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Minister of Oil: The investment environment in Iraq is not suitable to expel major investors
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Ihsan Abdul-Jabbar, the Iraqi Oil Minister, described on Sunday, July 4, 2021, the investment climate in his country as unfavorable to retaining major investors.
The Oil Minister said that BP was considering the idea of withdrawing from his country, and that the Russian Lukoil had sent an official notice revealing its desire to sell its stake in the West Qurna-2 field to Chinese companies, according to Reuters.
He added that the investment environment in Iraq is not suitable for maintaining large investors.
He pointed out that each investor is either looking for another market or looking for another partner.
Sources in the ministry stated that these statements were made by the minister during a parliamentary session on June 29 last.
Last April, the American company ExxonMobil offered its share of 7.32 percent in the West Qurna oil field in Iraq for sale to reduce the mountain of accumulated debts.
A Chinese company submitted a request to purchase ExxonMobil's stake in the field, but the Iraqi government refused, and demanded to wait for two months, before accepting any offer submitted by other Chinese companies.
This is due to the desire of the Ministry of Oil for the alternative to the American company to be Western or American companies, so that dealing with Chinese and Russian companies is not limited to the field.
A source in the Iraqi Oil Ministry attributed the company's desire to withdraw from work in Iraq to the Corona pandemic, and the decrease in demand for oil in the world, in addition to the fact that oil contracts in Iraq are difficult, and their profits are few, compared to other neighboring countries.
[You must be registered and logged in to see this link.]
by [You must be registered and logged in to see this link.][You must be registered and logged in to see this link.]1 Hour ago
[You must be registered and logged in to see this image.]
Ihsan Abdul-Jabbar, the Iraqi Oil Minister, described on Sunday, July 4, 2021, the investment climate in his country as unfavorable to retaining major investors.
The Oil Minister said that BP was considering the idea of withdrawing from his country, and that the Russian Lukoil had sent an official notice revealing its desire to sell its stake in the West Qurna-2 field to Chinese companies, according to Reuters.
He added that the investment environment in Iraq is not suitable for maintaining large investors.
He pointed out that each investor is either looking for another market or looking for another partner.
Sources in the ministry stated that these statements were made by the minister during a parliamentary session on June 29 last.
Last April, the American company ExxonMobil offered its share of 7.32 percent in the West Qurna oil field in Iraq for sale to reduce the mountain of accumulated debts.
A Chinese company submitted a request to purchase ExxonMobil's stake in the field, but the Iraqi government refused, and demanded to wait for two months, before accepting any offer submitted by other Chinese companies.
This is due to the desire of the Ministry of Oil for the alternative to the American company to be Western or American companies, so that dealing with Chinese and Russian companies is not limited to the field.
A source in the Iraqi Oil Ministry attributed the company's desire to withdraw from work in Iraq to the Corona pandemic, and the decrease in demand for oil in the world, in addition to the fact that oil contracts in Iraq are difficult, and their profits are few, compared to other neighboring countries.
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