Kuwait and Iran to work together on oil

Feb 22, 1997 01:00 AM

Kuwaiti and Iranian officials have formed a committee to look into blueprints of joint oil projects which will be declared after endorsement by the respective governments, Kuwaiti Oil Minister Eisa Al-Mazidi said. Al-Mazidi was making the revelation after talks held with the visiting Iranian Minister of Petroleum Golam Reza Aqazadeh on mutual co-operation and planned oil projects. Aqazadeh arrived in Kuwait recently for a two-day official visit aimed at bolstering bilateral co-operation in the field of oil. He said upon his arrival that Iran and Kuwait were two important members of the OPEC and prospects of co-operation between them were plentiful. He said he was carrying proposals for the Kuwaiti side on co-operation between the two countries in the field of oil and that the visit would lay the foundation for an expanded exchange of information on oil.
Kuwait and Iran are two major oil producing countries in the world. Kuwait has a proven oil reserve of about 80 bnb and its current crude production is 2 mmbpd with a daily oil refining capacity of 700,000 barrels.
Iran produces some 4 mmbpd of oil from which it refines about 1 mmbpd. Iran's oil refining capacity is estimated at 1.24 mmbpd. Iran also produces about 70 bncm of gas and 11 mmt of chemical by-products.
Officials from Kuwait Oil Company had visited Iran on February 9 for examining possibility of co-operation on oil, petroleum, gas and petrochemical industries as well as joint investment. Relations between the two countries in oil industry have witnessed remarkable development lately, noting that Iran signed a contract last month to purchase kerosene and benzin from Kuwait Oil Company.
Aqazadeh noted that Iran purchased large quantities of petroleum by-products in the last few years from Kuwait and that talks on further co-operation would also embrace oil. He said Iran was expected to open within the next few months a new oil refinery in Hormuz straits with a production capacity of about 240,000 barrels of oil daily in addition to a new petrochemical project in the North during February producing some 350,000 tonnes of petrochemicals and plastics annually. Noting his talks with the Kuwaiti Oil Minister Issa Mohammed Al-Mazidi were timely ahead of the forthcoming Opec meeting to co-ordinate position, Aqazadeh said both Kuwait and Iran were for the price-fixing and for adherence to Opec decisions.
Al-Mazidi indicated that Kuwait and Iran would discuss co-ordination to maintain the level of prices of Opec oil tomorrow.

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