TEHRAN – Iranian Oil Minister Javad Oji has announced reaching an agreement with Oman on forming a technical committee for the development of Hengam oil field which the two countries share in the Persian Gulf, Shana reported.

Oji who traveled to Oman recently prior to the visit of President Ebrahim Raisi to the Arab country, said: “During the talks with Omani officials, including Omani Energy and Minerals Minister Mohammed bin Hamad Al Rumhi, agreements were reached on cooperation on various economic issues, especially in the energy sector.”

“We agreed to form a joint technical committee to develop the next phases of Hengam oil field, which is the only joint field between the two countries, in the form of a joint working group and a joint team,” Oji explained.

The Iranian oil minister stated that integrated development of the field, which is unprecedented in the region, unlike competitive exploitation, will save the joint field’s reservoir from getting damaged, and the production from the reservoir will take place safely, ensuring that the two countries will benefit most from the field development.

The official noted that the two sides have also agreed on exports of technical and engineering services from Iran to Oman.

Oji had also met and held talks with Oman's Foreign Minister Sayyid Badr Albusaidi on Sunday in Muscat.

During this meeting, the two sides had also discussed ways of expanding cooperation in the field of energy.

Iranian President Ebrahim left Tehran for Muscat on Monday as part of his administration’s push to boost ties with neighboring countries.

Tehran-Muscat trade exchanges

On the eve of President Raisi’s visit to Oman, the spokesman of Islamic Republic of Iran Customs Administration (IRICA) Ruhollah Latifi presented a report on the trade between the two countries to the press.

According to Latifi the values of trade between Iran and Oman in the previous Iranian calendar year 1400 (ended on March 20) increased by 53 percent compared to the preceding year.

Latifi said Iran and Oman traded 4.190 million tons of goods worth $1.335 billion in the previous year, also registering a 27 percent rise in terms of weight, IRNA reported.

According to the official, in the said year Iran exported 2.283 million tons of non-oil commodities worth $716 million to Oman, which was 14 percent more than the figure for the preceding year in terms of weight and 63 percent more in terms of value.

The Islamic republic also imported 1.907 million tons of goods valued at $619.5 million from the Arab country.

Bitumen, urea, iron products, fruit and nuts, construction materials, foodstuff, sweets and chocolates, and household appliances were among the top items exported from Iran to Oman in the previous years.

Corn, coal, oil and oilseeds, wheat, barley, industrial machinery, road construction machinery, minerals, medical and dental equipment, paper, cardboard and spare parts were among the most important goods imported to Iran.

The official noted that the exports to Oman in the first month of the current Iranian calendar year (March 21-April 20) stood at 176,203 tons worth $74,390,296, which despite a seven percent decrease in weight, increased by 103 percent in value compared to the last year’s same month.

Imports from Oman in the mentioned period were 41,328 tons worth $36,773,866, which compared to the same period in the preceding year increased by 29 percent in weight and 143 percent in value.

Heading a high-ranking delegation, including Industry, Mining and Trade Minister Reza Fatemi-Amin and Head of Trade Promotion Organization (TPO) Alireza Peyman-Pak, President Raisi arrived in Muscat on Monday.

During his stay in Oman, the Iranian president is scheduled to meet with senior Omani officials including Oman’s Sultan, Haitham bin Tariq.

As reported, the two sides are expected to sign 12 agreements, documents and memorandums of understanding (MOUs) during Raisi’s visit to the Arab country.

EF/MA