Iran has renewed a contract with Iraq to export gas to its western neighbor for five more years.
Head of the National Iranian Gas Company (NIGC) Majid Chegeni and Iraq’s Minister of Electricity Ziad Ali Fadel signed the deal on Wednesday in the Iraqi capital Baghdad.
According to the deal, Iran will supply up to 50 million cubic meters of natural gas to meet Iraq’s daily needs.
Under an agreement signed in July 2013, Iran has been supplying energy to Iraq for the past 10 years.
Oil-rich Iraq is heavily dependent on gas imports from Iran to meet its electricity needs.
With around 1,203 trillion cubic feet of natural gas, Iran holds the second largest gas reserves in the world after Russia, according to the figures released in December 2021.
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