Iraq in talks with SABIC, Aramco for energy investment projects

Iraq is in talks with Saudi Basic Industries Corp (SABIC) and Saudi Aramco to invest in gas and petrochemical projects in the country, Asharq Al-Awsat newspaper reported, citing Hamid Al-Zawbai, Deputy Oil Minister for Gas Affairs.

Coordination is ongoing with SABIC on Nebras petrochemical complex, with investments ranging between $6 billion and $8 billion, Al-Zawbai said, revealing SABIC's interest in the project.

Other discussions are also being held with state-owned Saudi Aramco on development of exploratory gas fields, such as Akkas field in western Iraq. The field output is expected to reach 300 million cubic feet/daily.

The Iraqi official’s statements were made on the sidelines of a forum held by the Saudi Exports Development Authority and Saudi-Iraqi Trade Mission in Khobar.