Today, Tuesday, the Ministers of Oil, Basem Mohammed Khodair, and Electricity, Ali Saadi Wahib, inaugurated the fourth edition of the Iraq Oil and Gas Exhibition and Petroleum Projects and Licensing Rounds, with the participation of more than 90 local and foreign companies, in the presence of the Minister of Commerce.
The exhibition aims to showcase the most significant projects and available investment opportunities in the oil and gas sectors, as well as to explore cooperation prospects with local and international companies and develop investments in the energy sector.
Ibrahim Al-Baghdadi, head of the Iraqi Economic Council, confirmed the importance of diversifying oil export outlets and developing the oil sector's infrastructure, which contributes to enhancing the stability of the Iraqi economy and increasing its capacity to face changes and challenges in global energy markets.
In his speech at the exhibition, Al-Baghdadi stated that the oil sector in OPEC faces a dual responsibility, which is to meet the requirements of national development and modernize oil infrastructure while contributing to achieving stability in global energy markets.
He noted that Iraq's economic stability is closely linked to increasing oil export lines, diversifying its outlets, and securing transportation routes, pointing out that the strategy concluded by the Iraqi government during Prime Minister Ali Al-Zeidi's visit to the United States aims to expand oil transportation lines and diversify export outlets through the north, south, and west, thereby enhancing Iraq's negotiating and logistical capacity in global markets.
Al-Baghdadi praised the efforts of the Ministry of Oil in this area, particularly the signing of three agreements related to the establishment and rehabilitation of export pipelines, while also calling for continued demands to increase Iraq’s production share within OPEC, in line with its reserves, investment commitments, and developmental needs.
Regarding refineries, he emphasized the importance of direct investment in the development of national refineries, whose total and future investments are estimated at around $12 billion, considering that this represents a fundamental step in reducing the import of oil derivatives.
He explained that developing refineries and introducing isomerization, refining, and catalytic cracking technologies would increase high-octane fuel production and provide larger quantities of gasoline and gas oil, in addition to transforming crude oil into refined and petrochemical products with added value, thereby enhancing economic returns and providing thousands of job opportunities.
In the electricity sector, Al-Baghdadi praised the ministry's efforts, stressing the need to address the challenges facing the national grid and to develop comprehensive plans for its modernization and development.
He pointed out that global transformations in the energy sector are no longer limited to securing hydrocarbon fuel sources but have extended to investing in renewable energy, emphasizing the importance of the investment opportunities presented by the Ministry of Electricity, particularly solar energy projects.
He highlighted the potential to invest in Iraq's geographical and strategic components to develop the energy industry and enhance investments and trade exchanges with international markets.
In conclusion, Al-Baghdadi affirmed that the role of the private sector and companies is no longer a secondary option but has become a strategic partnership to support government efforts, overcome financial challenges, localize modern technology, and contribute to building a more resilient and sustainable Iraqi economy.