BP and ConocoPhillips to announce billions in Iraq investments on Friday

Published Jul 17, 07:50 AM UTC

BP and ConocoPhillips are set to announce billions of dollars in new investments in Iraq on Friday during the U.S.-Iraq Business Summit in Washington, according to sources familiar with the plans. The announcements come as Washington seeks to bolster Iraq's energy sector and reduce regional reliance on routes vulnerable to Iranian disruption, particularly the Strait of Hormuz. The summit is expected to feature over $60 billion in agreements and memorandums of understanding between U.S. companies and the Iraqi government. Iraqi Prime Minister Ali Al-Zaidi will meet senior U.S. officials and energy executives. BP has a long history in Iraq, including recent agreements to redevelop oil and gas resources in Kirkuk. The investments aim to boost Iraq's oil production and diversify export routes amid renewed U.S.-Iran tensions.