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HomeAfricaIraqi PM unveils energy projects and investment opportunities during U.S. visit -...

Iraqi PM unveils energy projects and investment opportunities during U.S. visit – Shafaq News

2024-04-18T20:37:01+00:00

Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani outlined significant energy projects and investment opportunities in Iraq in a meeting with major American oil and gas companies in Houston, Texas.

During the meeting, organized by the Arab American Chamber of Commerce, Al-Sudani highlighted the government’s program that aims at “maximizing investment in oil and gas” and discussed strategic projects and investment opportunities, including the fifth and sixth supplemental rounds encompassing 30 oil and gas fields and an exploratory gas block in various regions of Iraq.

“Importing gas costs us $4 billion annually, while we burn the equivalent of 1,300 million standard cubic feet, leaving negative environmental impacts…We plan to halt gas flaring through a significant contract with Total, which is a strategic step, and we encourage Honeywell and all companies to execute these contracts…We are also working on implementing a 1000 MW solar power station in addition to the water injection well project.”

Al-Sudani announced an extension of two weeks for submitting applications for the fifth and sixth rounds to encourage participation.

Al-Sudani articulated a vision for strengthened U.S.-Iraq relations based on partnership and mutual interests, particularly in energy cooperation, inviting American companies to partner with the Iraqi private sector, “receiving government support and attention.”

The Prime Minister revealed plans to convert 40% of Iraq’s exports into petroleum derivatives, reducing the cost of gas imports and their negative environmental impacts. He also detailed ongoing projects to enhance Iraq’s energy sector, including a 1000 MW solar power station and a water injection project for wells.

Furthermore, Al-Sudani discussed integrated projects in oil extraction, associated gas investment, power station establishment, and petrochemical industries, showcasing opportunities in regions such as Maysan, Basra, Karbala, and Dhi Qar.

Additionally, he mentioned collaboration with Egypt on a petrochemicals and refineries complex in Ain Sokhna, highlighting the Basra – Haditha project’s implementation as a model for economic cooperation among Iraq, Egypt, and other partners.