Minister Of Oil: We Have Seen The Confidence Of Major Investors In The Iraqi Energy Market

Baghdad / NINA /- The Minister of Oil affirmed the government's keenness to change the philosophy of the Iraqi economy and the mechanisms of managing hydrocarbon wealth for the sake of sustainable national development and work to change the market value of the national product, as well as accelerate the implementation of investment projects in the sectors of gas, petrochemical industries and sustainable energy, and accreditation on modern technologies, and providing advanced training opportunities for workers in the oil sector. Oil Minister Ihsan Abdul-Jabbar Ismail said in a statement after the conclusion of the European tour of the government delegation headed by Prime Minister Mustafa Al-Kadhimi, which included Germany, France and the United Kingdom: “The government's reform paper requires strengthening, supporting and providing opportunities and a safe investment environment for international companies, and work to increase the volume and prospects for cooperation with major partners for the sake of promoting hydrocarbon industries and the optimal investment of the national wealth to strengthen the national economy. Ismail pointed to, "the discussing of all these axes during the meetings that brought us together with international companies, as we touched the confidence of major investors in the Iraqi energy sector and their desire to expand, diversify and increase the horizons of cooperation, especially companies (BP), ExxonMobil, ENI, Kazprom and others, as well as holding important consultations with the French company Total on investment in gas sector projects, one of which is located to the west of Baghdad and the other in Basra, and we hope to reach an agreement soon. The Minister of Oil stressed that "the ministry is working, within the reform paper, to build strategic relationships with sober countries and companies that possess financial capacity and modern technology that contribute to building the national industry and enhance its economic and development capabilities, and we have made progressive positive steps with countries and companies of the European Union and the American Chevron Company." Abdul-Jabbar noted that "the ministry has signed an important contract with a Japanese company recently to construct a complex refinery, which is the first project of its kind in Iraq as it contributes to converting fuel waste into high-quality white products. The announcement will also be made soon to announce the acceleration and reduction of gas investment plans in the Basra Gas Company will be a milestone in this sector, adding that the coming period will witness the opening of the largest rehabilitation center in Basra Governorate to build and prepare national capabilities in the oil and energy sector./ End