US firms sign energy and other deals with Iraq after Trump touts its oil

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U.S. firms signed several oil-related and other deals with Iraq on Friday, days after President Trump said the two sides would be “doing a lot of deals” because of the Middle Eastern nation’s oil.

Among the U.S. companies that signed energy-related deals during an event at the U.S. Chamber of Commerce were Chevron, ConocoPhillips, HKN Energy and Halliburton.

Chevron signed deals related to the development of Iraqi oil fields and a potential cross-border pipeline between Iraq and Syria.

ConocoPhillips signed one deal related to the potential exploration of a gas field, as well as an agreement to join BP in developing an oil field.

And HKN signed a contract for oil field development and production.

Some agreements pertained to other industries rather than energy and included companies such as Cisco, JPMorgan, Starlink and PepsiCo.

Some of the deals were characterized as preliminary or nonbinding or were agreements to hold future discussions.

“Our goals in the Middle East are to transform a region that’s been riven by too much conflict and diffuse those conflicts and replace them with commerce,” Energy Secretary Chris Wright said.

Chamber of Commerce President and CEO Suzanne Clark said Friday that in total the many deals announced were worth more than $60 billion.

The deals come after Trump met Iraq’s newly elected prime minister, Ali al-Zaidi, at the White House this week.

“They have tremendous oil reserves. They have tremendous potential wealth, and they have tremendous wealth, not only potential,” Trump said from the Oval Office.

“We’re going to have a long-term relationship with a man that will be a great leader. You mark my words. I knew what I was doing,” Trump added, referring to his endorsement of al-Zaidi.

The leaders also both alluded to their economic ties.

“The most important strategic partnership in the world is the United States of America. … It’s not emotional; it’s about money,” al-Zaidi said.

Trump said, “Because of their oil, and we’re going to be doing a lot of deals.”

“We’re going to create a lot of jobs for both countries, and we’re going to be taking out a lot of oil,” he added.

A desire for oil has been a driving factor in the Trump administration’s foreign policy, including in Venezuela, whose oil the U.S. appears to have taken control of after capturing leader Nicolás Maduro.

Iraq has the world’s fifth-largest proven reserves of crude oil.

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Chevron

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Cisco

ConocoPhillips

Donald Trump

Halliburton

HKN Energy

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Iraq oil

Syria

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U.S. Chamber of Commerce

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