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Iran’s National Oil Company to open office in Iraq

Published: Updated:

The National Iranian Oil Company (NIOC) will open an office in Iraq, the semi-official Fars News Agency said on Saturday.

The new office “will facilitate cooperation in the oil industry and the transfer of engineering and technical services” to Iraq, it said.

The announcement comes as Iran faces US sanctions on its oil exports.

On Friday, the Trump administration renewed five of seven sanctions waivers that allow Russia and European nations to conduct civilian nuclear cooperation with Iran but revoked the other two as it steps up pressure on Tehran, the State Department said.

Secretary of State Mike Pompeo extended the waivers, which were due to expire Saturday, for 90 days, shorter than the 180 days that had been granted in the past.