Houston (IraqiNews.com) – Iraqi Prime Minister Ali Al-Zaidi met with Chevron officials in Houston on Thursday, pushing the US oil company to increase investment in Iraq as Baghdad strives to strengthen energy connections with the US and attract international capital to boost its oil industry.
The discussion at Chevron’s headquarters occurred two days after Al-Zaidi met with US President Donald Trump in Washington, and it marked the next step of the Iraqi leader’s tour, which has been centered on gaining American investment and deepening economic ties.
According to a statement from his office, Al-Zaidi informed Chevron executives that Iraq was ready to provide the approvals, infrastructure support, and investment incentives required to accelerate projects in the energy sector, including crude production, refining, petrochemicals, natural gas development, and technology transfer.
He added that the government was dedicated to strengthening the business climate for foreign energy businesses to attract investment, create employment, and grow the Iraqi economy.
According to the Iraqi statement, Chevron Vice Chairman Mark Nelson said that the firm intends to increase its presence in Iraq by investing in the West Qurna 2 and Nasiriyah oilfields, pipeline infrastructure, and storage facilities, as well as striving to hasten project execution.
A top Chevron official said that the firm intends to sign memorandums of understanding with the Iraqi government on Friday for West Qurna 2 and Nasiriyah, progressing discussions toward a definitive investment deal.
Chevron is also looking at prospective export pipeline routes that would enable Iraqi petroleum to reach regional ports without crossing the Strait of Hormuz, according to the CEO.
Rehabilitating existing infrastructure or building new pipes that connect Iraq to export routes via Syria or Turkey is among the options being considered.
The quest for alternate export lanes has become more urgent as disruptions to shipping via the Strait of Hormuz underlined Iraq’s reliance on the waterway for oil exports.
The Chevron conversations are part of Baghdad’s larger drive to enhance trade relations with the United States under al-Zaidi’s leadership.
Iraq is looking for increased engagement from American corporations in its energy industry as it seeks to enhance production capacity, grow downstream sectors, and attract long-term investment.
Al-Zaidi’s visit is likely to result in further commercial announcements, with the United States Chamber of Commerce sponsoring a US-Iraq Business Summit in Washington on Friday, when government and corporate representatives are expected to announce billions of dollars in investment commitments.
Chevron began exclusive discussions earlier this year for an interest in West Qurna 2, one of Iraq’s major producing oilfields, with an output of around 460,000 barrels per day.
Last year, the business secured an agreement in principle to build the Nasiriyah project, which covers exploration and production blocks in southern Iraq.
Iraq, OPEC’s second-largest oil producer after Saudi Arabia, is looking to diversify export channels and increase output while attracting more US investment in its energy industry.
