Two global companies plan to invest billions of dollars in Iraq’s energy sector.
Two global companies plan to invest billions of dollars in Iraq’s energy sector.
2026-07-17
Shafaq News – Follow-up
CNBC reported on Friday that two oil and energy giants plan to invest billions of dollars in Iraq’s energy sector.
The network quoted sources in the two companies as saying that BP and ConocoPhillips will announce new investments worth billions of dollars in Iraq as part of the United States’ efforts to strengthen the Iraqi energy sector and reduce the dependence of countries in the region on routes threatened by Iranian disruption .
The network indicated that these announcements are expected to be made during the US- Iraq Business Summit in Washington .
The investments come as part of Washington’s efforts to strengthen Iraq’s energy sector and reduce the region’s reliance on export routes vulnerable to disruption by Iran.
On Tuesday, July 14, an informed source revealed that Iraq will sign more than 18 agreements with the United States in various fields, while indicating that there are agreements ready that will be signed soon.
The source told Shafaq News Agency that “Prime Minister Ali al-Zaidi’s visit, which is considered historic as he is the first prime minister to be received with such warmth and attention, will lead to the signing of more than 18 partnership agreements in various fields, including politics, economy, industry, energy, oil, education, health, investment and armament, and that these agreements will strengthen the partnership between Iraq and the United States.”
He added that “Iraq is looking to establish a development fund in one of the American banks, not in the Federal Reserve Bank. According to initial data, the fund will be financed from the revenues of oil exported to the United States, in an amount of up to 500,000 barrels per day, which makes the value of the fund’s financing reach one trillion dollars, to finance investment projects and infrastructure projects, foremost among them electricity projects and other important projects.”
The source indicated that “there are agreements ready that have been finalized and discussed between the two sides, and they will be signed by the relevant officials and ministers accompanying Al-Zaidi with their American counterparts, which will constitute a positive step that reflects the strengthening of relations between the two countries.”
shafaq.com
