Iraq is negotiating with Saudi Aramco to invest in gas exploration contracts in new fields in the Western Desert in the country and invest in it.
Iraqi Oil Minister Ihsan Abdul-Jabbar said that his country intends to sign contracts worth tens of billions of dollars with Saudi Arabia, to invest in the gas, alternative energy, water and petrochemical industries.
Iraq is also in talks with the Saudi company, ACWA Power, to build desalination plants, clean energy and solar power plants.
It is noteworthy that Iraq agreed with Saudi Arabia in April to establish a joint fund whose capital is estimated at $3 billion that will ensure the participation of the private sector from the two countries.
The two countries also agreed on completing the electrical interconnection project, due to its importance between the two countries, and enhancing investment opportunities for Saudi companies in Iraq.
The Kingdom and Iraq also agreed to cooperate in the fields of energy and renewable energy and to activate and accelerate the joint action plan, under the umbrella of the Saudi-Iraqi Coordination Council.
In addition, coordination will be strengthened in the field of mutual support within the framework of multilateral diplomacy, and investment opportunities for Saudi companies will be enhanced and they will be invited to expand their activities in Iraq and in various fields and in the reconstruction efforts.
Saudi-Iraqi relations witnessed a gradual improvement after decades of tension, and they resumed diplomatically in December 2015 after 25 years of interruption.
In a separate context, the profits of Saudi Aramco, the Saudi Arabian Oil Company, increased in the third quarter of this year by 158% compared to the same quarter last year.
Saudi Aramco said net income amounted to 114.1 billion Saudi riyals ($30.4 billion).
The company also announced a dividend of 70.33 billion Saudi riyals ($18.8 billion) to be paid in the fourth quarter.
The increase in net income over the same period last year is primarily due to higher crude oil prices, sales, and higher margins for refining and chemicals business in the third quarter, supported by the recovery in global energy demand and increased economic activity in key markets.