IRNA � Iran�s Ambassador to Iraq Iraj Masjedi and Iraqi Oil Minister Jabbar al-Luaibi stressed the need for conducting oil transactions between the two countries and implementation of the agreements reached previously in Tehran.

During the meeting, the two officials also called for accelerating implementation of a pipeline project which will carry oil from Iraqi city of Basra to the Iranian city of Abadan.

The project aims at directly using Iran�s technical assistance in producing oil derivatives.

The Iranian envoy also said that grounds are prepared for utilizing experiences of Iran�s companies in implementing oil projects as well as development of joint oilfields.

Meanwhile, the Iraqi oil minister voiced Baghdad�s readiness to promote cooperation and using Iranian firms� technical services.

Iran and Iraq are two chief members of OPEC.