Hayan Abdel-Ghani, Iraq's oil minister, is reported to be in stable condition following an emergency heart procedure during his official visit to the United States. The minister was in the country to promote investment opportunities in Iraq's energy sector.
An unnamed Iraqi oil ministry official, who is part of the delegation accompanying Abdel-Ghani, provided information about the minister's health status. The official stated that Abdel-Ghani experienced a sudden illness during the trip and was promptly taken to a hospital where he underwent heart catheterization surgery.
"He's out from the operating theatre and is in a stable condition."
The minister's visit to the United States was aimed at attracting American companies to invest in Iraq's energy industry. This effort is part of Iraq's broader strategy to modernize its oil infrastructure and increase its export capacity. Iraq, as the second-largest oil producer in OPEC, relies heavily on its oil industry, which accounts for approximately 95% of the country's foreign exchange earnings.
Iraq's significance in the global oil market is underscored by its vast reserves. The country possesses the world's fifth-largest proven oil reserves, with the Rumaila oil field being one of the largest globally. Since the first oil well was drilled in Iraq in 1927, the industry has undergone numerous changes, including nationalization in 1972 and the establishment of the Iraq National Oil Company (INOC) in 1966.
In recent years, Iraq has been working diligently to overcome challenges in its oil sector. These efforts include reducing gas flaring from oil production and combating issues such as oil smuggling and corruption. The country has also been striving to increase its oil production, reaching a post-war high in 2019.
The current initiative to attract foreign investment is crucial for Iraq's economic development. As a founding member of OPEC since 1960, Iraq plays a significant role in global oil markets. However, the country faces unique challenges, including the separate oil ministry and policies of the Kurdistan Region of Iraq.
As Hayan Abdel-Ghani recovers from his medical procedure, the focus remains on Iraq's efforts to revitalize its energy sector and secure its position as a key player in the global oil industry.