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Fri Sep 13, 2019 11:53 am
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Iraq puts investments in oil and gas to Saudi companies
Economy News / Follow-up ..
A senior Iraqi official confirmed the listing of investments in the field of petrochemicals and gas to Saudi investors, and said that discussions are underway with SABIC Basic Industries and Saudi Aramco to invest in the project Nebras Petrochemicals and the development of the field «Crutch» gas with a daily production of 300 million cubic feet.
Hamed al-Zobaie, Undersecretary of the Iraqi Ministry of Oil was speaking on the sidelines of a forum organized by the Saudi Export Development Authority and the Saudi-Iraqi trade mission yesterday in the city of Khobar, and attended by 35 Saudi facilities from the oil and gas sector and heads of 4 Iraqi oil companies.
Al-Zobaie confirmed coordination with SABIC to participate in the Nebras Petrochemicals project, which has an investment of between $ 6 billion and $ 8 billion. .
The Undersecretary of the Iraqi Ministry of Oil stressed the importance of entering «SABIC» as a partner in this project with the Iraqi government, along with «Shell» Petrochemicals.
In the same context, the Iraqi official confirmed the progress of talks with Saudi Aramco in the development of exploration gas fields, including the field «crutch» in western Iraq, which is expected to produce 300 million standard cubic feet per day.
Zobaie said the attraction of Saudi investments that there are fields under exploration and will be available investment system partnership or full investment, noting that the size of Iraq's reserves of gas is 132 trillion standard cubic feet, of which 30 per cent are unaccompanied gas fields for investment.
He explained that the Saudi-Iraqi Coordination Council took important steps in the development of Saudi-Iraqi relations, most notably the steps taken in the field of investments, especially in the field of oil and gas.
The Undersecretary of the Iraqi Ministry of Oil that work is underway to put investments in the field of oil and gas in Iraq to Saudi companies, including investment in the development of gas fields, as well as investment in gas exploration in western Iraq.
He reassured Saudi investors who intend to enter the Iraqi market in the field of gas or industry, that the security situation and the security environment is very good, also pointed out that there is security coordination with the security forces to secure gas fields.
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