Oman and Iraq Strengthen Energy Ties with New MoUs

Oman and Iraq have signed two key Memoranda of Understanding (MoUs) to boost their cooperation in energy storage and crude marketing, marking a significant step in their bilateral relations. The first MoU focuses on developing a crude oil storage project at Ras Markaz in Duqm, with an initial capacity of 10 million barrels, expandable in the future. The second MoU allows OQ Trading to market Iraqi crude internationally, leveraging both parties’ expertise to boost value creation, broaden market access, and strengthen knowledge exchange.