Iraq Proposes Clean Energy Investments to BP, Total

A view shows Iraq's Majnoon oil field near Basra, Iraq, March 27, 2022. (Reuters)
A view shows Iraq's Majnoon oil field near Basra, Iraq, March 27, 2022. (Reuters)
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Iraq Proposes Clean Energy Investments to BP, Total

A view shows Iraq's Majnoon oil field near Basra, Iraq, March 27, 2022. (Reuters)
A view shows Iraq's Majnoon oil field near Basra, Iraq, March 27, 2022. (Reuters)

Iraq’s Oil Minister Ihsan Abdul Jabbar held talks in London and Paris with the chief executive officers of the British Petroleum company and France’s Total and officials from the French ministries of economy and energy.

He proposed new plans to invest in the oil, gas and clean energy sectors, a ministry statement revealed on Saturday.

Abdul Jabbar said during his meeting with CEO of BP Bernard Lonnie that Iraq boasts many plans and projects in the field of clean energy.

The minister said Iraq has concluded various agreements with Norway's Scatec, France’s Total, China’s Power China, UAE’s Masdar and Saudi Arabia’s ACWA Power to implement renewable energy projects.

Baghdad plans to produce 20% of its energy production from renewable and clean energy, Abdul Jabbar said, adding that it is working to create a good environment for investment and all the efforts are directed to implement these plans.

Commenting on his meeting with CEO of TotalEnergies Patrick Pouyanee in Paris, he stated they discussed programs, job opportunities and joint cooperation to implement projects in the fields of oil and energy.

They also agreed on the timing of implementing joint projects, such as the Gas Investment Project in a number of oil fields in southern Iraq, the Solar Energy Project, Artawi Field Development Project to increase its output, as well as the Common Seawater Supply Project to support sustained and increased production in oilfields.

Abdul Jabbar further discussed with the two French ministries his country’s potentials in gas production, especially after it completed the development of the free gas fields in the Anbar and Diyala provinces.

Talks also touched on the investment of gas associated with oil operations, and the possibility of boosting production with an eye on international energy security.

The minister said he is coordinating with producers to achieve balance and required stability in global markets.



Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.