The official Iraqi newspaper, Al-Sabah, quoting Oil Minister Ihsan Abdul-Jabbar, said on Monday that Iraq intends to sign contracts worth tens of billions of dollars with Saudi Arabia to invest in the gas, alternative energy, water and petrochemical industries.
The newspaper added that Iraq is negotiating with Saudi Aramco to enter it as a partner in contracts for exploration and investment of free gas in the new fields in the Western Desert. She also said that Iraq is intensifying its negotiations with the Saudi company ACWA Power to build desalination plants, clean energy and solar power plants.
Abdul Jabbar stated that “the Iraqi negotiating delegation held serious negotiations and discussions in Saudi Arabia recently with the Saudi ACWA Power Company to introduce it into the Iraqi energy market to build desalination plants, clean energy and solar power plants, and focus on establishing long-term relations that allow Iraq to benefit from the high flexibility of ACWA Power.” In implementing projects at reduced costs and high efficiency, to obtain the highest possible service and at the lowest cost.”
He explained that “intensive and positive discussions have been taking place since last April between the Ministry of Oil and the Saudi SABIC Company, which reached to formulate a special memorandum that will be presented to the Council of Ministers during the upcoming sessions to discuss the Saudi company’s participation in an investment stake in the Nibras project for the petrochemical industry in Basra under an agreement between the Ministry of Energy and Industry. Iraqi industry and Royal Dutch Shell to establish a petrochemical complex in Iraq with a capacity of one million and 800 thousand tons annually. “We hope that there will be a clear legal cover and joint protection for Saudi companies and Emirati and foreign companies operating in the country,” he said.
He added that the Iraqi National Oil Company was able to lure the major energy companies in the world and sign agreements with them, including France’s Total, UAE’s Masdar, and Norway’s Scatec, with about $30 billion that will provide revenues and added profits to the Iraqi market, as well as providing thousands of job opportunities.
He stated that “it is natural that there is interest from Saudi companies in a large country like Iraq, as Saudi Arabia sees that the sustainable development plans in the two countries are in line with the 2030 Millennium Development Plan and its institutional frameworks in the two countries and the Arab region as two oil countries that top the list of crude oil exporters to global markets.”
The newspaper added that Iraq is negotiating with Saudi Aramco to enter it as a partner in contracts for exploration and investment of free gas in the new fields in the Western Desert. She also said that Iraq is intensifying its negotiations with the Saudi company ACWA Power to build desalination plants, clean energy and solar power plants.
Abdul Jabbar stated that “the Iraqi negotiating delegation held serious negotiations and discussions in Saudi Arabia recently with the Saudi ACWA Power Company to introduce it into the Iraqi energy market to build desalination plants, clean energy and solar power plants, and focus on establishing long-term relations that allow Iraq to benefit from the high flexibility of ACWA Power.” In implementing projects at reduced costs and high efficiency, to obtain the highest possible service and at the lowest cost.”
He explained that “intensive and positive discussions have been taking place since last April between the Ministry of Oil and the Saudi SABIC Company, which reached to formulate a special memorandum that will be presented to the Council of Ministers during the upcoming sessions to discuss the Saudi company’s participation in an investment stake in the Nibras project for the petrochemical industry in Basra under an agreement between the Ministry of Energy and Industry. Iraqi industry and Royal Dutch Shell to establish a petrochemical complex in Iraq with a capacity of one million and 800 thousand tons annually. “We hope that there will be a clear legal cover and joint protection for Saudi companies and Emirati and foreign companies operating in the country,” he said.
He added that the Iraqi National Oil Company was able to lure the major energy companies in the world and sign agreements with them, including France’s Total, UAE’s Masdar, and Norway’s Scatec, with about $30 billion that will provide revenues and added profits to the Iraqi market, as well as providing thousands of job opportunities.
He stated that “it is natural that there is interest from Saudi companies in a large country like Iraq, as Saudi Arabia sees that the sustainable development plans in the two countries are in line with the 2030 Millennium Development Plan and its institutional frameworks in the two countries and the Arab region as two oil countries that top the list of crude oil exporters to global markets.”
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