Economy News – Baghdad
Prime Minister Mohamed Shi’a Al-Sudani has reported that his government has effectively reduced the flaring of associated gas by 70 percent, a significant step in the initiative dubbed “The Biological Development Road to Transfer Oil and Gas to European countries and the world.”
In his announcement, he highlighted, “The primary goal was to eliminate gas flaring. Achieving a 70 percent reduction represents a marked success in minimizing carbon emissions and waste disposal.”
Al-Sudani emphasized the strategic imperative to optimize Iraq’s oil resources, improve natural gas utilization, and enhance domestic oil product manufacturing. He outlined a vision to convert 40 percent of oil output into value-added industrial processes by 2030, aiming for full fuel sufficiency and the potential for gas oil exports.
The Prime Minister reiterated that his administration is focused on strategic projects that stimulate overall economic and developmental growth, with a particular emphasis on the development path as a central tenet.
According to Al-Sudani, the development plan incorporates infrastructure for oil and gas transportation and aims to bolster connectivity between Asia and Europe, thereby creating attractive investment opportunities.
Furthermore, he outlined a comprehensive strategy for human capital investment, designed to develop skills and capabilities that align with emerging technologies, particularly in the realm of artificial intelligence.
He noted the critical role of the electric energy sector as a backbone of economic development, suggesting it has the potential to serve as a fundamental entry point for growth in Iraq.
Al-Sudani addressed the importance of enhancing Iraq’s energy production landscape, asserting that improvements in energy transport and distribution networks, coupled with modern smart technologies, would help minimize losses, reduce emissions, and promote sustainable development. He highlighted announcements from the Ministry of Electricity regarding a new economic model for thermal stations aimed at producing an additional 15,000 megawatts.
Additionally, he indicated that a significant package of energy production projects targeting gas stations would soon be introduced under this new model. The Prime Minister emphasized the value of partnering with the private sector to expedite efforts in combating climate change and addressing water scarcity in Iraq.
Al-Sudani also discussed the integration of renewable and alternative energy sources, specifically mentioning initiatives in solar energy that aim to achieve production capacities of 4,875 megawatts upon project completion.
He affirmed the commitment to establishing electrical connections with Gulf states and Turkey to link with the European Union’s electricity grid, thereby fostering diversification and integration in the energy sector. Al-Sudani stated that Iraq’s global standing is enhancing, paving the way for economic growth, wide-ranging reforms, and increased collaboration in energy forums.
The Prime Minister concluded by reiterating Iraq’s critical role in global oil production, asserting that the nation has emerged as a vital player in stabilizing the global oil market while striving to establish itself as a regional hub for energy industries.