Shafaq News/ Iraqi Prime Minister Mohammed Shia Al-Sudani described the Development Road (DR) Project as the "Great Iraq Project," highlighting Iraq's key role in the global energy market.

During the launch ceremony of the fifth supplementary licensing round and the sixth round, which encompass 29 projects for oil and gas exploration fields across 12 Iraqi governorates, Al-Sudani emphasized the strategic importance of the Development Project.

Al-Sudani stated, "We have included in the initial designs of the Development Road Project the establishment of an oil and gas pipeline, as we aspire to a new status for Iraq in the global energy market."

The $17 billion DR Project aims to link the southern port of Faw to Turkiye, potentially rivaling the Suez Canal in terms of transit efficiency between Asia and Europe. This vision includes high-speed train networks, modernizing transportation routes, and integrating energy infrastructure such as oil and gas pipelines.

On Iraq's position in the global oil market, Al-Sudani emphasized Iraq's role as a "challenging player in the energy and oil wealth equation in the region and the world," highlighting the Ministry of Oil's commitment to halt associated gas flaring within five years.

"This commitment is part of Iraq's broader strategy to optimize investment in its oil and gas resources."

"Since the first day of the formation of the Iraqi government, we have set a goal of investing in this wealth, starting with halting associated gas flaring."

The prime minister outlined a comprehensive approach that includes converting oil production into value-added industries like petrochemicals and refineries, aiming to achieve a 40% conversion rate within the next decade. This shift underscores Iraq's commitment to economic diversification and sustainable development.

Al-Sudani also stressed the importance of the sixth licensing round's investment in associated gas, noting its potential to "unlock dormant wealth and contribute to Iraq's long-term energy strategy."