ERBIL, Kurdistan Region - Speaking at a global energy forum in Dubai on Monday, Kurdistan Region Prime Minister Masrour Barzani stated he was certain the Region would be soon transformed into “an important source of energy for the world’s growing demand,” and called on partners and allies to support the goal of turning the capital Erbil into a “regional hub for business.”
Prime Minister Barzani was one of the keynote speakers participating in the Atlantic Council Global Energy Forum in Dubai, where he addressed the Region’s current and future programs aimed at positioning the Kurdistan Region as a key energy exporter. He will also be speaking in a plenary session on Tuesday at the World Government Summit.
He also sought to reassure that “a strong, economically independent Kurdistan is no threat to its neighbors or to our partners in Baghdad,” adding that the Kurdistan Region could also help them “meet their energy needs.”
❝I'm confident that Kurdistan will soon become an important source of energy for the world's growing demand.❞ #ACEnergyForum
— Atlantic Council (@AtlanticCouncil) March 28, 2022
👤|@masrour_barzani, Prime Minister of the @Kurdistan pic.twitter.com/TqF8ARsAXR
Barzani called the recent ruling by “the so-called” Iraqi federal court against the Kurdistan Region’s oil and gas law “unconstitutional and blatantly political.” He added that cooperation would be much more beneficial as the Kurdistan Region wants to help the rest of Iraq meet its energy needs. Barzani emphasized that the Region remains “open for business” despite the ruling, which does not present an obstacle.
❝A strong, economically independent @Kurdistan is no threat to its neighbors or to our partners in Baghdad. In fact, it is the opposite… We can and will help countries of our region and beyond meet their energy needs.❞#ACEnergyForum
— Atlantic Council (@AtlanticCouncil) March 28, 2022
👤|@masrour_barzani pic.twitter.com/oveLa1aQEU
“We have gone from almost a standing start when we passed our oil investment law 15 years ago to a region that produces and exports around half a million barrels of oil per day and also produces almost half a billion cubic feet of gas per day, with the potential to grow both of these further,” he added regarding the Region’s capabilities.
Barzani also mentioned that the US had recently recognized the Region’s gas sector potential, and had already begun partially financing production in the Region. He added that he has also been in talks with Iraq, Turkey, and Gulf countries regarding the formation of a regional railway network which would boost trade in the region.
Global energy exports are shrouded with uncertainty as Russia's invasion of Ukraine entered its second month. Gulf states have been treading carefully, seeking to maintain neutrality with Russia, also part of OPEC+, an organization with major influence over oil prices.
❝My Cabinet has been taking constructive steps to diversify our economy in a way that gives us a buffer against the uncertainty of global energy prices.❞#ACEnergyForum
— Atlantic Council (@AtlanticCouncil) March 28, 2022
👤|@masrour_barzani, Prime Minister of the @Kurdistan pic.twitter.com/a7wGK3RwtP
Barzani praised the United Arab Emirates (UAE) for its domestic economic achievements, stating that the Gulf country has been an example for the Kurdistan Region and that he seeks to “foster a serious relationship” with the UAE. The PM also visited the UAE in January, where he met with the Crown Prince of Abu Dhabi and discussed expanding cooperation between the UAE and the Kurdistan Region.
The UAE is not the only Gulf state Barzani has been strengthening ties with. Last month, Barzani visited Qatar and discussed energy, investment, and trade with top officials from the country.
Barzani said in October that his cabinet has plans to double the Kurdistan Region's gas production within two years.
The Iraqi Federal Supreme Court ruled against the Kurdistan Region’s oil and gas law in mid-February, claiming that it was “unconstitutional”, hence striking down the independence of the Kurdistan Region’s oil and gas sector and putting its industry in jeopardy.
Updated at 7:30pm
