Al-Sudani announces plans to transform Iraq into gas-exporting nation

The announcement came as part of a broader discussion on Iraq's approach to key issues, including energy utilization, economic reform, unemployment, and anti-corruption measures.

Energy Market Investment Appeal

Prime Minister Al-Sudani emphasized the prime opportunity for U.S. businesses to invest in Iraq, particularly in the energy market. He highlighted Iraq's pivotal role in the global energy market and its forthcoming contribution to global gas supplies through investments in natural and associated gas.

Currently, Iraq burns a staggering 1.3 billion cubic feet of gas daily and imports one billion cubic feet of gas from Iran. These gas imports and the burning of flared gas cost Iraq between $8 billion and $9 billion annually.

Al-Sudani noted: "No investments have been made in natural gas or associated gas in Iraq until recently." However, he went on to reveal that the Iraqi government has completed crucial projects in the gas sector, paving the way for future gas exports.

Key Agreements and Projects

The Prime Minister announced significant developments in Iraq's gas sector, including a deal with TotalEnergies and agreements with companies from the UAE and China. He also pointed out that national companies, in addition to international ones, are actively participating in various gas sector projects, aligning with the offers recently extended by the Iraqi Oil Ministry.

Considering Iraq's vast, untapped natural gas reserves, Al-Sudani stated: "The government is planning to make Iraq a gas-exporting country." This ambitious endeavor aims to harness the country's enormous natural gas potential.

Development Road Project

In addition to the gas sector developments, Al-Sudani touched upon the Development Road project, a strategic initiative that includes the construction of pipelines to transport both oil and gas to Turkey and Europe. This project is poised to enhance Iraq's role in the regional and global energy landscape.

The Iraqi Prime Minister's announcement signifies a bold step toward transforming Iraq into a key player in the international gas market, attracting investments, and securing its energy future. (ILKHA)