Page 13 - MEOG Week 38 2021

MEOG NEWS IN BRIEF MEOG

POLICY Owji on Monday appointed Seyyed Abbas COMPANIES
Beheshti as his special envoy for Iraq issues
Iraq eyes to tap potential of while saying in a decree that position was Saipem signs MoU with
created due to the significance of Iraq in the
hydrocarbon reserves Iranian government’s policies and decisions. Aramco for a potential new
In his appointment decree, Owji said
Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail the new envoy would coordinate with the company
said Tuesday that the ministry is preparing a National Iranian Gas Co. (NIGC) and the
comprehensive plan to make better use of the Central Bank of Iran to accelerate payments of Saipem and Saudi Aramco have signed a
country’s hydrocarbon reserves, the ministry arrears owed by Iraq to Iran. Memorandum of Understanding (MoU)
said in a statement. Iraq owes Iran nearly $6 billion for imports aimed at exploring the possibility to establish
The minister’s remarks were made during of natural gas which it extensively uses in its a new entity in Saudi Arabia for the execution
a meeting that discussed the final touches of power plants to generate electricity. The Iraqi of engineering and construction activities in
an integrated plan for hydrocarbon reserves’ government has deposited nearly half of the the industrial sector.
exploitation, especially on natural gas, the sum in an account in the Trade Bank of Iraq The initiative was taken in the frame of the
statement said. where access to the funds is restricted because Saudi Aramco’s Nama’at Industrial Investment
The ministry expects to discover “huge of US sanctions. Program, focused on capacity building in
hydrocarbon reserves, especially from free The arrears issue caused the NIGC to four key sectors: sustainability, technology,
gas. The plan aims to translate the country’s significantly reduce its gas supplies to Iraq industrial and advanced materials.
potential and prospects in the industry to earlier in the summer. The agreement entails the potential
tangible investment, it added. Owji said in his Monday decree that the creation, in partnership with local entities,
Ismail also said that the plan will be envoy would liaise with embassies in Tehran of an “EPC National Champion” capable
submitted to the Council of Ministers for and Baghdad to follow up on agreements of executing, in-Kingdom, the full range of
approval and to be financed from the coming between the two countries, spherically on Engineering, Procurement and Construction
annual state budget, the statement added. issues related to investment and contracts in (EPC) project activities, while maximising the
Iraq holds 132 trillion cubic feet of proven the two countries’ petroleum sectors. employment of local resources.
natural gas reserves and is keen to invest in The new petroleum envoy will also Saipem has a long-standing collaboration
this area to meet the country’s needs. coordinate with the National Iranian Oil Co. with Saudi Aramco, including the execution
Iraq’s economy relies heavily on the export (NIOC) on oilfields shared between Iran and of a wide set of activities, from onshore and
of crude oil, which brings in more than 90 Iraq. offshore engineering and construction to
percent of the country’s revenues. That comes as the NIOC has accelerated drilling activities, with onshore and offshore
XINHUA development plans at Azadegan oilfield in the rigs.
southwestern Khuzestan province. SAIPEM
Iran oil minister appoints Iranian and Chinese firms to build out the ADNOC offers more shares
The company has awarded contracts to
special envoy on Iraq field amid massive development projects
being implemented on the other side of the
Iran’s Oil Minister Javad Owji has for the first border on an Iraqi reserve which is linked to in drilling subsidiary
time appointed a special representative for the Azadegan. Abu Dhabi’s state-owned oil firm ADNOC
petroleum issues involving the neighbouring ABNA has increased the stake available in its drilling
Iraq. subsidiary ahead of next month’s public listing

Week 38 22•September•2021 www. NEWSBASE .com P13