Iraq and Kuwait signed an oil agreement
The Iraqi Oil Ministry announced that a memorandum of cooperation was signed with Kuwait’s Arrafaj Company to implement joint investment projects in the liquidation sector
Oil Minister Jabbar Ali Al-Luaibi said that the ministry’s priority is to optimize the investment of gas and the implementation of liquidation projects and petrochemicals and the development of infrastructure for the distribution of oil derivatives, during a meeting with a delegation of representatives of the company Arfaj Holding Kuwait, headed by Saud Arfaj.
The Minister said that we are keen 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.
Al-Luaibi said that the ministry, through the investment projects it has put forward to compete with international companies, aspires to reach high production rates of oil products up to 2 million barrels per day during the year 2022.
On the sidelines of the meeting, the Ministry of Oil, represented by the Undersecretary for Liquidation Affairs, Fayad Hassan N’meh, signed a meeting with Al-Arfaj Company, which included the formation of a coordination committee between the two parties to exchange information on the implementation of projects in the region and the world. For 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 petrochemical complex.
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.
The meeting was attended by Undersecretary for Liquidation Affairs and Undersecretary of the Ministry of Gas Industry Dr. Hamed Younis and the Department of Studies and Economic Department.
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