The Deputy Prime Minister for Energy and Oil Minister Thamer Ghadhban said on Friday that his ministry plans to reduce gas prices to attract industrial companies invested in the sector.
“Iraq is one of the founding countries of OPEC and has an influential role in the organization,” Ghadhban said during a meeting at the Iraq Oil Conference in London on June 27-28, 2019. “Iraq seeks to be ranked second among countries Exporting in OPEC “.
He added that “Iraq is working to diversify its economic sources and not rely primarily on oil, and consider activating the industrial sectors in Iraq to support the private sector.”
He added that “there are many topics we work on, including the manufacture of naphtha and petrochemicals as we can produce these materials internally and export them,” adding that “Iraq wants to reduce gas prices to attract investors in this sector.”
“The solution is not in the oil industry, but in activating Iraq’s internal economy. This requires a long-term strategy, and the recovery of the domestic economy takes time,” he said.
“There are European countries that have succeeded in developing their internal economy and we have to benefit from their experiences. We attach importance to the internal economy, and Iraq is a country rich in youth, with 40 percent of the population and their capacity in this field,” he said.