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Iraq plans billions of dollars in energy contracts with Saudi Arabia


yota691
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 2021-11-01 01:26
 

Shafaq News/ Iraqi Oil Minister Ihsan Abdul-Jabbar announced on Monday that the Iraqi government intends to sign energy contracts worth tens of billions of dollars with Saudi Arabia.

The government newspaper Al-Sabah quoted the minister as saying; Iraq is discussing a partnership with Saudi Aramco to explore and develop natural gas fields in Iraq's Western Desert.

Abdul-Jabbar added; The Iraqi government is also in talks with the Saudi ACWA Power Company to build desalination plants and solar power plants in Iraq, and the two countries are also discussing joint petrochemical projects.

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Oil Minister Ihsan Abdul-Jabbar
  

 energy


Economy News - Baghdad

The head of the Iraqi negotiating delegation in the Iraqi-Saudi Committee for Energy and Manufacturing Industries, Minister of Oil, Ihsan Abdul-Jabbar Ismail, revealed that Iraq intends to sign huge contracts with Saudi Arabia before the end of the current government’s period for investment participation in the gas, alternative energy, water and petrochemical sectors.

Abdul-Jabbar said, in statements reported by the official "Al-Sabah" newspaper and seen by "Al-Iqtisad News", that "The Kingdom of Saudi Arabia sees that the sustainable development plans in the two countries in recent years correspond to the (Sustainable Millennium Development Plan for 2030) and its institutional frameworks in the two countries and the Arab region as two countries. Two oil companies are the top exporters of crude oil to global markets.

He stressed that "Iraq is negotiating with the global oil production giant (Aramco), to enter it as a partner in contracts for exploration and investment of free gas in the new fields in the Western Desert," noting that "the results of those negotiations are being studied by experts from the two countries to agree on a draft of long contracts that satisfies the aspirations and interests." the two countries."  

He pointed out that "the Iraqi negotiating committee has intensified its serious discussions with the Saudi company (Acwa Power) to build water desalination plants, clean energy and solar power plants to bring them into the local energy market."

He added, "It was directed to focus on establishing long-term relationships that would allow Iraq to benefit from the high flexibility of (Aqua Power), the giant of the clean energy industries in the Kingdom and the Gulf, in implementing projects at reduced costs and with high efficiency by striving to obtain the highest possible service at the lowest possible cost." He stressed, "Achieving advanced success rates in multiple negotiations with companies from different countries." 

In the context of strengthening the developmental steps of the Iraqi economy, the Minister of Oil revealed that “intensive discussions have been taking place since last April between the Saudi company (SABIC) and developed with positive results by drafting into a special memorandum that will be presented to the Council of Ministers during the upcoming sessions to discuss its participation in Iraq with an equal share to invest the Nibras project. ) for petrochemicals in Basra under an agreement signed between the Ministry of Industry and (Royal Dutch Shell) to establish a petrochemical complex in Basra to produce one million and 800 thousand tons annually.

Abdul-Jabbar said he "hopes that there will be a clear legal cover and joint protection for these Saudi companies and Emirati and foreign companies operating in the country."

And he indicated that "the National Oil Company was able to lure the major energy companies globally and sign agreements estimated at about 30 billion dollars with the French (Total) company, (Masdar) UAE and (Scatec) of Norway, which will provide returns and added profits that enter the Iraqi market for the first time in its economic history. And it will provide thousands of jobs for job seekers, which will lift the burden of the central government on the employment sector and its transfer to the Iraqi private sector joint with Saudi investment companies, whose economy is classified among the most powerful economies in the world as a member of the (Group of Twenty) in terms of the volume of natural resources, which are estimated at about 35 trillion dollars and comes in third place after Russia and the United States of America.

He pointed out that "it is natural for Saudi companies to have an interest in a large country like Iraq with a population of more than 40 million people, and with a culture of consumerism that tends to prosperity with Iraq's natural resources, and this is a natural right similar to the peoples of other countries."

 
 
Number of views 210   Date added 01/11/2021
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1 hour ago, Wiljor said:

Iraq Set To Sign Crucial Energy Deals With Saudi Arabia

By Tsvetana Paraskova - Nov 01, 2021, 11:30 AM CDT

 

Iraq is in discussions to sign energy deals with Saudi Arabia worth tens of billions of U.S. dollars, according to Iraq’s oil minister.

OPEC’s second-largest producer, Iraq, and OPEC’s top producer Saudi Arabia are discussing contracts in the energy, water desalination, and petrochemical sectors, Iraqi daily Al-Sabah quoted Iraq’s Oil Minister Ihsan Abdul Jabbar Ismail as saying on Monday.

Iraq is in talks with Saudi oil giant Aramco about a potential partnership to explore and develop natural gas fields in the western desert in Iraq, according to the Iraqi minister.

 

Despite holding huge oil and gas reserves, Iraq has struggled to develop them and is not self-sufficient in energy and electricity supply. 

Iraq has been suffering from power outages and disruptions due to a lack of investment in its transmission grids. Iraq also relies on electricity and natural gas imports from neighboring Iran for its power supply and has received waivers from the United States to continue importing electricity from Iran despite the American sanctions against Tehran.

Iraq also plans contracts with Saudi Arabia-based ACWA Power aimed at building water desalination plants and solar parks in the country, according to the Al-Sabah daily. In addition, OPEC’s number one and number two are also negotiating the start of joint projects in the petrochemicals sector, the Iraqi minister was quoted as saying.

A few weeks ago, supermajor TotalEnergies signed agreements with Iraq’s authorities to invest in the country’s energy sector over the next years.  

TotalEnergies said it would invest in installations to recover gas that is being flared on three oil fields and as such, supply gas to 1.5 gigawatts (GW) of power generation capacity in a first phase, growing to 3 GW in a second phase. The French supermajor will also develop 1 GWac of solar electricity generation capacity to supply the Basra regional grid. These two projects, plus a large-scale seawater treatment unit to increase water injection capacities in southern Iraq fields without increasing water withdrawals, represent a total investment of approximately $10 billion, TotalEnergies said.

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 Baghdad: Saad Al-Sammak
 
The head of the Iraqi negotiating delegation to the (Iraqi-Saudi Committee for Energy and Manufacturing), Minister of Oil Ihsan Abdul-Jabbar Ismail, revealed that Iraq intends to sign huge contracts with Saudi Arabia before the end of the current government’s term, to participate in investment in the gas, alternative energy, water and petrochemical industries, indicating that those Investments are estimated at tens of billions of dollars across the country.
He stressed that "the Kingdom of Saudi Arabia believes that the sustainable development plans in the two countries are in line in recent years with the 2030 Millennium Development Plan and its institutional frameworks in the two countries and the Arab region, as two oil countries that top the list of crude oil exporters in global markets." 
The Minister of Oil and Chairman of the National Oil Company announced that “Iraq is negotiating with the global oil production giant (Aramco), to enter it as a partner in contracts for exploration and investment of free gas in the new fields in the Western Desert,” noting that “the results of those negotiations are being studied by experts from the two countries for the agreement.” A draft of long contracts that satisfies the aspirations and interests of both countries.
He pointed out that "the Iraqi negotiating committee has intensified its serious discussions with the Saudi company (Acwa Power) to build water desalination plants, clean energy, and solar energy plants to bring them into the local energy market." 
He added, "It was directed to focus on establishing long-term relationships that allow Iraq to benefit from the high flexibility of (Aqua Power), the giant of the clean energy industries in the Kingdom and the Gulf, in implementing projects at reduced costs and with high efficiency, by seeking to obtain (the highest possible service with the least possible). of cost)”, stressing that “advanced success rates have been achieved in multiple negotiations with companies from different countries.”
 
 
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Good morning Yota,  very much appreciated 🙏

 

"The Minister of Oil and Chairman of the National Oil Company announced that “Iraq is negotiating with the global oil production giant (Aramco)"

If Iraq inks a deal with Saudi's (Aramco) it will a major leap forward :twothumbs:

 

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