Dr. Hamid al-Zawbai, Deputy Minister of Oil for Gas Affairs, has affirmed that a list of investments in the petrochemicals and oil fields were suggested before Saudi investors.
Discussions are ongoing with Saudi Basic Industries Corp (SABIC) and Saudi Aramco on Nebras petrochemical complex and Akkas gas field, whose daily output is 300 million cubic feet.
Zawbai statements were made on the sidelines of a forum held by Saudi Exports Development Authority and Saudi-Iraqi Trade Mission on Tuesday in Khobar, where 35 Saudi institutions from the oil and gas sector took part as well as heads of four Iraqi oil firms.
He underpinned coordination with SABIC in Nebras, with investments ranging between USD6b to USD8b, revealing SABIC's interested in it. Zawbai stressed the importance of SABIC being part of this project with the Iraqi government besides Shell Oil Company.
In the same context, the Iraqi official highlighted that talks are ongoing with Aramco in the field of developing exploratory gas fields such as the Akkas gas field.
The Saudi-Iraqi Joint Coordination Council (SICC) has taken significant steps in developing Saudi-Iraqi ties, he noted, namely steps regarding investment in oil and gas.
The deputy minister stated that the work is underway to suggest investment in the sector of gas and oil in Iraq before Saudi companies.
Zawbai assured Saudi investors willing to enter the Iraqi market that the security condition is stable.
