Custom Search

Trade Bank of Iraq (TBI) logo

Iraq may Stop Iran Gas Transfers if US Waiver Ends

By John Lee.

The head of Trade Bank of Iraq (TBI) has reportedly said that the bank would stop processing payments for Iranian gas imports if a US sanctions exemption expires next month.

Faisal al-Haimus told AFP:

“As a bank, the most important thing we have is that we are compliant (with international regulations). That’s why people trust us.”

Iraq relies heavily on Iran to support its struggling electricity sector.

When the United States imposed sanctions on Iran’s energy sector in 2018, it granted Iraq a series of temporary waivers to allow it to buy gas from Iran.

More here.

(Source: AFP)

Posted in Iraq Oil & Gas News 0 Comments

Iran Iraq oil swap (Shana)

US Extends Iran Sanctions Waiver for Iraq Energy Imports

By John Lee.

The US has granted Iraq another 120-day waiver from its sanctions on Iran.

According to S&P Global, a State Department spokesman said the waiver ensures that Iraq is able to meet its short-term energy needs while it takes steps to reduce its dependence on Iranian energy imports.

(Source: S&P Global)

Posted in Iraq Oil & Gas News, Politics Comments Off on US Extends Iran Sanctions Waiver for Iraq Energy Imports

electricity pylons, twilight-532720_1280 (Pixabay)

Basra Protests Build as Sub-standard Services Persist

By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

Basra protests build in Iraq as sub-standard services persist

In an exclusive interview with Al-Monitor, Iraqi Minister of Electricity Luay al-Khatteeb talked about the situation of Iraq’s electricity sector amid tense US-Iran relations.

He discussed the waiver timeline that Washington granted Baghdad to keep buying Iranian gas and mentioned his fear that some parties are politicizing the electricity sector in Iraq.

Click here to read the full story.

Posted in Construction & Engineering In Iraq, Iraq Public Works News, Politics, Security Comments Off on Basra Protests Build as Sub-standard Services Persist

US Secretary of State, Mike Pompeo

US Grants Iraq Waiver to Buy Iranian Electricity

By John Lee.

The Trump administration has reportedly granted Iraq a 120-day waiver from its sanctions against Iran, to allow it to continue importing electricity from the country during the hottest of the summer weather.

The decision followed a phone call on Friday between Secretary of State Michael Pompeo (pictured) and Iraqi Prime Minister Adel Abdul Mahdi.

The State Dept said it is continuing to work with Iraq to end its dependence on Iranian natural gas and electricity.

(Sources: Bloomberg, The National)

Posted in Iraq Industry & Trade News, Politics Comments Off on US Grants Iraq Waiver to Buy Iranian Electricity

Iranian Ambassador to Iraq Iraj Masjedi (Tasnim)

“Invaluable Steps” to Cement Ties with Iraq

Iran Has Taken Invaluable Steps to Cement Ties with Iraq: Envoy

Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad.

“We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing an appreciation ceremony for the outgoing Iranian consuls in the Iraqi cities of Sulaymaniyah and Karbala.

“The embassy of the Islamic Republic of Iran in Baghdad, as well as the affiliated organizations and consulates and other governmental agencies of Iran in Iraq, have taken invaluable strides and actions at various political, economic and security levels to strengthen relations between the two countries in recent years,” the diplomat noted.

Masjedi further pointed to historical, cultural and ideological commonalities of the two countries and said closer ties in all fields are in line with the interests of both Iran and Iraq.

Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh (also known as ISIS or ISIL) terrorism in Iraq, they have not been able to increase their trade volume.

Heading a high-ranking delegation, Iranian Foreign Minister Mohammad Javad Zarif recently paid an official visit to Iraq to boost ties with the Arab country in the sanctions era.

US President Donald Trump’s administration announced plans in March to extend a 90-day waiver for the second time to let Iraq continue energy imports from Iran.

(Source: Tasnim, under Creative Commons licence)

Posted in Investment, Iraq Industry & Trade News, Iraq Oil & Gas News, Politics, Security Comments Off on “Invaluable Steps” to Cement Ties with Iraq

ScreenHunter 4245

US “will continue Exemptions” for Iranian Power Imports

By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

Iraq electricity minister: US will continue exemptions for Iranian electricity imports

In an exclusive interview with Al-Monitor, Iraqi Minister of Electricity Luay al-Khatteeb talked about the situation of Iraq’s electricity sector amid tense US-Iran relations.

He discussed the waiver timeline that Washington granted Baghdad to keep buying Iranian gas and mentioned his fear that some parties are politicizing the electricity sector in Iraq.

Click here to read the full story.

Posted in Iraq Industry & Trade News Comments Off on US “will continue Exemptions” for Iranian Power Imports

Adil Abd Al-Mahdi receives Mike Pompeo 080519

Doubts over US Waiver for Iraq to buy Iranian Power

By John Lee.

Contrary to recent reports that the US had granted a waiver to Iraq to allow it to continue buying power from Iran, a State Department spokeswoman reportedly said on Wednesday that this was not the case.

Reuters quotes Morgan Ortagus as telling reporters that Secretary of State Mike Pompeo has not made a decision on this issue.

(Source: Reuters)

Posted in Iraq Industry & Trade News, Iraq Oil & Gas News, Politics Comments Off on Doubts over US Waiver for Iraq to buy Iranian Power

Iran to Iraq gas pipeline (Shana)

Iraq gets Reprieve to continue Buying Iranian Gas

By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

US grants Iraq reprieve to continue buying Iranian gas

The United States has decided to grant Iraq a third 90-day sanctions waiver so it can continue to purchase gas from its sole provider, Iran, giving Baghdad some much-needed breathing room.

On May 22 in Baghdad, Joey Hood, US chargé d’affaires in Iraq, stressed to reporters that the waivers will not continue indefinitely, so the United States is working with Iraq to reduce its dependence on Iran.

Click here to read the full story.

Posted in Iraq Oil & Gas News Comments Off on Iraq gets Reprieve to continue Buying Iranian Gas

US charge d’affaires Joey Hood (Tasnim)

US “Grants Iraq Waiver to Buy Iranian Energy”

Washington has exempted Baghdad from some of its unilateral sanctions against Tehran, allowing Iraq to continue importing energy from Iran, according to the US envoy to Baghdad.

Baghdad can now buy energy from Iran, US charge d’affaires Joey Hood told reporters on Wednesday, Iran’s Press TV reported.

The waiver will allow Iraq to continue buying gas and electricity from Iran.

The administration of US President Donald Trump said in March it was extending a 90-day waiver for the second time to let Iraq continue energy imports from Iran.

The US envoy did not explain whether he was referring to the same waiver Washington gave Baghdad in March or he was declaring the issuance of new exemptions.

Gas imports from Iran generate as much as 45 percent of Iraq’s 14,000 megawatts of electricity consumed daily. Iran transmits another 1,000 megawatts directly, making itself an indispensable energy source for its Arab neighbor.

Iraq and Iran share a 1,400-kilometer-long border. For their run-of-the-mill maintenance, Iraqis depend on Iranian companies for many things from food to machinery, electricity, natural gas, fruits and vegetables.

(Source: Tasnim, under Creative Commons licence)

Posted in Iraq Industry & Trade News, Iraq Oil & Gas News, Politics Comments Off on US “Grants Iraq Waiver to Buy Iranian Energy”

ScreenHunter 4096

Energy tops agenda of Turkish FM’s meetings in Iraq

By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

Energy tops agenda of Turkish FM’s meetings in Iraq

Turkey’s Foreign Minister Mevlut Cavusoglu met with Iraqi Kurdish leaders recently on the last leg of an ambitious visit to Iraq, in which the Turkish diplomat unveiled plans to reopen consulates in Mosul and Basra and to establish new ones in Kirkuk and Najaf.

Cavusoglu also announced that Turkish President Recep Tayyip Erdogan would pay a formal visit to Iraq before the year’s end.

The timing of the two-day tour, which took Cavusoglu from Baghdad to Basra and finally Erbil, prompted speculation that Turkey was turning to its oil-rich neighbor for help after the US administration announced it was ending waivers that allowed a clutch of countries including Turkey to continue buying oil from Iran effective May 2.

Click here to read the full story.

Posted in Construction & Engineering In Iraq Comments Off on Energy tops agenda of Turkish FM’s meetings in Iraq