Oil signed an agreement with Kuwait's Arfaj to implement investment

The Iraqi Oil Ministry signed on Thursday a memorandum of cooperation with Kuwait's Arrafaj to implement joint investment projects in the liquidation sector.

During a meeting with the delegation of representatives of Al-Arfaj Holding Company, headed by Saud Al-Arfaj, Oil Minister Jabbar Ali Al-Allaibi confirmed in a statement that "his ministry signed a memorandum of cooperation with Al-Arfaj Kuwaiti Company for the implementation of joint investment projects in the liquidation sector, That "priorities of the ministry in the optimal investment of gas associated with the implementation of liquidation and petrochemical projects and the development of infrastructure for the distribution of oil derivatives."

"We confirm our keenness to implement investment projects for the construction of refineries inside Iraq to increase the production capacity of oil derivatives, and to cover and meet the actual need for domestic consumption. Moreover, the ministry has ambitions and directions for the establishment of refineries abroad in cooperation with specialized international companies."

He added that "his ministry and through the investment projects that have offered to compete with international companies aspire to reach high rates of production of oil products up to 2 million barrels per day during the year The statement said that "the Ministry of Oil represented by the Undersecretary of the Ministry of liquidation Fayad Hassan Nima signed a minutes of a meeting with the company Arfaj included the formation of a coordinating committee between the two parties to exchange information on the implementation of projects in the region and the world, and included the record of the company's desire to invest in the associated gas investment project and production of methanol, The company's invitation to the Ministry of Oil to contribute to the investment in the project to establish an oil refinery in India with a petrochemical The Undersecretary for Liquidation Affairs said that the ministry has expressed its readiness to enter into investment projects in cooperation with Kuwaiti companies to enhance the volume of cooperation and relations between the two countries and open large areas of investment.


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