Media Wire

Iraq to ink energy contracts with Saudi Arabia

Baghdad plans to sign energy contracts worth tens of billions of dollars with Riyadh, the state newspaper Al-Sabaah reported, citing Iraqi Oil Minister Ihsan Abdul Jabbar.

Baghdad is discussing a partnership with Saudi Aramco to explore and develop natural gas fields in Iraq’s western desert, it said.

It added that the Iraqi government is also in talks with Saudi Arabia’s Acwa Power to build water desalination plants and solar energy stations in Iraq. The two countries are also discussing joint petrochemical projects.

The talks focused on establishing long-term relationships that allow Iraq to benefit from Acwa Power’s flexibility in implementing low costs and high-efficiency projects.

He explained that the Ministry of Oil and the Saudi SABIC Company have been in “intensive and positive” talks since April, which led to a special memorandum that will be presented to the Iraqi government.

The government is expected to discuss the Saudi company’s participation in an investment in the Nibras petrochemical project in Basra under an agreement between the Energy Ministry and Royal Dutch Shell to establish a petrochemical complex with a capacity of 1,800 tons annually.

The minister hoped there would be a clear law regulating and protecting Saudi, Emirati, and foreign companies operating in the country.

The Iraqi National Oil Company signed agreements with major international energy companies, including the French Total, the UAE’s Masdar, and the Norwegian Scatec.

The contracts will provide revenues and added profits to the Iraqi market and offer thousands of job opportunities.

The minister noted that it is natural for Saudi companies to be interested in a country such huge as Iraq.

Saudi Arabia sees that the sustainable development plans in the two countries fall in line with the 2030 Agenda for Sustainable Development and its institutional frameworks.

IFP Media Wire

Reports and views published in the Media Wire section have been retrieved from other news agencies and websites, and do not necessarily reflect the opinion of the Iran Front Page (IFP) news website. The IFP may change the headlines of the reports in a bid to make them compatible with its own style of covering Iran News, and does not make any changes to the content. The source and URL of all reports and news stories are mentioned at the bottom of each article.

Recent Posts

Iran hands death sentences to 3 Israel spies over their role in nuclear scientist assassination

An Iranian court has sentenced three individuals affiliated with Israel to death after they were…

2 hours ago

Iran says to respond to Israel’s assault at appropriate time

Iranian Foreign Minister Seyed Abbas Araghchi has warned that Tehran will give a proper response…

2 hours ago

Judiciary: Jamshid Sharmahd dies before execution of death sentence

A spokesperson for Iran’s Judiciary announced that Jamshid Sharmahd, leader of the “Tondar” terrorist group…

2 hours ago

Israeli PM considers offering millions to Hamas for release of hostages

Israel's Prime Minister Benjamin Netanyahu has proposed offering Hamas “several million dollars” for each Israeli…

3 hours ago

Israel’s army struggling with shortage of soldiers: Report

Israel’s military is facing a critical manpower problem as it runs short of thousands of…

3 hours ago

Iranians in Europe protest against EU sanctions on Iran Air

Iranians residing in Europe have launched an online petition to protest the European Union and…

3 hours ago