Al-Lueibi invites Sonatrach to invest in Iraq

January 8th, 2018


APS : Sunday, 07 January 2018

ALGIERS-Iraqi Oil Minister Jabbar Ali al-Lueibi expressed Sunday in Baghdad his country’s great interest in the contribution of Sonatrach in terms of knowhow and experience, particularly in the field of gas,
said the Energy Ministry in a communiqué.
Jabbar Al-Lueibi expressed Iraq’s interest in investments by Sonatrach in Iraq during his meeting with the Minister of Energy Mustapha Guitouni, who is on a working visit to Baghdad at the invitation of his Iraqi counterpart.
For his part, Guitouni said that Algeria intended to strengthen its presence in Iraq through Sonatrach and studied investment and business opportunities in all energy-related areas, particularly export, marketing and the development of exploited and non-exploited oil and gas fields.
The minister also underlined the need to establish a “win-win” partnership in the oil and gas industry based on training and exchange of experience.
The two ministers called bilateral relations “excellent and historical” particularly in the field of energy and hydrocarbons.
Speaking about the “historical” bilateral relations, the Iraqi minister recalled that Algeria “shared its knowhow with his country following the decision to nationalize hydrocarbons, which enabled the energy sector to succeed in the transition period and export its oil fields correctly.”
The minister also recalled “Sonatrach’s significant and precious contribution to the training of Iraqi engineers, the transfer of experience and knowhow.”
Both parties also underlined both countries’ willingness to further strengthen cooperation and “open a new chapter in the Algerian-Iraqi relations” on the occasion of Guitouni’s visit with a view to broadening to hydrocarbons.
They also reaffirmed their willingness to pursue consultations under the OPEC and Non-OPEC Declaration of Cooperation in order to stabilize the oil markets in the medium and long terms.