The Future is Coming – Oil and Gas in Iraq

By Samar Rassam, CEO of Somer Industrial Projects (SIP).

This is an extract from an article originally published by Nina Iraq, and is reproduced here with permission.

As always, when returning to my column in Nina Magazine, I reflect on the past few months. It has been a very busy time. I am excited to see developments and opportunities arising which would not have been possible this time last year.

In March 2015, I attended an event in Erbil organised by the Iraqi British Business Council (IBBC) regarding business opportunities between UK, Iraq and Kurdistan. I met attendees from various Iraqi Chambers of Commerce covering all the country’s regions.

Over the two day event much was discussed. The panels covered the Oil & Gas Sector and Higher Education. Training was discussed too, with talk of linking private sector capabilities to the energy sector. I was also pleased to hear that a united Iraq seemed to be at the top of the agenda for most delegates.

Although this united vision seems to be the common goal, it is also one of the main challenges and directly impacts the economic and social development of Iraq. My personal view is that, in order for Iraq to get to where Iraq wants to be, the need for an improved standard of education is still paramount.

In simple terms, the country holds almost nine per cent of global oil reserves and a vast wealth of natural resources. This means that Iraq will have a critical role supporting the future worldwide demands for oil.

In order to meet these demands efficiently an ‘enabling commercial environment’ for international trade must be assured. The people of Iraq must embrace the role they have to play in facilitating this – building a united, peaceful and prosperous future for all.

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