ERBIL, Kurdistan Region of Iraq - Iraqi Prime Minister Mohammed Shia’ al-Sudani on Wednesday met Wael Sawan, the CEO of Shell oil company in London, discussing opportunities in Iraq, especially investment in associated gas.
During the meeting, Sawan showed his company’s "readiness to increase investments in Iraq, especially in the field of associated gas, in addition to investing in the free-gas sector, for which the government has offered licensing rounds to invest in several regions of Iraq,” read a statement from the Iraqi prime minister’s media office.
“Cooperation between Iraq and the company, which is one of the most important oil, gas, and petrochemical companies in the world, was discussed, especially since the government announced many investment opportunities in these sectors,” the statement added.
Earlier in the day, Sudani met with representatives of 24 major British companies in London, where his office outlined Iraq's investment-friendly reforms and $100 billion allocated for development projects through 2025.
Iraq has planned to eliminate gas flaring by 2028 to mark a significant step toward addressing longstanding environmental and economic challenges, as the government aims to diversify the economy and reduce reliance on oil exports.
Gas flaring, a practice where natural gas is burned off during oil extraction, has drawn criticism for its environmental impact and waste of valuable resources. It is, however, a convenient and cheaper way to deal with associated petroleum gas, a waste product that causes enormous economic waste, gives out greenhouse gas emissions, and significantly contributes to global warming.
Despite producing 3.1 billion cubic feet of natural gas daily, Iraq continues to flare a substantial portion due to inadequate processing infrastructure.
Iraq spends nearly $4 billion annually on gas and electricity imports from Iran while struggling to efficiently utilize its resources.
Since taking office, Sudani’s government has focused on projects that aim to expand domestic oil refining, reduce imports of oil derivatives, and create new industries to support long-term economic stability.
Iraq, which produces more than four million barrels of oil per day, continues to import oil derivatives and gas.
Iraqi PM arrived in London on Monday on an official visit, holding a flurry of meetings, including with King Charles III, British PM Keir Starmer, and business leaders.
Telegram
