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  • Malkhodr @lemmygrad.ml
    8·
    2 months ago

    ❗️Iraq signs $60 billion in energy deals with US companies

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    Western energy companies signed dozens of agreements with Iraqi officials on Friday covering oil, gas and pipeline projects, as Iraq seeks to strengthen ties with the US and develop alternative export routes that bypass the Strait of Hormuz.

    Speaking through a translator at a US-Iraq business summit hosted by the US Chamber of Commerce, Iraqi Prime Minister Ali al-Zaidi said Baghdad is committed to attracting investment. Iraqi officials and US companies in the energy, healthcare, and technology sectors signed non-binding agreements and memorandums of understanding worth more than $60 billion.

    “We are using an open-door policy,” Zaidi said. “Everybody who has a project can come and talk to us. We will not make it difficult for anyone.”

    On Thursday, Zaidi visited Chevron’s headquarters in Houston before Iraqi officials signed agreements with the company aimed at advancing its potential entry into the West Qurna 2 and Nasiriyah oilfields.

    Chevron executive Jake Spiering said the company plans to invest in a pipeline designed to bypass the Strait of Hormuz by creating an alternative export route from Iraq. The proposed pipeline could carry Iraqi crude to Syria’s Mediterranean coast.

    Looking ahead, Spiering said Iraq has the potential to become West Asia’s equivalent of the US’s Henry Hub natural gas market and the Cushing oil hub.

    ConocoPhillips also announced an agreement to acquire a 42% stake in BP Energy of Kirkuk Ltd, joining BP in the redevelopment of four producing oilfields in northern Iraq.

    BP CEO Meg O’Neill said Iraq has “fantastic potential from a resource perspective,” adding that the new partnerships would strengthen both Iraqi and global energy security. BP has operated in Iraq for decades, having participated in the discovery of the Kirkuk oilfield in 1927.

    ConocoPhillips CEO Ryan Lance said that while his company lacks BP’s long history in Iraq, it has experience operating in challenging environments such as Alaska’s North Slope.

    “We are anxious to bring our technology, our know-how, our people, and our capital to help the Iraqi people,” Lance said.

    https://t.me/thecradlemedia/64439