Iraq Signs 48 Deals with US Companies During PM's Visit

Iraq. During Prime Minister Ali al-Zaidi's visit to America, Iraq signed 48 agreements and partnerships with American companies. Most of these agreements are related to the oil sector, the Prime Minister's office said on Saturday.

Despite being rich in oil resources, Iraq has been affected by decades of war and political instability. The country's economic reform has become challenging due to weak infrastructure, lack of public services, managerial weaknesses, and corruption.

Due to the ongoing conflict in the Middle East, oil exports have been affected, and revenue has decreased, creating a situation where Iraq needs to advance immediate economic reform measures. "48 agreements, memorandums of understanding, cooperation agreements, and partnership declarations have been made between public and private sector entities of Iraq and the United States of America," the Prime Minister's communication office stated.

The agreements include cooperation and partnership between Iraq's oil and electricity ministries and American companies ExxonMobil, KBR, GE Vernova, Shell, and Halliburton.

Similarly, some agreements have been made between Iraq and Syria regarding the construction of a main pipeline for crude oil transportation. Iraq has stated that it has signed an agreement with satellite communication service provider Starlink to operate services in the country.

In a meeting at the White House on Tuesday, US President Donald Trump praised Zaidi and called him a 'champion'.

Zaidi, who has a business background, came to power this year with American support after Trump rejected another candidate. He has pledged to reform Iraq's weak economy and disarm Iran-backed armed groups that have been attacking American establishments.

Iraq has long maintained a balance between the conflicting influences of its major allies, the United States and its neighbor Iran.