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Iraq, Saudi Arabia sign 18 energy memorandums in Basra

Iraq, Saudi Arabia

Baghdad (IraqiNews.com) Iraq and Saudi Arabia have signed 18 memorandums of understanding in the energy field during the kingdom’s participation in an energy exhibition in Iraq.

The signing of the 18 memorandums of understanding came after Saudi Energy Minister Khaled al-Faleh inaugurated the seventh edition of the Basra oil and gas exhibition, according to the Saudi Press Agency.

It quoted the minister saying that 22 Saudi companies took part in the exhibition which comes to reinforce the “strategic partnership” between the two countries.

He said enhanced relations and energy cooperation between both countries will help bring stability to the international oil market, with both being prominent OPEC members.

Relations between Sunni-ruled Saudi Arabia and the Shia-dominated Iraqi government have been tensional over the past few years due to Saudi Arabia’s opposition to the involvement of Iraqi Shia paramilitary forces in the fight against Islamic State. Saudi Arabia has always been irritated by the influence of Shia Iran, its arch regional enemy, over Iraqi politics.

But the past months have seen an obvious rapprochement between both countries, with top-level officials exchanging visits and expressing eagerness to boost political, security and economic cooperation.

In October, more than 60 Saudi companies attended the Baghdad International Exhibition.

In July, both countries established a joint coordination council to boost ties on all levels.

Source:https://www.iraqinews.com/business-iraqi-dinar/iraq-saudi-arabia-sign-18-energy-agreements/

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Iran-Georgia trade balance increases by 50 percent in 2 years

Iran-Georgia trade balance

Baku, Oct 10, IRNA – Iranian Chairman of Iran-Georgia Joint Economic Commission Ali Rabiei said on Monday that the two countries’ exchanges over the past two years have reached $131 million, showing an increase of 50 percent.

After a meeting with Georgian Prime Minister and Minister of Finance Giorgi Kvirikashvili in Tbilisi, he told IRNA that during the meeting it was agreed to raise volume of trade transactions by twofold.

Referring to certain obstacles in the way of mutual cooperation, Rabiei also said that transit of the Iranian lorries through Georgia which has increased from 4,000 to 12,000 faced problems due to method of obtaining permissions, but it was agreed that Iranian lorries drive through the country without the need for obtaining any permission.

He further noted that Georgian premier declared during the meeting that he is pursuing monetary and banking exchanges enthusiastically.

Rabiei also proposed establishment of Iranian bank branches in Georgia but final decision thereof will be taken later, Rabiei said.

Both sides expressed their political support for each other and voiced readiness for cooperation in various fields, including economy, energy, transportation and other joint projects, Rabiei said.

Sixth Meeting of Iran-Georgia Joint Commission kicked off in Tbilisi on Monday and will continue until Tuesday.

Iran-Georgia exchanges over the past two years have reached $131 million of which $83 million are exports from Iran to Georgia.

News taken from :http://www.irna.ir/en/News/82690723