Baker Hughes Finalizing Strategic Framework Agreement in Iraq

The Iraqi Prime Minister met on Sunday with Mr. Lorenzo Simonelli, Chairman and CEO of US-based oil services company Baker Hughes, along with his accompanying delegation. Mohammed Shia Al-Sudani reiterated the government's commitment to ensuring the company's continued presence in Iraq and encouraged its expansion through collaboration with the government and the private sector in the fields of oil and gas. He noted that Iraq's market is becoming increasingly promising, with the government planning major integrated projects, particularly in oil, gas, and petrochemicals.

The Prime Minister highlighted the Development Road project, which includes oil and gas transportation initiatives. He stressed the importance of completing the company's ongoing projects in Iraq, particularly the Nasiriyah oil field, where Baker Hughes is working to capture associated gas with a capacity of 200 million standard cubic feet, expected to be completed by 2026.

In response, the Baker Hughes delegation expressed their commitment to working with the Iraqi government and their desire to invest further in Iraq's oil and gas sectors. They announced that they are finalizing a strategic framework agreement with the Ministry of Oil and preparing to sign a memorandum of understanding on gas investments, including plans for a gas platform at Al-Faw Grand Port. The delegation also expressed their interest in financing certain projects in Iraq.