Petrochemical Exporters Association.

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Hosseini also noted that Iran’s exports to Iraq over the past eight months saw a decline of $1.4 billion year-on-year.

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Iran’s exports to its neighbor are expected to increase in the next four months and return to the normal level, he said.

About 45 percent of Iraq’s electricity is generated with natural gas imported from Iran.

While the United States has imposed sanctions on Iran to prevent other countries from buying Iranian oil and gas, Iraq has received waivers from Washington to import gas from Iran. ■

(Xinhua)

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