Iraqi oil minister welcomes Qatar investments in gas, infrastructure

Oil Minister Jabar al-Luaibi speaks during news conferance in Basra, Iraq March 15, 2017. REUTERS/Essam Al-Sudani

Baghdad ( Iraq has welcomed Qatar’s eagerness to invest in its gas and infrastructure sectors as the country seeks to revive its war-hit economy following the defeat of Islamic State.

A statement by the Petroleum Ministry said Minister Jabbar al-Luaibi  promised Qatari investors to “ensure all capabilities and requirements for the success in their work in Iraq”.

It said his statement came during meeting with Qatari energy minister, Mohammed al-Sada and Qata Petroleum CEO, Saad Sherida al-Kaabi on the sidelines of recent OPEC and OAPEC meetings in Vienna and Kuwait.

Luaibi said Qatar expressed eagerness to invest in the gas, exploration, refining, infrastructure and petrochemicals sectors.

The Iraqi ministry has recently invited world companies to invest in the development of nine fields on the borders with Iran and Kuwait.

Iraq’s economy has been reeling due to the conflict with Islamic State, falling world oil prices and alleged domestic corruption.

Iraq exported crude oil worth USD6.83 billion during the month of November, the country’s marketing company said in a recent statistic.

The State Oil Marketing Organization (SOMO) said that was the worth of 105.51 million barrels exported during the month, with an average price per barrel of  USD57.194.

The statistic put the daily export rate at 3.503 million barrels.

“Kirkuk fields did not record the export of any petroleum quantities during last November.

Iraq’s oil ministry had unveiled intentions to drive up crude oil production to five million barrels a day before the end of 2017.

Iraq is OPEC’s second largest oil producer following Saudi Arabia.


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