Techno-Engineering Export to Iraq Could Compensate Falling Oil Sales

Iran’s export of oil byproducts and petrochemical goods to Iraq have declined by 22% or $1.4 billion between March and October compared with the same period of last year, a board member of the Iranian Oil, Gas and Petrochemical Exporters Association said.
“The only way to compensate for the lost revenues is by exporting technical and engineering services to the neighboring country,” Hamid Hosseini was also quoted as saying by ISNA.
Iran exported $6 billion worth of commodities (natural gas, oil derivatives and petrochem commodities) to Iraq during the eight-month period of last year, whereas the figure has dwindled to $4.7 billion this year and it is predicted to fall further in the coming years, he added.
Hosseini said Iran’s total value of exports to Iraq reached $9 billion in 2021 and to generate the same revenue, we should take practical steps to cooperate in technical and engineering sectors.