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Volume
44
Issue
2
9
As part of the ongoing cooperation and
coordination between OAPEC member countries,
Algerian Energy Minister HE Mustapha Guitouni
made an official visit to Iraq heading an official
delegation of senior energy officials. During the
visit, the delegation had meetings with senior
Iraqi officials.
In a joint press conference with the Iraqi Oil
Minister HE Jabar Al Luaibi, HE Guitouni said
that the goal of the visit is to hold talks with the
officials in charge of the energy sector in Iraq in
order to boost bilateral cooperation between the
two sister countries in the field of gas investment
and oil exploration among others. Algeria’s
Sonatrach has a vast experience that will serve
achieving the mutual goals between the brothers
in Iraq and Algeria.
Onhis part HEAl Luaibi stressed Iraq’s keenness
on developing the bilateral relations with the
brothers in Algeria praising the historic ties and
petroleum cooperation back in the 1970s. He
hoped to achieve concrete steps toward sealing
a cooperation and partnership agreement with
Sonatrach. He added that Iraq can benefit from
Sonatrach’s expertise as in developing the gas
industry and achieving the most ideal investment
in these resources among others.
The two sides agreed to sign joint venture
agreements (JV) between the Iraqi Oil Ministry
represented by national oil companies and
the Algerian Energy Ministry represented by
Sonatrach. A coordination committee has
been formed between the two ministries for
communication and follow up.
Also, the two countries agreed that Sonatrach
will cooperate with Iraqi gas production companies
to focus their investment on processing flare gas
produced from oil fields and use it to power the
national electrical power systemand petrochemical
and fertilizers plants. This is in addition to
cooperation and coordination in training and
developing research centres and institutes.
Moreover, HE Al Luaibi pointed out that it
has been agreed the two side will cooperate
and coordinate to draw up OPEC’s general policy
together and work on stabilising the world oil
market and achieving the balance needed to
support oil prices.
ALGERIA AND IRAQ SIGN PETROLEUM JV
AGREEMENTS