BASRAH, Iraq — Saudi Minister of Energy, Industry and Mineral Resources Engineer Khalid bin Abdulaziz Al-Falih, the Chairman of the Board of Directors of Saudi Export Development Authority and Iraqi Oil Minister Engineer Jabbar Al-Alluaibi witnessed in the Iraqi City of Basra Monday the signing ceremony of 18 memorandums of understanding between Saudi and Iraqi companies in the fields of energy.

Al-Falih officially opened Tuesday, in partnership with his Iraqi counterpart, the seventh session of Iraq International Oil and Gas Conference and Exhibition. The Kingdom is participating as a guest of honor with a delegation of 22 companies specializing in the fields of energy and other industries.

Al-Falih delivered a speech following the signing ceremony of memorandums of understanding in which he stressed that the Kingdom and Iraq enjoy strategic advantages that include human resources, geographical location, energy resources, natural and mineral resources and current and potential industries, pointing out that the similarity of these advantages and their integration in others constitute a solid basis for cooperation which began during the last period and constitutes a motive to seize the historic opportunity to build an effective partnership to achieve the aspirations of the two countries.

For his part, Al-Alluaibi welcomed the outstanding participation of Saudi companies in Basrah Exhibition, expressing his optimism to open horizons of cooperation and partnership in the future by signing these memorandums which enhance relations between the two countries, pointing out that Basra is one of the important energy capitals in the world and possesses areas for wide partnerships with senior investors. — SPA