The Baghdad International Energy Forum kicked off in Baghdad today, with the participation of Arab energy ministers and regional officials, and the presence of the Secretary General of OPEC, where participants emphasized the importance of strengthening cooperation between energy producing and consuming countries and facing the challenges associated with oil and gas and their prices in the global markets.
Dr. Ezzat Saber, Deputy Minister of Oil for Oil and Gas Affairs, said in a press statement that the forum represents an important dialogue platform for Iraq to highlight its pivotal role in the energy sector, noting that the conference will discuss gas investment files, regional cooperation mechanisms, and energy and climate challenges.
Saber explained that Iraq has made tangible progress in the gas sector, where the flaring rate has been reduced from 50% three years ago to 30% currently, which means utilizing more than 20% of the gas that was previously wasted. He added that the government is committed to fully exploiting all associated gas by 2029, in line with the Paris Climate Agreement, which will reduce emissions and boost state revenues by at least $1 billion for every percentage of gas exploited.
Regarding Baghdad's relationship with the Kurdistan Region, the undersecretary noted that there are serious and constructive discussions on the integrated investment of energy, gas and electricity, stressing that the two sides are very close to reaching a final agreement on the export of the region's oil through the Oil Marketing Company (SOMO), which will benefit all Iraqis.
Saber also emphasized Iraq's commitment to transparency in its oil exports, denying the existence of any smuggling or mixing operations, and stressing that all shipments are strictly monitored and marketed to reputable international companies according to clear mechanisms.
He concluded by saying that the Baghdad International Energy Forum will constitute a qualitative addition in the formulation of policies and solutions to face global challenges in the field of energy and climate, and Iraq will have an active role in formulating these visions.
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