Page 12 - DMEA Week 29 2022

DMEA NEWS IN BRIEF DMEA

POLICY the history of Iraq. AfDB, , has said that it is important to base
The Minister of Oil said, according to the investment decisions on Africa on facts, not
Iraq close to resolving oil statement, that “the arbitration panel closed fiction, or perceptions.
Speaking on why American investors
the presentation of the case by the parties,
dispute with Turkey after hearing their regulations and their pleas, should move into Africa at the just concluded
US- Africa Business Summit held in
and that there is no further opportunity for
Oil Minister Ihsan Abdul-Jabbar announced extension or postponement, expecting that Marrakech, Morocco, Adesina said Africa
today, Friday, that Iraq is close to resolving an the arbitration panel of the International offers a very profitable investment destination.
oil dispute with Turkey by an international Chamber of Commerce in Paris will issue its He said: “Savvy investors know that if you
decision. final and decisive decision within the next few are not investing in Africa, you are really
A statement issued by the Ministry of Oil, months.” missing out on the world’s leading investment
received by the Iraqi News Agency (INA), said The Minister of Oil expressed his gratitude opportunities frontier.”
that “the final session of the arbitration panel to the arbitration panel of the International “And investors are paying a lot of attention
of the International Chamber of Commerce in Chamber of Commerce in Paris for its to Africa. The number of private equity funds
the dispute between the Republic of Iraq and professional handling of the dispute, which in Africa grew from only 12 in 1997 to 150 by
the Republic of Turkey regarding the pipeline gave the two parties the opportunity and time 2020.”
agreement between Iraq and Turkey was held to defend their positions. Adesina added “I am very positive about
in Paris, July 2022.” He explained that “Iraq has good relations Africa’s investment opportunities, and so
Oil Minister Ihsan Abdul-Jabbar Ismail with Turkey, and this arbitration does not should you. In Nigeria, the Dangote urea plant
affirmed, “Iraq’s keenness to restore its constitute an obstacle to the development is the largest urea plant in the world, while its
legitimate rights to its national wealth in and expansion of bilateral relations to achieve oil refinery is the largest single train refinery
accordance with international laws and common interests, while Iraq retains its in the world - an investment of $20 billion.”
treaties,” stressing Iraq’s respect for just and constitutional powers and sovereignty over all “Africa is primed to be the alternative
equitable decisions issued by courts and its wealth.” source of supply of natural gas to help secure
relevant authorities that consider cases related The Minister of Oil praised the energy supplies to Europe, following the
to violations and disputes, including those distinguished efforts of the International Russian war in Ukraine that has disrupted
related to oil wealth. Legal Advisory Office and the Ministry’s energy supplies. Mozambique, with the
The Minister of Oil added, Legal Committee in defending Iraq’s rights support of the African Development Bank
According to the statement, the to manage its oil wealth and the Ministry of and private investors is poised to become the
International Chamber of Commerce is Oil’s possession of its constitutional powers 3rd largest supplier of natural gas in the world,
considering the arbitration case filed by and authorities, for their serious efforts over from a $24 billion investment.”
the Republic of Iraq against the Republic the past years to achieve justice and restore “From Nigeria, to Ghana, Tanzania,
of Turkey for violating the provisions Iraq’s legitimate rights in order to preserve its Senegal, Morocco and Kenya, Africa now has
of the Iraqi-Turkish pipeline agreement security and sovereignty in accordance with some of the largest reserves of natural gas in
signed in 1973, which stipulates that the for the statement. the world.”
Turkish government must comply with the INA He added: “The future of electric vehicles
instructions of the Iraqi side regarding the will depend on availability of lithium-ion.
movement of crude oil coming from Iraq in Africa has some of the largest lithium deposits
all centers Storage, drainage and terminal. COMPANIES in the world, from Democratic Republic of
At the hearing, which was held in Paris, Congo to Namibia, Zimbabwe, and Mali,
the Ministry of Oil was represented by the Africa offers profitable enough to make Africa competitive with
Minister personally, a number of ministry China and Chile, in the race for supplying
officials, the Iraqi embassy in Paris, and the investment destination global value chains for electric cars.
legal and technical work team, due to the “Africa also holds huge opportunities
importance of the lawsuit as it is the largest in The President of African Development Bank, in agriculture, with 65% of the remaining

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