Al Azharan ("AZI") is a well-established company in Iraq with over 28 staff located at its main office in Baghdad, and a further 350 employees present at the Company's various projects throughout the country. AZI brings to the table an extensive network of high-level contacts in Iraq's Oil and Gas sector, as well as within the local government. Currently, AZI has over US$ 40 million in contracts in progress, with an additional potential of $130 Million under current negotiations.
"The experienced team at AZI shall play a vital role in assembling a portfolio of oil and gas assets for Sonoran to firmly establish our presence in the Iraqi market," said Ala Nuseibeh, Sonoran Energy Executive Vice President, Middle East, North Africa, and Caspian. "There are significant opportunities in Iraq that the Company can tackle, and our MOU agreement with a strong local player with proven record of delivering results shall prove necessary to the success of Sonoran Energy in that Country."
"We look forward to our association with the Sonoran Energy management team to develop mutual oil and gas opportunities in Iraq," said Majdi Khayyat, Al Azharan Country Manager. "The Iraqi oil sector is a perfect fit to Sonoran's technical know-how and experience."
"We are very excited about being strongly represented in such a lucrative oil and gas market, which is a first step and important catalyst to the successful identification and winning of major projects in Iraq. We truly believe that AZI, with their strong local ties, to be the ideal partner to build a successful operation in the region. We believe that this shall be accomplished through working closely together in targeting the most interesting and profitable oil and gas projects available, thus setting Sonoran Energy to be an important player in the Iraqi oil industry once the political and security vision clears for international investments," said Peter Ostenfeld-Rosenthal, Sonoran Energy President and CEO.
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