BAGHDAD (AP) — Qatar and Iraq inked a sequence of financial and power offers on Thursday throughout a go to to Baghdad by the Qatari emir, Sheikh Tamim bin Hamad Al Thani.
The 2 international locations signed a broad settlement to develop “cooperation in politics, economics, power, and funding,” Iraqi Prime Minister Mohammed Shia al-Sudani stated in an announcement.
In addition they inked particular offers on transportation, growth initiatives and power, together with “the institution of a joint oil firm, and the development of an oil refinery” and an settlement on lodge development, he stated.
Qatar’s state-owned Qatar Information Company reported that the emir had introduced his nation’s intent to “make investments $5 billion in a lot of sectors in Iraq within the coming years.”
Iraq has sought to strengthen its beforehand strained relationship with its rich Gulf Arab neighbors lately and courtroom overseas funding — efforts which have begun to bear fruit.
Final month, Baghdad hosted a one-day convention that convened transport ministers and representatives from Iraq, the Gulf Arab international locations, Turkey, Iran, Syria, and Jordan, culminating within the announcement of plans for a $17 billion regional transportation challenge meant to facilitate the stream of products from Asia to Europe.
In April, QatarEnergy, the Gulf nation’s state-run petroleum firm, introduced it had agreed to purchase a 25% stake in an enormous gasoline challenge in Iraq.
Iraq urgently must develop native gasoline assets to satisfy electrical energy calls for, particularly through the peak summer season months. The nation is closely reliant on Iranian gasoline and electrical energy imports.
Al-Sudani additionally stated Thursday that Iraq, which has suffered many years of upheaval and violence, now “enjoys safety and political stability, which makes it a promising atmosphere” for initiatives.
“Iraq has regained its regular place and position within the area, and it is able to work with brothers and buddies to realize peace, prosperity and growth,” he stated.