In the conclusion of the meetings which was held between Mr. Jabbar Ali Hussein Al-Luiebi the minister of oil and his Algerian counterpart with his entourage whom arrived to Baghdad at Sunday the 7th of January 2018.
The meeting was also attended by the deputies of the minister of oil and the directors general to represent the Iraqi party.
The meeting minutes was about the agreement on the sharing contracts, according to the (JV) form between the ministry of oil “represented by the national oil companies” and the Algerian ministry of energy “represented by Sonatrach Company”. In addition to the formation of the coordination committee between the two ministries to communicate and follow-up the agreement.
Mr. Al-Luiebi said that the meeting minutes included the cooperation between Sonatrach and the Iraqi gas production companies to work commonly to invest the associated flare gas with the up-streaming operations perfectly and use it in the national power system and the factories of petrochemicals and fertilizers.
Mr. Al-Luiebi said also that the meeting minutes aims to develop the work of the oil companies, update the exploration work, experience development and execute joint projects of pipelines network, reservoirs, pumping stations and building the oil marketing & pricing experiences. In addition to the development of the oil equipment & petrochemicals industry by depending on the new technology to support the national industry. And to develop the mechanisms of using & investing the gas network perfectly to supply the citizens and the other consumer sectors.
Mr. Al- Luiebi said also that the agreement was to cooperate and coordinate in the sector of training & development of the research institutes and centers in order to contribute in supporting, developing and rehabilitating the national capabilities. He said also that there was also an agreement to coordinate and cooperate between the two ministries to prepare the general policy of OPEC and work together in order to stabilize the global oil market and achieve the necessary balance to stabilize the oil prices.
Source: Ministry of Oil