Prime Minister: The Total agreement will provide half of Iraq's gas needsThe first 2023/06/15
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Prime Minister Muhammad Shia al-Sudani, during his reception, yesterday, Wednesday, of the delegation of the Iraqi-American Business Council headed by the President of the Council, Vice President of the American Chamber of Commerce for Middle East Affairs, Steve Lotus, considered the Total agreement one of the most important gas investment agreements and the development of oil fields, which will provide half of Iraq's needs of gas, explaining that Iraq possesses untapped natural resources, and is qualified to be an agricultural and industrial country due to its strategic location.
Al-Sudani said, in a statement: "Iraq is qualified to be an attractive environment for the private sector and foreign companies," stressing that the government has taken a series of decisions to simplify procedures for investors and work to address problems in this field.
He added that Iraq has a real chance for success, and there is no alternative to peaceful coexistence and support for the state and its institutions, explaining that the Iraqi experience does not exist in the region at the level of local and parliamentary electoral representation, which indicates the vitality of the democratic system.
The Prime Minister pointed out that the government is aware of the size of the heavy legacy that began since the war of the eighties and caused negative effects in most sectors, so it has set five priorities in its program that it is working to achieve, indicating that Iraq cannot remain dependent on oil, as the world is heading today to alternatives to oil that It will be ready after 2028. Al-Sudani explained that countries around the world are spending billions of dollars for oil alternatives, especially after the war in Ukraine, and oil-dependent countries must prepare for alternatives.
He pointed out that the private sector is our real partner to achieve our vision, shorten time and find solutions to problems, adding that the government has started investing in the burned gas sector, which costs $4 billion annually, and that there are contracts with Chinese and Emirati companies that will provide half of the gas we import.
He revealed the preparations for announcing the sixth round of gas fields, which is happening for the first time in Iraq, in terms of natural gas investment, indicating that investing in these projects will provide important financial returns that will be employed in various sectors, and avoid the climatic effects resulting from gas flaring. American companies in Iraq, pointing out that the Ministerial Council for the Economy includes representatives of the private sector who participate with the government in formulating decisions and procedures that would facilitate the work of investors in Iraq.
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