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Saudi Arabia Looks to Invest In Oil Projects In Iraq

A meeting between Iraq's oil minister and Saudi Arabia's minister of energy centered on the latter's intent in investing in gas projects throughout Iraq.

In a meeting held Monday between Iraq's oil minister Ihsan Abdul-Jabbar Ismail and Saudi Arabia's minister of energy Abdulaziz bin Salman, the latter expressed their interest in investing in various gas projects in Iraq. 

The meeting was held electronically via television with several government ministers and officials in attendance including the Minister of Electricity Majid Mahdi and Investment Authority Head Suha al-Najjar from Iraq and officials from Aramco, SABIC and Waco Power from Saudi Arabia.

In particular, the Saudi Arabian companies are interested in gas investment projects, specifically the oil fields in Anbar and Basra as well as the Nibras petrochemical complex which is deemed to be one of the largest in the Middle East.

It will be recalled that in March this year, Iraq's Prime Minister Mustafa al-Kadhimi visited Saudi Arabia and signed on several new agreements. This was after the announcement made by Saudi Arabia in mid-October last year that they will be increasing their investments in Iraq by 10 billion Saudi Riyals or about 2.7 billion US dollars.

Closer ties between the two countries date way back in 2015 when Saudi Arabia reopened their embassy in Baghdad after being closed for 25 years. In October the two agreed to open the Arar border crossing which had been sealed off in 1991.


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