Iraqi Prime Minister Mohammad Shia Al-Sudani stressed on Sunday the importance of utilizing crude oil prices in the global market in increasing financial allocations through optimal oil and gas investments.
During a meeting with Oil Ministry officials, Sudani underscored the need to advance the vital oil sector in all its aspects due to its importance to the state’s development.
Oil represents the primary source of income for Iraq, he remarked, adding that the government is working to develop the sector, as well as the chemical, petrochemical, and fertilizer industries and the electricity sector.
According to a statement by the Iraqi government, Sudani was briefed on the discussions between the Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Regional Government (KRG) to complete the procedures required to resume crude oil exports through the Turkish port of Ceyhan.
He reviewed the implementation of the Ministry’s plans to develop the oil sector in Iraq and projects related to oil and gas extraction, refineries, and exports.
The meeting also tackled investment opportunities announced by the Oil Ministry in 2023.
Meanwhile, a prominent Iraqi official said on Sunday that Iraq has made great strides to expand investment in the gas sector and stop burning operations.
Speaking at the Gas Investment Conference, South Gas Company Director General Hamza Abdul-Baqi Nassir said Iraq is investing in gas from oil fields to meet domestic consumption demands and is considering exporting the surplus to global markets.
The Ministry of Oil has made great efforts to activate licensing contracts with foreign companies to reach a production of 1,000 million standard cubic feet to secure the requirements for energy production and stop gas-burning operations to reduce environmental risks.
Iraq is working to establish a company to absorb all the gases produced, aside from cooperation with the French company Total, he said, adding that it would push towards boosting the capabilities of oil fields and developing alternative energy programs.