Iraq Invited Indian Investment Companies in its Oil and Gas Sector

  • Iraq is one of India’s top suppliers of oil and liquefied natural (LNG) gas. In 2018-19, Iraq, for the second year in a row, became India’s top crude oil supplier, meeting more than a fifth of the country’s oil needs.
  • India’s public sector oil companies, including IOCL, HPCL and BPCL, are the major importers of oil from Iraq. Both India and Iraq are working on a liberal visa regime besides aiming to seal a double taxation avoidance agreement.
  • A sizeable number of Malaysian, Chinese and American oil exploration companies are operating in Iraq. On the same line, Iraq seeks investment from Indian companies in its oil and gas sector.
  • Iran also welcomed any Indian initiative or any project that can help peace and prosperity in this world, in between the tension erupted after USA strike on Iranian military commander Qassim Suleimani.

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