Prime Minister Mohammed Shia al-Sudani expressed, on Thursday, Iraq’s readiness to enter into a partnership with American companies in the oil industry sector, revealing at the same time his government’s intention to establish a new Iraqi bank.
This came during his participation in New York, after midnight on Wednesday, in a dialogue session held by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council.
Al-Sudani said during the dialogue session that the government has embarked on a series of rapid projects, including the important agreement with Total, which contributes to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds’ appendix, and entering into contracts to produce oil and invest in gas.
He pointed out that after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as the rehabilitation of the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity reaches 150 thousand barrels per day.
He added, “We have finished importing petroleum derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra,” adding, “Our vision is to convert 40% of the exported oil into transformation industries, which will give us more benefits than selling crude oil.”
Al-Sudani touched on the banking sector in Iraq, pointing out that development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade take place through reliable banks.
He stressed that the currency selling window will be closed at the end of this year, and the money laundering office at the Central Bank is working effectively, noting that the government has contracted with Ernst & Young to reform the government banking sector, and we have strengthened citizens’ confidence in banks and expanded financial inclusion.
The Prime Minister continued, saying: The Central Bank has independence and exercises its powers with complete professionalism, and we intend to establish a new bank that adopts the latest technologies.
Al-Sudani called on all companies working in the field of electronic payment to work in Iraq and we will provide them with all facilities, concluding by saying that we have developed a plan to develop the infrastructure, with allocations reaching 83 billion dollars.
shafaq.com