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Iraq to explore redevelopment opportunities with BP

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BP and the Government of the Republic of Iraq have signed a memorandum of understanding (MoU).

This is aimed at developing a programme of material integrated redevelopment for Iraq’s Kirkuk region, and could include investment in gas and oil production, exploration activities and power generation.

The MoU, which is not binding, was signed at a meeting that included Deputy PM for Energy Affairs and Minister of Oil, H.E. Hayan Abdul Ghani, the Iraqi Prime Minister H.E. Mohammed Shia’ Al Sudani, and BP boss Murray Auchincloss. Also present for BP were its regional president for North Africa and the Middle East, Nader Zaki, and its Iraq president, Zaid Elyaseri.

The chief executive officer of BP, Murray Auchincloss, said the agreement:

“…builds on BP’s strategic and longstanding relationship with Iraq. We see today’s signing as an important step towards the potential further development of this critically important area. It aligns with BP’s six clear priorities and is in support of our drive to deliver as a more focused, higher value company.”

BP, which also makes the Castrol metalworking fluid range, says this programme of integrated redevelopment will potentially bring investment and new opportunities to the Kirkuk area. Among the opportunities to be explored are the building of new facilities and, where needed, the rehabilitation of existing facilities.

The company says this will unlock future growth and subsequently help the local population by meeting their own supply demands and creating jobs. BP will also explore power generation opportunities in the region, including for solar power.

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