Foreign Companies Return to Kirkuk as Investment Revival Gains Momentum

Kirkuk Governor's media

Kirkuk Governor Rebwar Taha.

Kirkuk Governorate is witnessing a new phase of economic revitalisation with the return of major foreign companies to the investment scene, following nearly a decade of stagnation since 2015. This marks a significant step towards boosting key sectors and harnessing the province’s economic potential.

Kirkuk Governor Rebwar Taha told Al-Sabah that several reputable international companies have resumed operations by signing new development contracts in the governorate’s oil and gas fields. These firms had previously suspended activities and withdrawn due to the security challenges of the time.

He explained that the companies had achieved annual profits of up to $26 billion during their previous operations, adding that their return would restore momentum to Kirkuk’s energy sector, enhance provincial revenues, and generate extensive employment opportunities. The renewed investments are also expected to drive both urban and service development.

The governor noted that the local administration has successfully created a safe and stable environment conducive to investment by streamlining administrative procedures, ensuring necessary protection, and facilitating project implementation. As part of the current development plan, the governorate will launch a series of strategic projects, including the construction of a 400-megawatt power plant to meet a large share of Kirkuk’s energy demand.

In addition, plans are under way to establish the province’s first integrated petrochemical plant, which will support industrial growth and reduce dependence on imported materials, he said.

Governor Taha revealed that the operating companies have committed to allocating $1 million annually to support community services within their social responsibility programmes, aimed at improving education, healthcare, and infrastructure in areas hosting investment projects.

He also announced the signing of a contract to establish an investment refinery with a capacity of 70,000 barrels per day, designed to meet the province’s needs for petroleum derivatives, cut transport and distribution costs, and achieve energy self-sufficiency.

Governor Taha stressed that the return of foreign investors sends a strong message of confidence in Kirkuk’s improving investment climate, reflecting the remarkable progress made in security and administrative stability in recent years.

He concluded that these projects would serve as a cornerstone for a new era of comprehensive development across the industrial, agricultural, and service sectors. The local administration, he said, continues to coordinate closely with relevant federal ministries to upgrade essential infrastructure — including roads, energy systems, and logistics networks — ensuring sustainable investment and long-term economic growth.



PUKMEDIA