Iraqi PM stresses integrated approach for oil and gas investments, 1 OCT

 Iraqi PM stresses integrated approach for oil and gas investments, 1 OCT

Shafaq News / The Iraqi Prime Minister, Mohammed Shia Al Sudani, emphasized the necessity of adopting the "integrated project" principle in the investment of oil and gas fields on Sunday. Meanwhile, the Ministry of Oil has called upon specialized companies in the field of refinery construction to invest in the country.

This statement came during the regular meeting chaired by Al Sudani to monitor projects and development plans in the oil sector, attended by the Minister of Oil and senior officials from the ministry.

During the meeting, the projects of the Ministry of Oil in the field of gas investment, refinery development, and the export system were reviewed, as well as the ministry's plan to increase production and enhance the efficiency of resource utilization.

The Prime Minister stressed the importance of applying the "integrated project" principle when investing in oil and gas fields, encompassing various projects related to petrochemical refineries, gas production, and electricity generation stations. Additionally, it includes chemical industries and fertilizers to address the urgent local market needs.

The meeting also reviewed the progress of refinery projects and emphasized the need to complete them as soon as possible, especially after the successful operation of the Karbala refinery.

Al Sudani pointed out the significance of completing gas projects and expanding the investment in Iraqi gas-producing fields to supply power stations and national fertilizer manufacturing plants with their gas requirements.

Furthermore, he emphasized the importance of completing expansion and maintenance projects for Iraqi oil ports, storage facilities, and distribution networks across Iraq.

Al Sudani directed the monitoring of the implementation of both short-term and long-term ministry plans to meet local economic requirements and future global markets' needs for Iraqi oil and petroleum derivatives. He stressed the need to highlight Iraq's active and vital role within OPEC.

The Prime Minister also renewed his directives on the importance of adhering to the established timelines for project phases and proactively addressing all administrative and technical obstacles to ensure project completion.

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