Oil Minister to Al-Zidi: Gas flaring to end by late 2029; agreement with the region is a major achievement
Oil Minister Bassem Mohammed Khudair Al-Abadi confirmed on Wednesday to Prime Minister Ali Al-Zidi that the ministry is proceeding with associated gas investment projects to end its flaring in Iraq by the end of 2029, pledging to intensify efforts to secure financial revenues from exports and activate export outlets, as well as provide oil derivatives to citizens despite the current challenges in the region.
During the meeting, Al-Abadi touched on the importance of licensing rounds in attracting global expertise to develop the oil sector, in addition to solar energy projects, most notably the “Basra Sun” project. He praised the recent oil agreement with the Kurdistan Region and considered it a major achievement, while he called for the allocation of a five-year budget to ensure the completion of vital strategic projects, according to an official statement issued by the ministry.
For its part, the media office of the Prime Minister stated that the meeting, which was held in the Ministry of Oil building, witnessed Prime Minister Ali Al-Zaidi reviewing with the Minister of Oil and senior staff the mechanisms for addressing the repercussions of the crisis of closing the Strait of Hormuz and the cessation of exports, as well as following up on the progress of work in associated gas projects and the most prominent challenges they face.
The meeting addressed finding diverse outlets and securing alternative routes for exporting crude oil, and the mechanism for implementing Cabinet decisions in this regard, in addition to discussing the Ministry of Foreign Affairs’ procedures regarding following up on agreements concluded with a number of neighboring countries for exporting oil by land.
Shafaq.com