Prime Minister Muhammad Shia' al-Sudani participated in a discussion session in New York, hosted by the American Chamber of Commerce and the Monitor, alongside a distinguished group of investors, business leaders, and representatives from American companies, as well as the Iraqi-American Business Council.
During the session, he highlighted Iraq's new reality, marked by economic and developmental progress across various sectors. He emphasized significant strides in utilizing associated gas, which had been wasted for years, costing the country billions due to gas and oil product imports.
Al-Sudani affirmed that the government has initiated a series of rapid projects, including a significant agreement with Total to increase oil production and invest in associated gas, estimating an increase of approximately 600 million standard cubic feet. He mentioned that after 2028, Iraq aims to achieve self-sufficiency in gas, alongside activating oil product projects, including the strategic Karbala refinery, with a production capacity of 140,000 barrels per day, and the rehabilitation of the destroyed Baiji refinery, which has a capacity of 150,000 barrels per day.
Here are the key points from his address during the discussion session:
- When I assumed office, associated gas investment was below 40%; now it has increased to about 70%.
- We have ended the import of oil products and will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra.
- We are ready to partner with American companies in the oil industry.
- Our vision is to transform 40% of exported oil into value-added industries, which will yield greater benefits than selling crude oil.
- Our policy is to diversify contracting parties for our oil and gas fields without specific conditions.
- The licensing round procedures are clear and transparent, with no favoritism toward any company.
- Development cannot be achieved without a robust banking sector operating according to international standards; 95% of financial transactions in Iraqi trade occur through reliable banks.
- The currency selling window will close by the end of this year, and the anti-money laundering office at the central bank is functioning effectively.
- The government has contracted with Ernst & Young to reform the public banking sector, enhancing public trust in banks and expanding financial inclusion.
- Iraq is currently experiencing unprecedented stability and recovery since 2003, presenting an opportunity to transition from conflict to development and stability.
- A stable Iraq in a sensitive region benefits the world; this has been evident since October 7, as Iraq maintained a significant balance and calm, steering clear of conflict.
- Our security forces have reached an advanced level of capability and efficiency, and we have initiated an arming program to enhance their abilities; ISIS no longer poses a threat to our security.
- We need American medium and small businesses to partner with Iraqi companies.
- We are working to create job opportunities for youth by activating the private sector and supporting their own projects through various programs, including the "Entrepreneurship" initiative.
- The volume of projects awarded for investment will provide a significant number of jobs, and it is essential for operating companies in Iraq to establish training centers to develop youth skills.
- We assured companies in the electricity sector about creating maintenance centers for quick execution and cost reduction.
- The government has a clear intention to support the agricultural sector, and farmers are transitioning to modern irrigation technologies, which we supported at 30%.
- We provided loans for workers in the food industry, with part of them covered by sovereign guarantees.
- The central bank operates independently and exercises its powers professionally; we plan to establish a new bank using the latest technologies.
- We invite all companies in the electronic payment sector to operate in Iraq and will provide all necessary facilitation.
- We have set a plan to develop infrastructure with allocations reaching $83 billion.