Iraq is looking for optimal investment in oil and gas

Iraq is looking for optimal investment in oil and gas

The Iraqi Prime Minister, Mohammed Shia Al-Sudani, emphasized the importance of utilizing the recent global crude oil prices increase and called for greater financial allocations to invest in oil and gas.

Al-Sudani emphasized the significance of oil as the primary source of income during his meeting with officials in the Oil Ministry. He added that the government is putting in efforts to improve this crucial sector along with the chemical, petrochemical, and fertilizer industries and the electricity sector.

Al-Sudani has reviewed the outcomes of the talks that took place between the Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Regional Government (KRG). The discussions aimed to finalize the necessary procedures to resume the export of crude oil through the Turkish port of Ceyhan.

The Iraqi Prime Minister reviewed the progress of the Ministry of Oil’s plans to develop Iraq’s oil sector, along with projects related to oil and gas extraction, refineries, and exports.

Al-Sudani discussed the investment opportunities announced by the Oil Ministry with officials in the oil sector in 2023.

During the meeting, participants discussed investment projects for associated gas in southern Iraq, conversion of natural gas to high-purity oil derivatives, carbon dioxide emissions, and infrastructure development related to gas utilization.