LOC22:23
19:23 GMT
BAGHDAD, Aug 19 (KUNA) -- The Iraqi Ministry of Oil hammered out on Tuesday a principles agreement with the US energy giant Chevron for the development of Al-Nasiriah Project which comprises four oil exploration blocks and the producing Balad oilfield.
In a press statement, the Iraqi Prime Minister Mohammad Al-Sudani's office pointed out that the Prime Minister oversaw the signing ceremony of the agreement in Baghdad.
During a meeting with Chevron Vice President Frank Mount and the accompanying delegation on the sidelines of the ceremony, the Prime Minister Al-Sudani welcomed the Chevron's renewed engagement in Iraq.
He affirmed that the government has adopted a new approach in dealing with major international oil companies and their investments in Iraq, especially American ones.
Al-Sudani also praised the American company's role in transferring oil technology to Iraq, its community contributions, and the sound environmental policies it pursues in its oil projects.
The Prime Minister reiterated that Iraq's relationship with the United States is a strategic one, noting that the government has been working to attract companies to operate in Iraq while prioritizing the advancement of the oil sector whether in production, refining, associated gas and natural gas production, or the use of the latest technologies to develop this vital sector. (end)
ahh.ibi