With the tumultuous time Iraq has been through, there are still many sectors that are thriving there such as Security, Telecoms and of course, their main resource- Oil. Due to the devastating effects of ongoing war, the almost land locked country, referred to as the “Cradle of Civilization” would seem like an odd choice to want to sojourn to. However, there are some industries that are still thriving, despite the aftermath of war as sectors rebuild.
Iraq is an “Oil Rich” country and with the worlds 5th largest proven oil reserves and is a founding member of OPEC. Other natural resources include natural gas, phosphates, and Sulphur, but the oil sector trumps other sectors and they produce 4, 443, 457 barrels per day. They recently announced that they are open for business and looking to trade with the United States.
Chevron, seeking new oil investments, is looking to Iraq to expand their operations. The deal is expected to be signed next Wednesday with the Iraqi Foreign Minister, Fuad Hussein (No relation to Sadam). Chevron is looking to further explore and develop the Nassiriva oilfield in the South of Iraq, but the scope of the project has not been defined yet.
As most of the infrastructure was decimated by the war, the Iraqi government is very keen on rebuilding the country and there are many projects in the pipeline and money has been set aside, such as the following:
- 100 Billion dollars for 157 construction projects
- 600 Million dollars for power plant development, technological revision and maintenance (awarded to General Electric)
- 6 Billion Dollars for 85 000 Residence construction projects
- 200 million dollars for hospitals
Investing in Iraq
One does not need an entity or presence in Iraq to have access to a piece of the pie. Opening an entity is a multilayered process. The minimum capital required setting up a company within the Oil and gas sector is 2 Billion Iraqi Dinar approximately, 1 675 240 USD. The other option is to use the services of an Umbrella company that is already set up and fully operational in Iraq. Uniglo can assist with this! We can help you and your staff obtain sponsored Work permits and offer you compliant outsourced HR services such as payroll and tax requirements. For a free consultation, please email: email@example.com.