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Iraq Seeks US Investment in Gas as New Projects Target Energy Independence

Iraqi flag in front of an oil field (AFP)
Iraqi flag in front of an oil field (AFP)
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Iraq Seeks US Investment in Gas as New Projects Target Energy Independence

Iraqi flag in front of an oil field (AFP)
Iraqi flag in front of an oil field (AFP)

Iraq plans to offer 10 gas exploration blocks to US companies during an upcoming visit by Oil Minister Hayan Abdel-Ghani to the United States, he announced on Saturday.
The move is part of Baghdad's efforts to attract US investment into its energy sector, following previous licensing rounds where Chinese firms secured the majority of available fields.
The 10 gas blocks, left unclaimed following six licensing rounds, will be presented in a new bidding process, Iraqi state media said, and comes as Iraq seeks to bolster its domestic gas production.
Abdel-Ghani also said Iraq will launch a new gas investment project by the end of the year at the Al-Faihaa oil field in southern Iraq. The project, with a capacity of 125 million standard cubic feet (mscf), is a key component of Iraq's strategy to enhance its energy infrastructure.
The latest initiative follows recent agreements to develop 13 oil and gas blocks, aimed at increasing Iraq's crude and gas output to supply power plants, which currently rely heavily on Iranian gas imports.

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South Korea, China Industry Ministers Agree to Cooperate in Evolving Global Environment, Seoul Says

Chinese Commerce Minister Wang Wentao attends a meeting with global business leaders at the Great Hall of the People in Beijing, China, March 28, 2025. (Reuters)
Chinese Commerce Minister Wang Wentao attends a meeting with global business leaders at the Great Hall of the People in Beijing, China, March 28, 2025. (Reuters)
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South Korea, China Industry Ministers Agree to Cooperate in Evolving Global Environment, Seoul Says

Chinese Commerce Minister Wang Wentao attends a meeting with global business leaders at the Great Hall of the People in Beijing, China, March 28, 2025. (Reuters)
Chinese Commerce Minister Wang Wentao attends a meeting with global business leaders at the Great Hall of the People in Beijing, China, March 28, 2025. (Reuters)

The industry ministers of South Korea and China met on Saturday to discuss the evolving global trade environment and agreed to cooperate bilaterally as well as on multinational trade forums, the South's industry ministry said.

China's Commerce Minister Wang Wentao is visiting Seoul for a three-way ministerial meeting on Sunday with South Korea's Ahn Duk-geun and Japanese Trade Minister Yoji Muto.

"They held discussions on bilateral cooperation measures and trade issues in response to changes in the global trade environment," the South Korean ministry said in a statement.

The first meeting of the two countries' industry ministers is the first since November 2023 and comes as US President Donald Trump's promised tariffs are expected to impact imports from the two Asian export powers.

Trump has already imposed 20% tariffs on all Chinese imports, saying Beijing has failed to stem the flow of precursors for the addictive opioid fentanyl.

South Korea is bracing for duties that could hit its major exports to the United States, including semiconductors and electric vehicle batteries. Ahn has said a 25% tariff on autos unveiled this week by Trump was expected to create "considerable difficulties" for South Korean automakers.