Britain’s Energy Industries Council (EIC) is organising an oil and gas trade mission to Baghdad and Basra in Iraq in October.
Missioners will have the opportunity to attend organised group meetings with key local players, as well as incorporating briefing meetings presented by qualified speakers with in-market experience and the opportunity to meet with local companies.
As Iraq works to rebuild its economy and infrastructure after years of war and internal strife, the engagement of UK businesses will be an important factor in the success of those efforts. During the past several years, in the face of many political challenges, Iraq’s economy has made impressive strides. Iraq’s gross domestic product, which was $57 billion in 2007, has grown to more than $80 billion in 2011. In its 2010–2014 national development plan, the government has budgeted more than $186 billion for some 2,700 projects in different sectors.
Iraq holds one of the principal hydrocarbon reserves in the world. With proven reserves estimated at 143 billion barrels, the country’s undiscovered oil reserve is considered to have the second largest reserve in the world — possibly 300 billion barrels. Iraq also has reserves of gas of 3.2 trillion cubic metres, and is also rich in other minerals, including sulphur, phosphate and iron.
There are also many opportunities in the country’s power sector, as the government has targeted billions of dollars to restore and meet Iraq’s increasing need for power. Areas of opportunity include power plants, transmission and distribution, and renewable energy.
As Iraq moves forward with its new government, there are tremendous opportunities for UK companies to develop business.