SABIC to reopen office in Iraq, says Al-Falih

Saudi Basic Industries Corp (SABIC) will soon open an office in Iraq, Reuters reported, citing the Kingdom’s energy minister Khalid Al-Falih. 

“I would like to announce that SABIC is in the final stages of reopening its office in Iraq, which will result in the availability of petrochemical materials and offers opportunities for (the company) to expand its investment in this sector,” Al-Falih said at an oil and gas conference in Basra on Monday night. 

Saudi Arabia’s Industrialization & Energy Services Co (TAQA) will also open an office in the country that will “enhance the presence of the Saudi private sector in Iraq and support initiatives to expand investments,” the minister said. 

Al-Falih, who also is the minister of industry and mineral resources, said that the two countries would soon start talks on a power-grid link initiative along with investments in renewable energy and power generation projects. 

Saudi Arabia and Iraq are among the biggest producers of the Organization of the Petroleum Exporting Countries (OPEC). 

After years of troubled relations, the two countries began efforts to improve ties in 2015 as Iraq seeks economic benefits from closer ties with the Kingdom, while Saudi Arabia looks to counter Iran’s influence in the region.