Aramco to develop gas field in Iraq
The logo of Aramco. Photo: Reuters
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, said on Thursday that the giant Saudi oil company, Aramco, will develop a gas field in Iraq that can produce more than 400 million cubic feet per day.
On the sidelines of the Iraqi-Saudi Coordination Council held in Jeddah, Aramco reached an agreement with Iraq’s Oil Ministry to develop the Akkas gas field in Anbar governorate in western Iraq.
Abdul-Ghani also called on Saudi companies to invest in the Nibras project for petrochemicals, elaborating that it is one of the promising projects in Iraq.
Additionally, the Iraqi Minister of Oil clarified that the development of oil and gas fields on the borders with Saudi Arabia has been put out to tenders, calling on all Saudi specialized companies to participate in developing oil and gas fields in Iraq.
The Iraqi official illustrated that the economic feasibility of the electrical interconnection project has been completed, adding that the Iraqi side is ready to cooperate further in the field of energy and oil.
The Iraqi-Saudi Coordination Council witnessed on Thursday the establishment of the Saudi Iraqi Investment Company, fully owned by the Saudi Public Investment Fund (PIF), which aims to invest $3 billion in Iraq.