On Sunday, Prime Minister Mohammed Shia Al Sudani chaired a meeting to oversee the Oil Ministry and its projects while implementing plans to develop Iraq’s oil sector.
A meeting was held, attended by the Oil Minister, senior officials from the ministry, and advisors to the Prime Minister for oil and energy affairs. The purpose of the meeting was to review the progress of extraction and distribution projects, export initiatives, gas projects, refineries, and to discuss the obstacles hindering implementation. Additionally, investment opportunities announced by the ministry for 2023 were discussed.
During a recent speech, the Prime Minister emphasized the crucial need to improve the pivotal sector, given its connection to national plans and desired development. He also underscored the importance of making use of the current rise in global oil prices to increase financial allocations through optimal investments in oil and gas.
Al Sudani highlighted that the main source of income for the country is oil. Therefore, the government is working on developing the oil sector, as well as other industries like chemicals, petrochemicals, and fertilizers, as outlined in its governmental program. In addition, efforts are being made to improve the electricity sector, implement an integrated energy projects plan, and provide continuous support through solutions, policies, and decisions.
During the meeting, Al Sudani was briefed on the discussions between the federal Oil Ministry and the Natural Resources Ministry in the Kurdistan Regional Government (KRG) regarding resuming crude oil re-exports via the Turkish port of Ceyhan.
On March 25, oil flow from Kurdistan and Kirkuk to Turkey’s Ceyhan port stopped due to an International Arbitration Court ruling on oil exports between Iraq and Turkey.
