Saudi Arabian companies have signed 18 agreements with Iraqi government to jointly develop several key projects in the energy sector across the country, said a report.
Saudi Minister of Energy, Industry and Mineral Resources Engineer Khalid bin Abdulaziz Al-Falih, the Chairman of the Board of Directors of Saudi Export Development Authority and Iraqi Oil Minister Jabbar Al Alluaibi witnessed the signing of the deals at the seventh session of Iraq International Oil and Gas Conference and Exhibition being held in the Iraqi city of Basra, reported Saudi Press Agency (SPA).
Minister Al Falih officially opened today in partnership with his Iraqi counterpart the seventh session of Iraq International Oil and Gas Conference and Exhibition.
Saudi Arabia is participating as a guest of honour with a delegation of 22 companies specializing in the fields of energy and other industries, stated the SPA report.
Speaking at the event, Al Falih said both the kingdom and Iraq enjoyed strategic advantages that include human resources, geographical location, energy resources, natural and mineral resources and current and potential industries.
Highlighting the similarity of these advantages, the minister said: "Their integration in others constitute a solid basis for co-operation which began during the last period and constitutes a motive to seize the historic opportunity to build an effective partnership to achieve the aspirations of the two sisterly countries."
Al Alluaibi welcomed the outstanding participation of Saudi companies in Basrah Exhibition, expressing his optimism to open horizons of cooperation and partnership in the future by signing these memorandums which enhance relations between the two countries.
He pointed out that Basra was one of the important energy capitals in the world and possesses areas for wide partnerships with senior investors, he added.