Al-Sudani Participates in the 6th Russian Energy Week International Forum at Russian President's Invitation

 
Moscow-INA
 
Prime Minister Mohammed S. Al-Sudani attended the 6th Russian Energy Week International Forum in Moscow, part of his official visit to the Russian capital at the invitation of President Vladimir Putin.
 
 
Prime Minister Al-Sudani's engagement in the Forum aims to broaden cooperation and partnerships in the energy sector, focusing on advancing Iraqi gas investment in line with the government's program. This includes attracting companies interested in investing in Iraq, introducing advanced technology, and promoting alternative and renewable energy development.
 
 
Highlights from the Prime Minister's remarks:
 
 
Collaborating in the energy sector to address challenges in electricity, oil, petrochemicals, and gas industries is crucial for progress and meeting the growing energy demand.
 
Iraq aims to diversify its energy sources, reducing reliance on oil for its economy.
 
Our government is actively pursuing global energy transformation through carbon reduction and energy efficiency initiatives.
We're committed to reducing carbon emissions by 2045 and have initiated carbon reduction projects in the East Baghdad field.
 
Countries can improve energy efficiency;  Climate restrictions are to combat the climate impacts of fossil fuels, not the fuel itself, in order for oil to remain competitive in terms of its carbon footprint.
 
Iraq has significantly expanded its renewable energy capabilities with the addition of approximately 3,000 megawatts of solar power.
 
Our target is to fulfill one-third of our domestic electricity demand through investments in renewable energy sources by 2030.
 
Simultaneously, we're enhancing fossil fuel extraction methods while prioritizing environmental considerations in this sector.
 
We are actively working to maximize the utilization of gas resources in response to the surging global demand, which surpasses the available supply.
 
Historically, Iraq neglected gas investments, resorting to its wasteful burning, leading to both resource loss and environmental pollution.
 
This issue has been exacerbated by missed opportunities, increased electricity demands, and Iraq's reliance on gas imports.
 
Gas investment through the fifth and sixth licensing rounds will create the opportunity to work and cooperate with global partners, and will lead to greater integration.
 
Iraq is committed to leveraging its abundant resources and capabilities to foster robust partnerships.
 
Our approach aims to bridge gaps and diversify energy sources and transportation modes, mitigating risks, promoting economic cooperation, and enhancing security.
 
 We're actively engaged in impactful infrastructure projects that enhance trade and regional transportation, with the potential to attract international donors and development institutions.
 
Our resource-rich region faces security and political challenges, necessitating economic integration and a regional framework to promote cooperation.
 
To maintain energy market balance, we stress the importance of collaborative coordination and discouraging negative competition.
 
While doubts exist about the (OPEC +) coordination mechanism, our focus remains on stabilizing supply and demand, averting economic crises, and their associated political and social repercussions.
 
These mechanisms go beyond oil prices and contribute to global market stability, safeguarding the interests of producers, consumers, and investors.
 
  Our government is committed to economic reform and diversification through comprehensive projects in energy, industry, petrochemicals, fertilizers, and community services.
 
We've outlined a plan comprising 11 key fields as the initial phase of our project endeavors.
 
We invite specialized international companies to invest in these promising opportunities, backed by our commitment to enhance the business environment for both local and foreign private sectors.
 
Effective coordination, budget allocation, and substantial collaborative investments in modern technologies and essential infrastructure are vital for advancing extraction and refining technologies.