Oil Minister Hayan Abdul-Ghani announced that a memorandum announcing the establishment of OPEC will be signed in Baghdad on the occasion of the 63rd anniversary of its founding.

The minister said in a speech marking the anniversary of the founding of the Organization of Petroleum Exporting Countries (OPEC) in Baghdad: "There is cooperation and coordination between (OPEC) countries for common interests, and the organization seeks to achieve oil stability."

He added: "We proceeded according to a road map to upgrade the Iraqi economy with the support of the Council of Ministers, and we seek to use modern technology in the oil field."

Source: National Iraqi News Agency