The fifth session of the Iraq-Saudi Coordination Council held in Jeddah saw significant discussions and project developments in the energy and petrochemical industries. Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdulghani, revealed key topics and agreements, highlighting the commitment of both countries to enhance bilateral cooperation in the energy sector.
Development of Geological Survey Database and Mining Collaboration
During the fifth session of the Iraq-Saudi Coordination Council, important agreements were reached between Iraq and Saudi Arabia. One of the key achievements was the establishment of a database for geological survey information and mining data. This database will play a crucial role in gathering and sharing valuable information for both countries, facilitating efficient exploration and development of mineral resources.
The collaboration in the field of mining is expected to boost the economies of Iraq and Saudi Arabia. By leveraging each other’s expertise and resources, the two nations can unlock the untapped potential of their mineral reserves, promoting economic growth and diversification.
Expansion of Energy Projects: Akkas Gas Field and Nebras Al-Sharq Petrochemical Project
Another significant outcome of the coordination council session was the focus on the participation and investment of Saudi companies in Iraq’s energy projects. Specifically, discussions revolved around the development of the Akkas Gas Field in al-Anbar and the Nebras Al-Sharq Petrochemical Project.
The Akkas Gas Field, located in western Iraq, has immense potential for natural gas production. With Saudi Arabia’s expertise and investment, the field can be developed more efficiently, leading to increased energy production and export capabilities for Iraq. This collaboration will not only benefit both nations economically but also contribute to the stability of the regional energy market.
Similarly, the Nebras Al-Sharq Petrochemical Project presents an opportunity for Saudi companies to contribute to the growth of Iraq’s petrochemical industry. Through joint efforts, the project aims to establish a state-of-the-art facility that will produce a wide range of petrochemical products, creating job opportunities and boosting economic development in both countries.
Advancement in Electricity Sector and Solar Power Generation
Cooperation in the electricity sector between Iraq and Saudi Arabia has been a priority, and the recent coordination council session showcased significant progress in this area. The joint efforts to implement the Saudi-Iraqi electricity interconnection project have yielded positive results, facilitating the exchange of electricity between the two nations. This interconnection will enhance energy security, promote stability in the power supply, and support economic development in the region.
Additionally, discussions during the session explored the possibility of establishing a solar power generation station. Iraq’s abundant sunlight and Saudi Arabia’s experience in solar energy present an ideal opportunity for collaboration in renewable energy projects. By harnessing solar power, both countries can reduce their reliance on fossil fuels, mitigate environmental impact, and contribute to a sustainable energy future.
The discussions held during the fifth session of the Iraq-Saudi Coordination Council reflect the commitment of both countries to deepen their cooperation in the energy sector. The agreements reached pave the way for mutual benefits and the advancement of joint projects, ultimately leading to the development and growth of the energy industries in Iraq and Saudi Arabia. This strengthened partnership not only contributes to the economic prosperity of both nations but also fosters stability and security in the regional energy market.