ERBIL — The governments of Iraq and Oman signed a memorandum of understanding to establish closer cooperation in the oil and gas sector, Iraqi oil ministry said on Thursday.

According to the MoU, the two states will take into consideration the building of a shared refinery in Oman.

“The MoU aims at studying the possibility of building a shared oil refinery in the Sultanate of Oman to process the crude oil imported from Iraq,” Iraqi oil minister said in a statement.

He noted that Iraq will export crude to Oman, and import oil products from there and build oil storage facilities in both countries, as reported by Reuters.