Saudi Arabian companies have signed 18 agreements with the Iraqi government to jointly develop several key projects in the energy sector, a media report said.

Saudi companies are keen to develop relations with Iraq, Saudi Minister of Energy Khalid Al-Falih was quoted as saying by Iraq Business News.

He added that several important Saudi companies will open their branches in Iraq to “achieve more bilateral cooperation and expand the size of investments in the sectors of oil, gas, industry, importing and infrastructure”.

Saudi Basic Industries Corp (Sabic) and Saudi Arabia’s Industrialization & Energy Services Co (Taqa) are planning to open offices in Iraq, the report added, citing Reuters.