Iraqi Oil Minister: Restructuring the energy sector in general

Prime Minister for Energy Affairs and Iraqi Oil Minister (Thamer Ghadhban) stressed his country’s keenness to develop the energy sector in Iraq according to the latest scientific programs and advanced technology. He added that the Iraqi government and the legislative authority represented by the Commission on Oil and Parliamentary Energy pay great attention to the energy sectors of the oil and gas industry and the electricity and water sector, because it is the main engine and support for the Iraqi economy, and oil is the main supplier of financial revenues and constitutes more than 90% of the financial allocations to the federal budge

Al-Ghadhban pointed out to the government’s keenness to witness the energy sector in Iraq in a continuous activity and growth, and to be subject to clear developmental and development policies, so that Iraq remains a major producer of oil and gas, in conjunction with the provision of electric power to citizens, industrial, commercial and other sectors.

Ghadhban added that the policies of the Iraqi government will witness a series of necessary measures aimed at the rehabilitation, development and restructuring of the energy sector in general, through the preparation and adoption of policies, studies, research, legislation and modern regulations and instructions that support this activity and contribute to its development

He said that the energy sector will witness a number of changes for the better to make it a sustainable productive sector, as well as infrastructure development, increase and diversify export outlets, and qualitative improvement of the refinery sector, and investment in renewable energies

The minister pointed out Iraq’s concerns to preserve the environment and international obligations and determinants in this regard, which is what the Ministry of Oil is working out through projects to invest gas associated with production processes to stop burning it to preserve the environment, as well as benefit from it in meeting the country’s needs of gas, especially uses of power generation and petrochemicals And other uses, and the export of surplus, to achieve financial revenues to the state treasury.

He stressed the Iraqi government’s support for investment and investors and its keenness to develop and reform the working environment and simplify procedures.

And the government is working to combat corruption and provided that all transactions and events for investment are transparent and work on the principle of achieving equal opportunities for all.