Sunday, November 26, 2023

Iraq’s Prime Minister Chairs Meeting on Infrastructure and Investment Progress, 26 NOV

 Iraq’s Prime Minister Chairs Meeting on Infrastructure and Investment Progress

The Prime Minister of Iraq, Mohammed Shia’ Al Sudani, recently led the fourth assembly of the Supreme Committee for Reconstruction and Investment. The gathering addressed an array of subjects pertaining to the enhancement of infrastructure and investment initiatives across the nation. The attendees, a diverse group of ministers and officials, are the key personnel steering the reconstruction and investment maneuvers. The Prime Minister underlined the significance of these ventures for Iraq’s economic progression and the betterment of the living standards of its people. He further emphasized the requisite for synergy among diverse governmental entities to ensure the smooth functioning of proposed projects. The committee’s mandate is to supervise and expedite the implementation of reconstruction and investment strategies, which are pivotal for the nation’s post-conflict recovery and future prosperity.

Optimizing Crude Oil Prices

During a discussion with Oil Ministry officials, Al Sudani accentuated the necessity of leveraging global crude oil prices to augment financial allocations via optimal oil and gas investments. The Prime Minister highlighted the urgent need to stimulate the essential oil sector in all dimensions, given its crucial role in the nation’s development. Oil is Iraq’s primary income source, and the government is committed to fostering the sector along with the chemical, petrochemical, and fertilizer industries, and the electricity sector.

Investing in the Gas Sector

Meanwhile, an eminent Iraqi official revealed that Iraq has made considerable advances to broaden investment in the gas sector and halt burning operations. The Director General of South Gas Company, Hamza Abdul Baqi Nassir, speaking at the Gas Investment Conference, stated that Iraq is capitalizing on gas from oil fields to meet domestic consumption demands and considering exporting the surplus to international markets. He emphasized that the Ministry of Oil has made substantial efforts to trigger licensing contracts with foreign companies to reach a production of 1,000 million standard cubic feet. This move is aimed at securing the requirements for energy production and putting an end to gas burning operations, thereby mitigating environmental risks.

Strategic Projects for Sustainable Development

Al-Sudani spoke about his government’s endeavours to usher development back to its rightful course and implement its development blueprints. He mentioned that his administration has expedited the execution of 7,000 lagging projects, while simultaneously initiating new projects that hold immense developmental and service value. He added that priority was given to strategic projects aligned with the 2030 Sustainable Development Vision, most notably infrastructure and clean energy initiatives, the Development Road, and the Faw Port project.

https://bnn.network/politics/iraqs-prime-minister-chairs-meeting-on-infrastructure-and-investment-progress/

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