Abdul Jabbar: limiting investments to oil sector is detrimental to the Iraqi economy

Shafaq News/ Oil Minister Ihsan Abdul-Jabbar said that limiting international companies' investment in the oil and gas sector will not serve the Iraqi economy.

In his speech during the St. Petersburg International Economic Forum, Abdul-Jabbar said, "We are trying to reach strategic goals in the petrochemical industry and other infrastructure services, and there is progress. However, it is simple compared to progress in the oil and gas industry."

"The successive crises in the Middle East, the region and Iraq, in particular, were the most important reasons for the decline in those industries," adding, "Iraq went through dangerous stages, but work is ongoing to restore stability."

Abdul Jabbar stressed, "We need to encourage investors to open up more and have greater confidence in the Iraqi market to ensure progress in these industries", noting, "Iraq and Russia have a great history and joint activity in the energy industry in general and the oil and gas industry in particular. Some projects implemented by Russian companies since the seventies of the last century are still productive to this day."

According to the Iraqi Minister, major Russian oil companies invest in Iraq's oil fields, including Lukoil, Gazprom, and Rosneft.

"We are keen to support these companies complete the development and investment plan in our oil fields."

Abdul Jabbar stressed, "We in the Ministry of Oil need to diversify relations with investors of different nationalities and countries, and we are working to increase Russian investments in the near time."

He pointed out that there are great opportunities for Russian companies in the project, oil, and services fields, noting that Russia's share of those businesses is still modest compared to the size of its companies.

The Iraqi Minister added that the oil fields in Iraq are subject to strict protection and monitoring by the government.

"We are working seriously on diversifying investments and having major international companies working in the oil and gas field, as well as pumping investments in other sectors", he concluded.