We plan to be a gas exporting country, and it is time for American companies to enter the Iraqi market

Economy News – Baghdad

Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Friday, that the government plans for Iraq to be a gas exporting country, while he considered that the time has come for American companies to enter the Iraqi market, especially the energy market.

Al-Sudani’s media office stated in a statement, “Prime Minister Muhammad Shia’ al-Sudani participated in a dialogue symposium held by the American institutions Al-Monitor and Semaphore, and attended by a number of media outlets and a group of researchers, which addressed various political and economic issues of Iraqi concern.”

Al-Sudani said, “Funding the region from the budget is linked to previous financial problems facing the region, which clearly appeared after stopping the export of oil through the Turkish port of Ceyhan, and because of limitations and difficulties in the budget law for the year 2023,” indicating that “the federal government dealt with a responsible position, as the region is part of It is indivisible from Iraq, and our moral and national responsibility towards its citizens is the same responsibility with citizens in the southern or central governorates.”

He stressed: “We found the solution and announced it after the visit of the delegation of the Iraqi Kurdistan region, and the solution came from Baghdad and not from abroad,” adding, “With understanding, dialogue, and acknowledgment of these commitments and legal limitations, we will find solutions to all problems.”

The Prime Minister stated, “We have launched funding that will continue until the end of this year, and financial settlements will be made before the end of the year,” explaining that “dialogues are ongoing regarding other entitlements, including discussing the draft oil and gas law.”

In a separate context, Al-Sudani stated, “In every meeting with an American official, we stress the importance of the presence of American companies in various sectors, especially in the energy file, which is linked to other problems such as determining gas, Iranian gas dues, and others.”

He pointed out that “there is an opportunity to solve a problem that represents a crisis in our relations with the United States and with Iran, especially with regard to the recent Iranian gas dues,” stressing that “this government is based on institutional work, a diversified economy, and a real fight against corruption, and it is also based on enforcing… The law and the independence of the judiciary, and for each of them there is a practical achievement for the government during the past months.”

He continued, saying: “The time has come for American companies to enter the Iraqi market, especially the energy market,” noting that “Iraq is an important and pivotal country in the global energy market, and soon it will be a country in the gas market through natural and associated gas investments.”

He added: “We burn 1,300 million cubic feet of gas every day, and we import from Iran a thousand million cubic feet. The burned costs us 4-5 billion dollars, and the imported costs us about 4 billion dollars,” explaining that “natural and associated gas has not even been invested by some governments.” Before 2003.”

The Prime Minister stressed, “The government has completed important projects in the gas sector, which will enable us to export gas in the future. We have completed the Total agreement and the fifth round agreement with Emirati and Chinese companies, and we have a national effort, in addition to the sixth round currently presented to international companies.”

He added: “We plan for Iraq to be a gas exporting country, in light of the size of the huge reserves of natural gas that have not been invested in the history of Iraq,” adding: “We are a country that produces 4,652,000 barrels daily, and imagine the amount of gas accompanying this production, which constitutes wasted wealth, wasted. The government has established the correct foundations for its investment,” pointing out, “The government has prepared a future vision linked to the strategic development road project, which will be an accompanying corridor for the road and railway, and there is a line to transport oil and gas to Turkey and Europe.”

Al-Sudani confirmed during the symposium, “Export through the Turkish port of Ceyhan stopped after the decision of the International Arbitration Court, which issued a ruling in favor of Iraq,” noting that “the Turkish side made clear the existence of technical problems, and we waited for their confirmation of the extent of the technical problems in the pipeline.”

He added: “We are awaiting notification from the Turkish side to resume exports, because stopping it violates the basis of the agreement between Iraq and Turkey in 1973,” pointing out that “Iraq loses about 470 thousand barrels daily due to the cessation of exports from the Turkish line, a number that affects the size of budget revenues.”