Iran, Oman sign MOU on farming, fisheries

Jun 08, 2014 12:00 AM

Iran and Oman have signed a memorandum of understanding to cooperate in the areas of farming and fisheries.

Iranian Agriculture Minister Mahmoud Hojjati and his Omani counterpart Fuad Bin Ja’afar Al Sajwani signed the MOU in Tehran, the Fars News Agency reported.

On March 12, Tehran’s ambassador in Muscat, Ali Akbar Sibeveih, said that Oman and Iran were seeking to expand trade, which reached $1 billion in 2013, as well as bilateral investments which they expect will top $10 billion by the end of this year.

Iran and Oman signed an agreement in 2009 for the construction of a 200-kilometre undersea gas pipeline linking the two countries.

“The export of gas to Oman will mark a significant economic development in the relations between the two countries,” Sibeveih said, adding that excess gas, which is projected to account for 50 percent of the total amount of the gas exported to Oman, would be delivered to Japan, South Korea, and India.

Iran is planning to invest $4 billion in Oman’s Duqm port, in projects that include the establishment of 100 large oil and gas tanks and an iron-smelting plant, among other projects.

It will invest a further $2 billion in two other ports - Sohar and Salalah, according to Sibeveih.

Meanwhile, Oman will invest in petrochemical, education, and oil exploitation projects in Iran worth $4 billion.

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