PM: Alternative Energy Will Be A Competition For Oil And Gas…And We Must Prepare From Now

Baghdad / NINA /- Prime Minister Muhammad Al-Sudani affirmed: "Oil is still a major source of energy in the world."

Al-Sudani said in a speech at the celebration of the 63rd anniversary of the convening of the founding conference of OPEC in Baghdad: "When OPEC was established, the oil wealth was managed by monopolistic companies that made countries lose their sovereignty and influence in the oil market."

He added, "OPEC members now manage their oil plans, production, and industry with full sovereignty and draw their oil policies." Stressed that " The organization's responsibility does not end at export borders, but rather extends to market regulation and price control, in order to achieve a fair price for producers and consumers."

The Prime Minister pointed out: "The entry of natural and associated gas into the energy investment market has added new responsibilities to member states, and gas has become a vital resource for many industries, which requires member states to bear in mind the multiplying challenges they face."

He continued: "Since its formation, the government has been concerned with the energy file in all its details, foremost of which is what is related to oil and natural and associated gas." He added "Iraq has relied, for many years, on oil as a basic resource for the economy and money, and natural and associated gas has been neglected, which has lost many development opportunities, which led us to lose a lot of development opportunities, as well as the environmental impacts associated with the oil industry."

He added: "We started with treatments to develop the oil industry and invest in neglected ones, and we signed important contracts to invest in both natural and associated gas, and soon the sixth round will be signed, which targets important areas of natural gas fields."

He stated that: "Cooperation has taken place with major companies in the field of energy, including the recent agreement with the French company Total, to achieve integration in energy investment, and to make Iraq an active element in the gas market during the next few years,". He pointed out that " investing in gas will end the waste of gas wealth, which annually costs Iraq nearly $4 billion."

He concluded his speech by saying: "We have placed at the top of our priorities paving the way for the private sector and international companies, and providing them with facilities," noting: "The world is looking today for alternatives to traditional energy, and is moving towards alternative energy sources, which will be a competitor to oil and gas within a few years, and we must prepare from now, and put plans in place to keep pace with the global shifts towards alternative energy.”/ End