Tishwash: Iraqi Oil: Signing Major Investment Contracts and Expanding Gas Investment
The Ministry of Oil confirmed on Monday that major investment contracts had been signed and gas investments had expanded, as Iraq has become an attractive investment environment for the oil industry. It noted significant progress in the extraction, refining, gas, and distribution sectors .
“Iraq has signed major contracts with international companies such as Chevron and BB to develop fields in Nasiriyah and Kirkuk, in addition to the integrated gas development project in the Artawi field, with a value exceeding $10 billion,” said Undersecretary of the Ministry, Bassem Khadir, in a speech during the opening of the third Iraq International Oil and Gas Exhibition, which was followed by the “ Al-Sa’a ” network.
He added, “The ministry has increased its gas investment percentage from 45% to 70%, with an ambitious plan to close the flared gas file by 2028. Work is also underway on renewable energy projects, most notably a 1,000-megawatt solar power plant .”
He pointed out that “the integrated project in Artawi includes four axes: increasing oil production, exploiting gas from five fields, establishing a solar energy project, and using seawater injection to increase pressure in oil fields .”
Khadir emphasized that “Iraq is working to develop the infrastructure and human resources in the oil sector, while supporting national companies and raising their efficiency to match their partnerships with international companies, thus enhancing development in all governorates and creating ample job opportunities link
Tishwash: Al-Sudani: Iraq has overcome all challenges and today represents a fundamental pillar of security and stability in the region.
Prime Minister Mohammed Shia al-Sudani affirmed on Monday that Iraq has overcome all challenges and is today a fundamental pillar of security and stability in the region .
His office stated in a statement received by the Mail that “Al-Sudani met, in the Belgian capital, Brussels, with NATO Secretary General Mark Rutte, during which bilateral relations between Iraq and the NATO mission in Iraq were discussed .”
Al-Sudani expressed his “appreciation for Rutte’s invitation to participate in the North Atlantic Council meetings,” noting that “Iraq has overcome all challenges and today represents a fundamental pillar of security and stability in the region .”
He stressed that “social cohesion in Iraq is its strength,” emphasizing “the need for the international community to play its role in stopping the war in the region and the grave violations being committed in Gaza .”
For his part, Rutte expressed his “appreciation for Iraq’s role in stabilizing security in the region,” praising the “significant shift in the management of all issues during the current government’s tenure .”
He praised the “great support that NATO’s mission in Iraq receives link
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Tishwash: Steve Lutes: US companies are ready to support economic diversification in Kurdistan.
The Vice President of the American Chamber of Commerce, Steve Lutes, confirmed that the Prime Minister of the Kurdistan Region, Masrour Barzani, seeks to diversify the economy in Kurdistan, stressing that American companies are ready to cooperate in this field.
A delegation from the American Chamber of Commerce, comprising more than 30 companies, is currently visiting Erbil to invest in various sectors within the Kurdistan Region.
Steve Lutes told Kurdistan 24 on Sunday that the delegation is not only listening to economic opportunities from officials, but is also seeking to connect with local businesspeople, with the goal of finding new partners and increasing trade and investment activity in the Kurdistan Region.
“Kurdistan Regional Prime Minister Masrour Barzani is focused on diversifying the economy, and we believe American companies will be able to seize these opportunities and contribute to achieving this goal,” Lutz added. link
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Tishwash: Al-Sudani’s advisor reveals the extent of the development path’s contribution to the Iraqi economy.
Mudhar Mohammed Salih, advisor to the Iraqi Prime Minister, revealed on Monday that the development road project will contribute 20% to diversifying the national economy.
Salih said in a press interview that “the development road project, which connects the port of Faw in southern Iraq to Turkey via a 1,200 km railway and road network, is one of the largest logistics projects in the region, with an estimated cost of $17 billion.”
He added that “the project will open the door to diversifying the national economy as the road is connected to free economic zones, industrial cities and advanced logistics services,” expecting that “it will contribute approximately 20% to diversifying the national economy in terms of its contribution to the gross domestic product in the long term.”
Salih pointed out that “this will be a basis for employing a national workforce of approximately one million workers and activating important joints in the national economy, in addition to advanced land and rail transportation services, in addition to attracting regional and international investments continuously as it connects the Gulf to Europe via Turkey, which are important economic regions globally in terms of relative weight.”
The government advisor concluded his remarks by saying, “The project will sustainably strengthen the Iraqi economy and improve the country’s resilience to global market fluctuations. If invested efficiently and integrated with plans to boost industry, trade, and services, its impact could undoubtedly be as significant as that of oil in the long term.” link
