Foreign Office Minister for Energy addresses Iraq Petroleum Conference

Expanded investment must be accompanied by a commensurate expansion of Iraq’s private sector and technical expertise. Standard Chartered and HSBC are taking important steps to help develop the financial services structures in Iraq which are  key to unlocking domestic capital and further investment. The British Council and the Department for International Development’s DeLPHE project have been forging links between Iraqi and British universities and I’m pleased to say that the UK has  helped contribute to building skills capacity in the Oil Ministry. There is no doubt that An educated nation with a dynamic private sector will aid Iraq in unlocking its natural resource potential, improving the lives of its citizens, and helping the world meet its energy challenge long-term.

Conclusion

Ladies and gentleman. I began today by discussing the instabilities and challenges posed by the Arab Spring. But stability must not be purchased at the price of repression. A new, free, Iraq has the potential to be a beacon for democracy in the region, and by its example demonstrate that prosperity and peace, is built on the foundation of freedom.

Iraq’s economic promise is vast. Its natural resources have the potential to help tackle the world’s energy challenge: that of rising energy demand, but constrained supply.

Spiralling violence once held Iraq back from realising its potential, as we have seen within the blood stained pages of history. But through the courage and resolve of the Iraqi people, it has delivered a safer and more stable Iraq. There are still many challenges ahead: its nascent democracy needs to embed transparency and the rule of law, and it is vital that final hydrocarbons legislation is developed. But the lesson of history teaches us that the Iraqi people can meet these challenges and can reposition Iraq as one of the great nations of the region and of the world, and I have no doubt that your discussions here can help develop important solutions to some of these challenges today and to move towards a more prosperous tomorrow.

Thank you