IRNA – Iran's Minister of Petroleum said on Wednesday that Iranian companies are ready to implement gas and oil projects in Iraq.

'Iran's Ministry of Petroleum is prepared to boost cooperation with Iraq's oil and gas sector,' Bijan Zangeneh told an Iraqi delegation in Tehran.

Meanwhile, Iraq's Oil Minister's special envoy Laith Abdul Hussein Shahir presented a report on the shared fields development, expressing hope that the two countries' cooperation in every part of gas and oil sector be enhanced.

Iran and Iraq have signed two agreements to export the former's gas to the Iraqi cities of Basra and Baghdad.

Iraq is facing an acute electricity shortage and it is supposed that the imported gas would be consumed in Iraq's power plants to meet the country's everyday need of electricity.

Iran's gas export to Iraq started in June with seven million cubic meters a day, but it is expected to be increased up to 35 million cubic meters.

Under the second agreement, Iran exports five million cubic meters of gas per day to Basra, and the figure is expected to reach 30 million cubic meters.

It is estimated that Iran-Iraq gas pipeline become fully operational within two years.