The Jakarta Post
Iraq, the second-largest oil producer in the oil cartel, the Organization of Petroleum Exporting Countries (OPEC), is aiming to increase its bilateral trade with Indonesia to US$1 billion this year via a recently signed oil sale and purchase agreement and increasing its non-oil and gas imports direct from Jakarta, says a senior Iraqi diplomat.
“Both countries signed a memorandum of understanding [MoU] last month during a visit by Coordinating Economic Minister Hatta Rajasa to Iraq.
“Under the agreement, Iraq will supply 35,000 barrels per day [bpd] of oil starting from May 2013. It’s a new beginning,” Iraqi Ambassador to Indonesia Ismieal Shafeeq Muhsin told The Jakarta Post recently.
“Every month, we will export $100 million worth of crude oil to Indonesia. In fact, we offered to supply 65,000 barrels of oil per day. We are now eyeing a billion-dollar tra...