U.S. urged to invest in Iraq’s oil sector

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Azzaman, October 17, 2014

U.S. companies are welcome to invest in Iraq’s energy sector with all its divisions, Electricity Minister Qassem al-Fahdawi said.

Fahdawi said there were good investment opportunities in various Iraqi provinces particularly in the areas of oil, power and other energy fields.

“U.S. firms have great expertise in the area of electricity industries and we hope to expand cooperation in this vital area,” the minister said. “At the same time we are in urgent need for fuel to power electricity stations.”

Fahdawi made the remarks during a meeting with the U.S. ambassador to Iraq Stewart E. Jones, according to a statement the ministry faxed to the newspaper.

“The U.S. government and American companies will fully support Iraq,” the statement reported Jones as telling Fahdawi.

The statement said Fahdawi outlined to Jones the investment prospects that were available for U.S. firms to grab including major oil and gas fields, construction of refineries and power plants.

Despite billions of dollars in investments, Iraq still suffers from electricity shortages, with major cities going without electricity for up to 20 hours.

The country, despite its massive oil reserves, imports large quantities of fuel products, namely from Iran, worth billions of dollars a year.