Houston (IraqiNews.com) — Iraqi Prime Minister Ali Al-Zaidi presented plans for a huge “Energy City” on Iraq’s southern coast on Friday as he courted US investors, hoping to turn his White House meeting with President Donald Trump into significant energy and infrastructure investments.
Speaking at a US-Iraq economic conference organized by the Bilateral Chamber of Commerce in Houston, Al-Zaidi said that his administration is reducing impediments to international investment and would give assurances to establish a secure and appealing business climate.
The forum drew executives from some of the world’s largest energy companies, including Exxon Mobil, Chevron, ConocoPhillips, Shell, SLB, Halliburton, and Weatherford, as well as investors, financiers, and business leaders, highlighting growing industry interest in projects Iraq hopes to attract billions of dollars in investment following Al-Zaidi’s talks with Trump.
Baghdad’s pitch revolved around the proposed Energy City on the Al-Faw Peninsula in southern Iraq, a massive industrial hub that would include oil refining and crude processing facilities, natural gas gathering and production plants, power generation projects, and infrastructure linked to Iraq’s strategic oil pipeline network and the Development Road transport corridor.
According to Al-Zaidi, Iraq is looking for long-term strategic partners rather than typical contractors and has pledged financial, banking, and regulatory changes to encourage investment and speed up project execution.
The Houston event follows discussions this week between al-Zaidi and key executives from US energy corporations, including Chevron, as Iraq seeks a series of deals to increase oil and gas output, capture flaring gas, and modernize its energy infrastructure.
David Phillips, head of the Bilateral Chamber of Commerce, said US corporations were ready to extend their investments in Iraq, noting potential in the country’s oil, natural gas, power, and infrastructure sectors as Baghdad pursues ambitious long-term development ambitions.
