Iraq to enter global gas market
A technician turns a valve at the Nahr Bin Omar natural gas field, north of Basra, Iraq. Photo: AFP/Getty Images
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, confirmed on Tuesday that Iraq is seeking to reach self-sufficiency in gas within three years, the state news agency (INA) reported.
Al-Sudani, during a ceremony held to sign to final contracts of licenses related to oilfields, said that the reform in the oil sector is represented in the optimal investment of oil wealth, and Iraq’s entry into the global gas market is an option that we planned for and will be implemented, INA mentioned.
Al-Sudani noted that it is not possible to continue burning the associated gas that wastes wealth and affects the environment.
“One of the main reasons behind the electricity crisis is the lack of fuel,” Al-Sudani stated.
“We spend 10 trillion dinars (nearly 6.85 billion USD) annually on gas imports. Iraq imports even oil derivatives, although it is an oil producer and exporter,” Al-Sudani clarified.
“We will work to sign contracts for the establishment of refineries, and we will reach self-sufficiency in gas within three years to cover all our needs,” Al-Sudani illustrated.
“We emphasize the need to benefit from the associated gas in all our foreign visits and meetings,” Al-Sudani said.
“We are looking forward to seeing the Ministry of Oil benefiting from Iraq’s resources of natural gas and associated gas,” Al-Sudani added.
The Iraqi Prime Minister also mentioned that Iraq is now in a transitional phase to shift from total dependence on oil revenues to diversify its sources of income.