Baker Hughes and Iraq to Sign Memorandum on Investments in the Country’s Gas Sector
The American oilfield services company Baker Hughes Co. is preparing to sign a memorandum on investments in the Iraqi gas sector, the office of Prime Minister of the Republic Mohammed al–Sudani said after his meeting with CEO Lorenzo Simonelli.
The draft agreement includes plans for the construction of a gas platform at the port of Grand Fau.
At a meeting with the CEO, the Prime Minister stressed that the authorities are interested in the continued presence of Baker Hughes in Iraq. According to him, the government is preparing to implement large integrated projects in the oil and gas and petrochemical industries, which will make the local market more promising for investment.
Al–Sudani also mentioned the Development Path project, which includes oil and gas transportation initiatives. He stressed the importance of completing Baker Hughes‘ ongoing work in Iraq, in particular at the Nasiriyah oil field, where a 200 million cubic feet associated gas capture project is being implemented, which is expected to be completed by 2026.
The company, in turn, expressed its readiness to invest in the oil and gas sector of Iraq within the framework of cooperation with the government of the country.
In 2023, the Iraqi government launched the $17 billion Development Path project, which is supposed to connect the oil–rich south of Iraq, including the port of Grand Fau, which is being built on the Persian Gulf coast, and Turkey. Roads and railways with a length of 1.2 thousand km should link Europe and Asia and turn Iraq into a major transit hub.
