TEHRAN, March 27 (Xinhua) -- Iran on Wednesday extended a contract with Iraq for exporting gas to its western neighbor for a five-year period, Iran's official news agency IRNA reported.

The agreement to renew the contract was signed by Managing Director of the National Iranian Gas Company Majid Chegeni and Iraq's Minister of Electricity Ziad Ali Fadel in the Iraqi capital Baghdad, according to the report.

Under the agreement, Iran will supply up to 50 million cubic meters of natural gas daily to meet the requirements of Iraqi power stations in return for oil and gasoline.

Iran's proven natural gas reserves were estimated at 1,203 trillion cubic feet as of December 2021, second only to Russia, according to the Oil & Gas Journal. Enditem

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