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Prime Minister Mohammed S. Al-Sudani of Iraq convened with key American oil and gas corporations in Houston, Texas, marking a pivotal session organized by the Arab-American Chamber of Commerce (AACC) as part of his official visit to the United States. The meeting served as a platform for Prime Minister Al-Sudani to articulate Iraq’s ambitious vision for optimal investment in its oil and gas sectors, unveiling strategic projects underway in the nation.
Addressing representatives from major American firms, Prime Minister Al-Sudani underscored Iraq’s commitment to fostering a conducive environment for foreign investment, highlighting the country’s burgeoning energy landscape and inviting partnerships with the Iraqi private sector. Notable among the initiatives discussed were the fifth supplementary and sixth licensing rounds, offering lucrative opportunities across 30 oil and gas fields alongside an exploratory gas block in strategic regions such as Anbar, Nineveh, Diwaniyah, Najaf, and Samawah.
In a significant announcement, Prime Minister Al-Sudani extended the application deadline for the fifth and sixth licensing rounds by two weeks, demonstrating Iraq’s eagerness to accommodate additional participation. Assuring the attendees of Iraq’s stable security situation, he urged American companies to capitalize on the burgeoning opportunities, emphasizing the comprehensive development unfolding across diverse sectors within Iraq.
Key highlights from Prime Minister Mohammed S. Al-Sudani’s address at the roundtable discussion included:
Strategic Partnership with the United States: Following discussions with President Biden, Iraq aims to forge a comprehensive partnership with the United States, spanning various sectors and emphasizing joint ventures with Iraqi companies.
Energy Potential and Resource Utilization: Iraq boasts significant potential in the energy market, with recent strides made towards self-sufficiency in oil derivatives. The government is focused on enhancing production capacity, harnessing associated gas, and advancing petrochemical and fertilizer industries.
Green Initiatives: Notable initiatives include plans to stop gas flaring through strategic contracts and projects in solar power generation and water injection in oil wells, with a commitment to transitioning 40% of production to oil derivatives.
Licensing Rounds and Integrated Projects: Details were provided on the fifth and sixth licensing rounds, integrated projects, and opportunities for petrochemical and fertilizer complexes in various regions of Iraq.
Infrastructure Development: Prime Minister Al-Sudani outlined plans for multiple export outlets and significant infrastructure projects, including the establishment of a petrochemical and refinery complex in Ain Sokhna, Egypt, and the development of ALFaw Port.The roundtable discussion symbolized Iraq’s proactive engagement with international partners, signaling its intent to drive economic growth, foster innovation, and solidify its position as a key player in the global energy landscape. |
