Prime Minister Muhammad Shiaa Al-Sudani confirmed that Iraq has set a clear goal of covering a third of the local need for electricity by investing in renewable sources by the year 2030.
He said in a speech at the Russian Energy Week Forum, “We continue to upgrade fossil fuel extraction techniques, and we are moving forward in order for Iraq to take its place in the economic market.”
He added that "our government's vision is adopting an approach in the energy sector," indicating that "successive regimes in Iraq did not invest in gas and resorted to burning it."
He pointed out that "Iraq presented the importance of gas investment through the fifth and sixth licensing rounds," indicating that "the opportunity has become ripe to achieve success together in creating factors that encourage peace."
Al-Sudani stressed the need to diversify energy sources and transportation methods in order to reduce risks.
He said that "our region, which is rich in natural resources, needs economic integration," noting that "the development road is an unprecedented project in Iraq and the region, and we have put it into practice."
He continued: We affirm our endeavor to find a possible and promising practical connection between the countries of the region and the world through the development road project.
He added: Our region has turned into a platform where interests, development desires, and job opportunities meet, noting that Iraq has taken a giant step on the path to enhancing cooperation with and among others.
Al-Sudani said that "we urgently need joint coordination to achieve balance in the energy market."
He added that "coordination mechanisms do not only target oil prices, but rather go to support global market stability. And
our government has made economic reform a priority."
He continued: Our governments have developed a plan that includes eleven fields to be the first step towards integrated projects.
Al-Sudani called on specialized international companies to invest in these promising opportunities.
He said: We need to coordinate our efforts, allocate budgets, and pump joint and large investments in modern technologies and the infrastructure necessary to develop extraction and refining techniques.
Source: National Iraqi News Agency
