Iraq And Qatar Sign Major Commercial Agreements
Date
6/19/2023 8:22:23 PM
(MENAFN- Iraq Business News)
By John Lee.
Iraq and Qatar have solidified their bilateral relations through the signing of several agreements and memorandums of cooperation.
Prime Minister Mohamed Shia Al-Sudani and the Emir of Qatar oversaw the signing ceremony, emphasizing comprehensive cooperation in politics, economy, energy, and investment.
A joint declaration of intent was signed, paving the way for collaboration between the two governments in various sectors.
Agreements were reached in the fields of air and maritime transport, aiming to enhance connectivity between the two nations. Additionally, a memorandum of understanding was established to waive visa requirements for holders of diplomatic passports.
Furthermore, a series of energy-related memorandums of cooperation were signed during the visit. These encompassed crude oil and liquefied gas supply to Iraq, as well as the establishment of a joint oil company and a new refinery.
In terms of investment, four memorandums of cooperation were inked with prominent Qatari entities. Iraq's National Investment Commission (NIC) entered into agreements with Qatar's Urbacon Holding Company (UCC Holding) and Elegancia Healthcare , a subsidiary to Estithmar Holding . Another two memorandums were signed with the Qatari Investment Holding Company , focusing on the development of new cities and the construction and enhancement of hotels.
According to Oil & Gas Middle East, the Urbacon agreement is a 25-year public-private partnership to build two power plants. It will involve an investment of $2.5 billion and have a combined capacity of 2.4 GW.
(Sources: Media Office of the Prime Minister, Oil & Gas Middle East)
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