Baghdad: Prime Minister Mohammed Shia al-Sudani chaired the 35th regular session of the Council of Ministers, where several critical decisions were made concerning the nation's investment climate and energy sector.

According to National Iraqi News Agency, the Prime Minister emphasized the importance of all ministries and government institutions taking necessary steps to support the upcoming Iraq Investment Forum, scheduled to take place in Baghdad on the 27th and 28th of this month. This directive underscores the government's commitment to fostering a conducive environment for investment in Iraq.

In addressing the dues of companies investing in the electricity sector, the Council authorized the Trade Bank of Iraq to purchase debts owed by investment companies, in exchange for amounts owed by the Ministry of Electricity. Additionally, the State Oil Marketing Organization (SOMO) was instructed to pay monthly installments from black oil sales proceeds to the Trade Bank of Iraq, facilitating the repayment of these debts.

Furthermore, the Ministry of Electricity received authorization to prioritize payments to companies involved in constructing power plants. This includes settling loan installments to foreign financiers, operating and maintenance fees, and dues to local banks and investing companies without external debts.

A significant amendment was made to Resolution No. 24138 of 2024, allowing the Ministry of Oil's Southern Refineries Company to directly contract with the investing company, rather than through the Ministry of Finance. This decision paves the way for agreements between the Ministry of Finance and the Southern Refineries Company, and similarly between the Southern Refineries Company and Halo Engineering and Technology Company, outlining obligations and rights as per the Cabinet Resolution.