In addition to strong diplomatic and political ties, Iran and Oman cooperate economically on several fronts, including energy. Most recently, the Gulf neighbors signed an initial agreement to begin supplying large quantities of natural gas from Iran to Oman, a project that was earlier reported to be worth between $7–12 billion. In addition to these major economic projects, the two countries have opened a joint bank to facilitate their mutual financial dealings, agreed to develop the Kish and Hengam gas fields in the Gulf, and signed a memorandum of understanding for a potential joint petrochemical project valued at $800 million.