• Tuesday, 18 June 2024

Iraqi Prime Minister Emphasizes Expansion of Petrochemical Projects

Iraqi Prime Minister Emphasizes Expansion of Petrochemical Projects

Iraqi Prime Minister Mohammed Shia’ al-Sudani reaffirmed the nation's commitment to expanding its petrochemical industry during a meeting with a delegation from KBR, a US-based company specializing in science, technology, and engineering. The meeting, held in Baghdad, highlighted Iraq’s strategic focus on increasing petrochemical projects as part of its broader economic development agenda.

According to a statement from the Prime Minister’s Office (PMO), KBR officials presented their ongoing operations in Iraq, which include significant collaborations with Iraqi oil firms. These collaborations aim to utilize flared gas and engage in integrated energy projects designed to maximize the country's oil resources. The discussions underscored KBR’s role in supporting Iraq’s industrial growth and energy efficiency.

Prime Minister Sudani emphasized the federal government’s agenda of fostering productive partnerships and creating a conducive investment climate. This agenda also includes comprehensive reforms in financial, banking, and tax sectors to bolster the positive impact of foreign businesses on the Iraqi economy.

“Iraq is committed to expanding its petrochemical, petroleum derivatives, and fertilizer industries,” stated Prime Minister Sudani. “These promising industrial projects are expected to attract substantial foreign investment and expertise, build a stable and diversified economy, and generate additional employment opportunities for our citizens.”

The meeting highlighted the federal government's proactive steps to attract foreign investment and expertise, positioning Iraq as a favorable destination for industrial development. The emphasis on petrochemical projects reflects a strategic effort to leverage Iraq’s natural resources for economic diversification and long-term stability.

KBR’s engagement in Iraq’s energy sector signifies a continued international interest in the country's industrial potential. The discussions with Prime Minister Sudani are seen as a positive move towards realizing Iraq’s ambitions in the petrochemical industry and enhancing its economic landscape.