Iraq's Oil Minister, Jabbar Ali al-Lueibi, has expressed his country's great interest in the contributions of Algerian state-owned hydrocarbons company Sonatrach in terms of know-how and experience, particularly in the field of gas resources development, according to a statement from the Algerian Energy Ministry.
Jabbar Al-Lueibi expressed Iraq's interest in investments by Sonatrach in Iraq during a meeting with Algerian Energy Minister Mustapha Guitouni in Baghdad Sunday. Guitouni is on a working visit to Baghdad at the invitation of his Iraqi counterpart.
Guitouni said Algeria intended to strengthen its presence in Iraq through Sonatrach and had studied investment and business opportunities in all energy-related areas, particularly exports, marketing and the development of exploited and unexploited oil and gas fields.
The Minister also underlined the need to establish a win-win partnership between the two countries in the oil and gas industry based on training and exchanges of experience.
The two ministers described bilateral relations as excellent and historical, particularly in the field of energy and hydrocarbons.
The Iraqi minister recalled that Algeria had shared its know-how with his country following Baghdad's decision to nationalize the hydrocarbon industry, "which enabled the energy sector to succeed in the transition period and exploit its oil fields correctly.
The minister also recalled Sonatrach's significant and precious contribution to the training of Iraqi engineers, the transfer of experience and know-how.
Both Ministers also underlined their countries' willingness to further strengthen co-operation and open a new chapter in Algerian-Iraqi relations on the occasion of Guitouni's visit. They also re-affirmed their willingness to pursue consultations under the OPEC and Non-OPEC Declaration of Co-operation in order to stabilize the oil market in the medium and long-terms.
Source: NAM News Network