Iran has discussed with Saudi Arabia and the United Arab Emirates (UAE) joint investment in the oil and gas industry and joint development of shared oilfields, Shana News Agency affiliated to the Iranian Oil Ministry reported Thursday.
The discussion came as Iranian Oil Minister Javad Owji met separately with Saudi Arabian Energy Minister Prince Abdulaziz bin Salman and UAE Minister of Energy and Infrastructure Suhail Al Mazrouei on Wednesday on the sidelines of the 8th OPEC (Organization of the Petroleum Exporting Countries) International Seminar held in Austria’s capital Vienna.
In his meeting with the Saudi minister, they also discussed the current global oil market and its future, the crude prices’ outlook, the trading of hydrocarbon materials, and future decisions and issues pertaining to OPEC and OPEC+.
In the meeting with the UAE minister, the two sides highlighted the expansion of oil and gas cooperation and the necessity of conducting feasibility studies for promoting cooperation in the sector.
Iran and Saudi Arabia announced in April the resumption of diplomatic relations with immediate effect, seven years after Riyadh severed ties with Tehran in 2016 in response to the attacks on Saudi diplomatic missions in Iran after the kingdom executed a Shiite cleric.
The rapprochement has also led to improvement in relations between Iran and other regional Arab states that had followed Saudi Arabia in cutting or downgrading ties with Tehran.
Iran shares three offshore oilfields of Forouzan, Farzad-A and Farzad-B with Saudi Arabia and four offshore oilfields of Nosrat, Mobarak, Salman and Farzam with the UAE.
The 8th OPEC International Seminar opened on Wednesday and concluded on Thursday.