Cabinet gives momentum to 5th bid round deals and Nibras project

Fire and smoke rise from the super-giant Rumaila oil field. (ESSAM AL-SUDANI/AFP/Getty Images)

The Iraqi Cabinet announced Tuesday that it has notionally approved several major gas-related projects that were awarded by prior governments but have been stalled for years, including six contracts for gas fields and the Nibras petrochemicals project.

If the government approval leads to the signing of binding contracts, it would represent a major step forward for foreign investment with the potential to boost domestic energy production, reduce dependence on costly imports, and diversify revenue streams.