Iranian Ambassador to Baghdad Hassan Kazemi Qomi said on Wednesday that Iran-Iraq trade exchange amounts to US$2 billion of which 97 percent is Iran's exports to Iraq.
Kazemi Qomi told IRNA that trade cooperation between the two countries is turning into bilateral economic ties. According to him, the project on Baghdad power plant with a capacity of 300 megawatts is to be implemented under a US$150 million contract. Qomi added Iran is conducting feasibility studies on two pipeline projects in order to transfer 350,000 bpd of oil and derivatives from Basra to Abadan.
The 400 megawatts electricity transmission project from Abadan to Alharasa will become operational in four months, which is one of big joint ventures undertaken by Iran and Iraq, he noted.
