The European Union and the Republic of Iraq have today signed in Baghdad, Iraq, a Memorandum of Understanding on a "Strategic Energy Partnership" which provides a political framework for reinforcing energy relations between Iraq and the EU. It also outlines priorities for future cooperation, taking into account the possible role of Iraq as a natural gas supplier for the Southern Corridor and that Iraq has the world's third largest proven petroleum reserves; Iraq could become an energy bridge between the Middle East, the Mediterranean and the EU. The Memorandum outlines the following areas of cooperation: development of an energy policy for the Iraqi people, energy security of supplies between Iraq and the EU, renewable energy and energy efficiency measures. The Memorandum was signed by the Commissioner for Energy Andris Piebalgs and by the Iraqi Minister for Oil Hussain Al-Shahristani. Baroness Ashton, The EU High Representative for Foreign Affairs and Security Policy and Vice President of the Commission, will subsequently co-sign the MoU together with the Council Presidency.