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Al-Khudairi: The Prime Minister reviewed the major investment opportunities
Economical 04/21/2024
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A number of economic projects were discussed by Prime Minister Muhammad Shiaa Al-Sudani with Iraqi experts who have a global footprint and projects in various specializations within the country, and some of them continue their economic activity inside Iraq despite their expatriation, as the Prime Minister presented the major investment opportunities available in Iraq and the mechanisms for dealing with them. With the energy sector witnessing a plan to end gas burning, the country is also heading to export oil derivatives in the coming years and this will play a role in strengthening financial capabilities, urging American companies to enter the Iraqi labor market.
International economist Abdul Aziz Al-Khudairi said: We met with Prime Minister Muhammad Shiaa Al-Sudani in Houston, the energy capital of the world, in the presence of large international companies under the supervision of the Houston Chamber of Commerce. The attendees touched on addressing gas flaring.
He pointed out that the Prime Minister called on specialized companies to submit offers that would change dealings with natural and associated gas and make them beneficial to the country, and to be raw materials for petrochemical industries that the Iraqi market desperately needs.
Al-Khudairi pointed out that the Prime Minister confirmed that the country’s goal during the next 10 years is for 40% of oil exports to be oil derivatives and not crude oil, since the added value of derivatives is more than 5-10 times, and this enhances financial revenues. It is also an important step to enhance Oil industries in the country.
He said that the Prime Minister’s speech revealed the value of gas burned annually, which is estimated at billions of dollars, and he stressed that the next five years must witness a complete cessation of gas burning, and that Iraq was able to reduce the amounts of burning of gas, both natural and associated, at higher rates than stipulated in global plans, and this It counts for Iraq.
Concluding an agreement
Al-Khudairi confirmed the conclusion of an agreement with the French company Total and Honol to transfer the gas associated with electric power stations, and thus will enhance Iraq’s capabilities to produce electric energy, pointing out that this movement will enhance the desires of American companies to be present within the Iraqi labor market.
According to Al-Khudairi, the Prime Minister focused on expanding the chemical fertilizer industry by establishing a large factory in Karbala Governorate and another in the city of Al-Faw with a large production capacity. Then he reviewed the Nebras Gas Project, work on which was postponed for long periods. Al-Sudani also focused on expanding phosphate and nitrogen fertilizers in Anbar, Baiji and Khor Al-Zubair, and that Iraq is planning to have multiple export outlets for crude oil.
He stated that the talk dealt with the development road, which is a global project that serves global trade and provides opportunities to develop the reality of transportation between the poles of the Western and Eastern world.
He called on American companies to benefit from the pioneering and great opportunities available in Iraq and in all sectors through which sustainable development can be achieved.
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