BAGHDAD, March 31 (Xinhua) -- The Iraqi Oil Ministry on Sunday signed a memorandum of understanding (MoU) with the German Siemens and the U.S. Schlumberger companies on the utilization of associated gas in the Iraqi oil fields.

During the signing ceremony, Iraqi Oil Minister Hayan Abdul Ghani said that the MoU is consistent with the ministry's plan to utilize associated gas for electricity production, according to a ministry statement.

"Through this memorandum and the attached contracts, the ministry aims to implement its plan to benefit from associated gas by taking advantage of the technology of these companies," the statement quoted the minister as saying.

With 132 trillion cubic feet of proven natural gas reserves, Iraq is committed to harnessing its gas resources to address critical needs, particularly in electricity generation.