Shafaq News/ On Tuesday, Abdullah Al-Qadi, the CEO of Al-Hilal Oil Company, outlined three critical factors that, if adhered to, could transform Iraq into an attractive environment for foreign investment.
During a panel discussion titled "Making Iraq Investable: Challenges and Opportunities," held at the Middle East Research Institute (MERI) forum in Erbil, the capital of the Kurdistan Region, Al-Qadi highlighted the struggles faced by the private sector regarding investment across the region, noting that his company commenced its operations in Iraq by focusing on gas production in Al-Sulaymaniyah province
"We started producing gas for electricity generation in the Region, and we are currently supplying neighboring provinces with gas," he said, emphasizing that "there are three key factors crucial for the success of any investment project in Iraq, whether in the energy sector or beyond, including construction, telecommunications, and materials."
He elaborated that "the first factor is the establishment of governing legislation and regulations that guarantee the investor's projects and their growth," stressing that without such frameworks, investors are left in a state of uncertainty, adversely affecting the overall production of their projects.
Al-Qadi also pointed out that the working environment in Iraq presents several challenges, with security concerns remaining a significant issue for any investor. He underscored the necessity of "a robust security system," cautioning that, "in its absence, investors would feel vulnerable, akin to being adrift in open waters." He noted that these three factors are the most crucial for fostering a conducive investment climate.
"If these three points are considered, Iraq will become an attractive investment environment rather than a repelling one," Al-Qadi concluded.
In the previous MERI forum held in 2023, the CEO highlighted that approximately 1,500 million cubic feet of associated gas is burned from oil fields in southern Iraq, resulting in significant environmental impacts on the surrounding cities.
The company’s gas production in Al-Sulaymaniyah fields exceeds 500 million standard cubic feet of gas, all of which is utilized to supply power stations in the Kurdistan Region.
Last year, the Iraqi Ministry of Oil signed three contracts with Al-Hilal Oil Company to develop three oil and gas fields in Iraq as part of the fifth licensing round for gas investment, targeting a production capacity of 400 million standard cubic feet from the (Khashm Al-Ahmar, Kalabat, Khidr Al-Mai) fields.
MERI 2024
Under the theme "Towards Good Governance & Prosperity", MERI Forum 2024 is taking place on October 29-30 in Erbil, Kurdistan Region. This high-profile event brings together a range of stakeholders, including local and international policymakers, academics, civil society activists, journalists, and diplomats, to address urgent issues impacting the region and offer policy solutions to decision-makers.
Discussions delve into Iraq’s political economy, financial system reforms, the institutionalization of center-periphery relations, and strategies for fostering ethno-religious coexistence. Participants will also examine Iraq’s fragility and the lessons that can be learned from other international experiences, offering a comprehensive platform to address the challenges and opportunities shaping Iraq’s future.