Eco
Iraqi Oil Minister Basim Mohammed Khdeir Al-Abbadi confirmed ongoing dialogue with Iran to permit Iraqi oil export through its territories, noting that this channel remains inactive. The Minister clarified that the Ministry successfully secured petroleum products for citizens despite challenges associated with the strait, emphasizing continuous 24-hour operations in line with the Prime Minister's directives. He added that the Ministry aims to develop the oil industry, increase production and exports, build modern infrastructure, and attract investments and international companies for optimal oil and gas utilization, given Iraq's urgent need for advanced infrastructure after decades of wars and terrorism. Al-Abbadi confirmed the government's commitment to its program to position Iraq as a leader economically and in living standards, pointing to ongoing exploratory surveys by Ministry teams to replenish depleted reserves. Regarding gas, the Minister explained that the Ministry is working on ending associated gas flaring and investing in gas fields. He mentioned that 14 contracts have been awarded to international companies for this purpose, addressing Iraq's significant expenditure on gas. He indicated the Ministry's endeavor to develop export infrastructure, affirming that the recent visit to the United States initiated a new chapter for cooperation with international companies, and their presence reflects the country's attractive investment environment. He further stated that international companies are capable of training cadres, providing infrastructure, and creating job opportunities. He revealed the signing of memoranda of understanding and contracts comprising seven clauses, including two for field development and associated gas investment, alongside an appendix agreement for Qurna-2, Al-Nasiriyah project, and four exploration blocks. He noted the signing of three memoranda of understanding with American companies, which will provide vast investment capabilities, in addition to a step concerning the export project via Aqaba port. The Minister stated that Iraq used to export approximately 3.4 million barrels per day via the Strait of Hormuz before the war, but quantities decreased afterward, stressing the need for future solutions to diversify export outlets. He clarified that the Basra-Fishkhabur pipeline project will be established under the Build-Operate-Transfer (BOT) system. He indicated that current oil discharge cannot reach previous volumes but will return to its levels after the ramifications conclude. He confirmed that all oil fields are ready to resume export levels, and the government is working to secure a safe environment for companies. Concerning the oil agreement with Turkey, the Minister said it was renewed with certain conditions, and Turkey proposed limiting cooperation to oil transportation and Iraq's participation in some projects. He noted that the planned 700,000 barrels per day cannot be supplied via Kirkuk. Regarding the oil and gas file in the Kurdistan Region, he affirmed a tripartite agreement between the federal government, the region, and oil companies, which is open to amendment through negotiation, emphasizing that the Ministry does not differentiate between citizens in Kurdistan and any other governorate. He added that the regional file requires extensive dialogue, underscoring the importance of continuing negotiations to reach solutions that serve the national interest. He concluded by mentioning that one of the Ministry's goals is to establish storage facilities in other countries, with work on this file ongoing. He stated that Iraq currently produces 2.7 million barrels per day, with exports ranging between 1.5 and 1.7 million barrels.
