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Saudi Arabia eyes more oil investments in Iraq as top officials meet

Bazerkan field is an operating oil field in the city of Maysan, south of Baghdad, Iraq. (Shutterstock)
Bazerkan field is an operating oil field in the city of Maysan, south of Baghdad, Iraq. (Shutterstock)
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21 Jul 2023 03:07:39 GMT9
21 Jul 2023 03:07:39 GMT9

Arab News

RIYADH: Saudi Arabia’s investments in the oil sector are expected to accelerate further as a delegation comprising Mohammed Abdulrahman Al-Ibrahim, the Kingdom’s assistant minister for oil and gas, met his Iraqi counterpart in Baghdad. 

Saudi Arabian Oil Co officials also accompanied the Saudi minister and reviewed several investment opportunities in the energy sector, exploratory sites and refining facilities. 

The state news agency reported that Iraqi Oil Minister Hayan Abdul Ghani welcomed Saudi companies to invest in various sectors, including energy refining and infrastructure. 

According to Iraqi News Agency, the Oil Ministry also welcomed the Saudi partnership and added that cooperation between both countries would help develop the energy sector in the nation.

“This meeting comes as a continuation of the results of the visit of Prime Minister Mohammed Shia Al-Sudani to the Kingdom and the desire of the two countries to develop bilateral relations,” said Ghani.

He added that both countries should speed up the implementation of joint projects to serve the common interests of their people.

Earlier this month, Saudi Arabia and the UAE committed to allocate $6 billion for expanding international trade and investment in Iraq. 

As part of the collaborative exercise, the Federation of Iraqi Chambers of Commerce announced that it also agreed to set up business councils of the Kingdom and the UAE in the country.

“The UAE and Saudi Arabia deposited $3 billion each to support their operations in Iraq, which include trade and investment activities,” said FICC President Abdel Razzak Al-Zouhairy at that time. 

In June, the Saudi Export Development Authority organized a trade mission to Iraq under the theme “Made in Saudi.”  

The trade mission witnessed the participation of over 37 Saudi companies and 100 Iraqi firms from various sectors, including construction materials, food products and packaging.  

Saudi Arabia, last month, also signed a contract with Iraq to establish a commercial project worth $1 billion in Baghdad. This project, named Baghdad Avenue, is expected to become the largest shopping mall in Iraq and will accommodate coffee shops, restaurants and commercial offices. The project will also house 4,000 apartments and 2,500 villas. 

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