Iraq’s oil minister to visit US
ERBIL, Kurdistan Region - Iraq’s Oil Minister Hayyan Abdul Ghani said on Saturday that he plans to visit the United States soon to present American gas companies with investment opportunities.
There are about 10 gas blocks still available that received no bids in the latest round of licensing for oil and gas projects, Ghani told state media.
“The Ministry of Oil plans to present these gas investment opportunities to specialized companies and for this purpose we have an upcoming visit to the United States, where we plan to present them to major American companies,” Ghani said.
Fourteen contracts have been finalized, gaining approval from the cabinet this past week. Many of them are with Chinese firms.
Ghani did not give a date for his trip to the US.
The minister was a part of the delegation that traveled with Iraqi Prime Minister Mohammed Shia’ al-Sudani to Washington in April in his first trip to the US as Iraq’s premier. Sudani presided over the signing of 19 memoranda of understanding with American companies in various fields, including energy, gas capture for electricity generation, and healthcare.
Iraq is one of the world’s worst gas flaring countries, burning off excess gas at oil wells in a process that is a cause of global climate change.
Flaring also releases toxic pollutants that are known to harm human health, such as benzene, which is a carcinogen that causes leukemia. Communities living near flared gas sites are at particular risk.
Oil is Iraq’s main source of income, relied on to cover government costs and pay civil servant salaries. The country pocketed $97.5 billion from oil sales in 2023, a significant decline from 2022’s record-setting $115 billion.
There are about 10 gas blocks still available that received no bids in the latest round of licensing for oil and gas projects, Ghani told state media.
“The Ministry of Oil plans to present these gas investment opportunities to specialized companies and for this purpose we have an upcoming visit to the United States, where we plan to present them to major American companies,” Ghani said.
Fourteen contracts have been finalized, gaining approval from the cabinet this past week. Many of them are with Chinese firms.
Ghani did not give a date for his trip to the US.
The minister was a part of the delegation that traveled with Iraqi Prime Minister Mohammed Shia’ al-Sudani to Washington in April in his first trip to the US as Iraq’s premier. Sudani presided over the signing of 19 memoranda of understanding with American companies in various fields, including energy, gas capture for electricity generation, and healthcare.
Iraq is one of the world’s worst gas flaring countries, burning off excess gas at oil wells in a process that is a cause of global climate change.
Flaring also releases toxic pollutants that are known to harm human health, such as benzene, which is a carcinogen that causes leukemia. Communities living near flared gas sites are at particular risk.
Oil is Iraq’s main source of income, relied on to cover government costs and pay civil servant salaries. The country pocketed $97.5 billion from oil sales in 2023, a significant decline from 2022’s record-setting $115 billion.