Lates News

According to CNBC reports, sources familiar with the matter revealed that British Petroleum (BP.N) and ConocoPhillips (COP.N) are expected to announce new investments in Iraq worth billions of dollars on Friday. Washington's move aims to strengthen Iraq's energy industry and reduce its dependence on transport routes vulnerable to Iranian interference. The sources said the plans are expected to be announced during a US-Iraq Business Summit in Washington. Iraqi Prime Minister al-Kadhimi will hold talks with senior US officials and major energy company executives during the summit. It is expected that this event will lead to agreements and memoranda of understanding worth over $60 billion between American companies and the Iraqi government. The investments from British Petroleum, ConocoPhillips, and other companies could reach tens of billions of dollars, and possibly even hundreds of billions of dollars.