Despite the end of its mandate, the government intends to conclude huge contracts with Saudi Arabia, worth tens of billions

Despite the end of its mandate, the government intends to conclude huge contracts with Saudi Arabia, worth tens of billions

Monday 1 November 2021 | 10:24 am

Despite the end of its mandate the government intends to conclude huge contracts with Saudi Arabia worth tens of billionsThe head of the Iraqi negotiating delegation to the (Iraqi-Saudi Committee for Energy and Manufacturing), Oil Minister Ihsan Abdul-Jabbar Ismail, revealed, on Monday, the intention of the caretaker government to sign huge contracts with Saudi Arabia before the end of his current government’s term for investment participation in the gas, alternative energy, water and petrochemical industries, indicating These investments are estimated at tens of billions of dollars across the country. Ismail said in a statement reported by Al-Sabah newspaper that “Iraq is negotiating with 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 draft contracts. It satisfies the aspirations and interests of both countries.” He pointed out that “the Iraqi negotiating committee 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.” The Minister of Oil revealed “intensive discussions that have been taking place since last April between the (Saudi SABIC) company, and they 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 about Iraq’s participation in an equal share to invest the (Nebras) petrochemical project in Basra under a signed agreement. Between the Ministry of Industry and (Royal Dutch Shell) to establish a petrochemical complex in Basra, which will produce one million and 800 thousand tons annually.

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