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By John Lee.

KRG President Nechirvan Barzani met with the Russian Ambassador to Iraq, Mr. Elbrus Kutrashev and his accompanying delegation in Erbil this week.

The meeting discussed the political and economic developments in Iraq, Erbil-Baghdad relations and the ongoing negotiations to resolve their differences.

The two sides also exchanged views on Russia's bilateral relations with Iraq and the Kurdistan Region and the latest visit of the Russian Minister of Foreign Affairs to Baghdad.

Discussions also highlighted the developments in the war in Ukraine and its ramifications, and the situation in the wider region.

(Source: KRG)

Remarks for the Ambassador's Keynote Speech at the Iraq Oil and Gas Show
Saturday, February 18, 10:45 a.m. (Babylon Rotana Hotel)

I have recently returned from Washington, D.C. where we had the privilege of hosting Foreign Minister Fuad Hussein and his 15-member delegation.  This visit was historic.  It was the first Higher Coordinating Committee that was focused on economic cooperation, energy sector development, and climate change.

In Washington, the Foreign Minister and Prime Minister Sudani's advisors laid out a plan to diversify Iraq's economy from being more than just an oil exporting country to a country with vibrant private industries, where the private sector is the main engine of economic growth.

In addition to the meetings with Secretary of State Blinken and other senior government officials, the Foreign Minister's delegation met with the U.S. Chamber of Commerce and about 40 U.S. companies inviting them to play a role in Iraq's economic development, including in growing Iraq's nascent private sector.  I came away from this trip confident in the strong and expanding relationship between Iraq and the United States, and excited for the opportunities to foster real growth in Iraq's economic future.

For Iraq to realize this bright future, Iraq must do at least three things:  invest in critical infrastructure, combat corruption, and create a business environment that is favorable to foreign direct investment.  By that I mean encouraging foreign companies to bring both their capital and their expertise to Iraq and where these investments generate jobs and companies train Iraqis to run their own businesses.

There is no place better to focus these opportunities than the energy sector, specifically the country's electricity grid and oil and gas field development, including gas capture.  These areas capture both Iraq's greatest source of revenue and its greatest constraint on economic growth.  We all know electricity demand will only grow and there is promising potential for investment and improvement.

I have spoken with the Minister of Oil, the Minister of Electricity, and the prime minister's new adviser on energy, all of whom have laid out a vision for modernizing the energy industry, and not just in the oil sector, but by capturing and using the vast amounts of gas in Iraq to help develop the electricity sector to meet the power demands of a growing economy.

The Biden Administration is encouraging U.S. energy companies-those already in Iraq and new ones, to explore opportunities in Iraq and where they could bring their world-class expertise and help generate jobs for Iraqis.  On Thursday, General Electric and the Ministry of Electricity signed an MOU to develop the energy sector in production, transmission, maintenance, staff training, and reducing carbon emissions.  And there is certainly more room for other companies.

Strengthening Iraq's energy sector will require significant investment.  Gas capture plants will have to be built along with new power plants to use the additional gas.  The electricity grid will have to be upgraded and modernized to make sure that the 50 percent of power that is currently lost in transportation due to theft and poor equipment can instead be harnessed to power Iraqi homes and businesses.

That is why energy infrastructure is an obvious place to start with investment.  Iraq has a valuable pre-existing resource that has the potential to advantage not just Iraqi citizens, but the economy - especially since the lack of electricity is one of the largest constraints facing manufacturing and industry today.

In the gas field, Iraq has both a challenge and an opportunity.  After Russia, Iraq is the highest emitter of flared gas in the world.  This causes severe environmental problems.  Capturing the gas that is currently flared would dramatically improve Iraq's climate, allowing Iraqis to breathe cleaner air, drink cleaner water, and suffer less from debilitating diseases such as cancer.

But capturing gas is also an economic opportunity.  Most assessments conclude that if the amount of gas flared in Iraq today was processed in new electricity generating power plants, Iraq could double the total amount of its electricity production and meet the current shortages.   By using captured gas to power electric generators, Iraq could dramatically increase the amount of electricity available to its people - as much as 3,500 MW of additional electricity, or an increase of 25 percent to the entire country's electrical grid.

To fully take advantage of developing the energy sector, we must also address the important challenge of corruption.  The business environment must convince foreign companies that their investments are protected, and the regulatory climate is predictable, transparent, and honest.  Also companies, especially those that are going to do business with the government, must know they will get paid on time.  Unfortunately, this has been an issue in the past.

Finally, the bureaucracy itself must modernize, efficiently process contracts and projects, and streamline the process for companies, both foreign and domestic, to do business here.  When companies compare opportunities to do business, they will almost invariably choose those with less risk and greater ease of doing business.  In today's fast moving global economy, time matters to international investors.

So let me conclude by saying that modernizing Iraq's energy sector is key to Iraq's ability to become a secure, stable, sovereign country that can provide for its own people using its own vast natural resources.

In Washington last, the Biden Administration launched a new and expanded vision for Iraq focused on economic development.  We are committed to working with the Sudani government to create new opportunities that strengthen the economic interests of both our countries and the region.  American companies are ready to invest and participate in modernizing Iraq's energy sector to the benefit of Iraq's sovereignty and its environment and help build a more secure future for the Iraqi people.

We are continuing this conversation with Prime Minister Sudani and his team at the Munich Security Conference.  We look forward to working with the Government of Iraq, the private sector (including other western companies), and directly with the Iraqi people to make this happen.   Thank you.

(Source: US Embassy)

By Ashish Kumar Sen for the United States Institute of Peace (USIP). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Fighting Corruption Harder than Fighting ISIS, Says Iraq's Deputy Prime Minister

Fuad Hussein lays out Iraqi government's priorities, says Iraq's interests dictate its relations with Russia, China and Iran.

Click here to read the full article.

By John Lee.

Ukraine's Ministry of Defense has reportedly warned about the formation of a "private military company" by Russian oil giant Gazprom Neft.

Time magazine says that the Ukrainian government has warned that the unit would be comparable to notorious mercenary organization the Wagner Group.

It speculates that the force may become active in parts of the world where Gazprom has assets; it goes on to quote a professor as saying that, "the most likely place is Iraq, where Sergey Lavrov, the Russian minister of foreign affairs, said on a recent visit it was important to protect Russian assets."

More here.

(Source: Time)

By Andrew Parasiliti for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Iraqi foreign minister: It's in Iraq's interest to help reduce US-Iran tensions

In exclusive interview with Al-Monitor, Fuad Hussein discusses US-Iraq economic relations, regional economic integration, and sanctions on Russia and Iran.

Click here to read the full article.

By John Lee.

The Office of Security Cooperation-Iraq (OSC-I) at the U.S. Embassy in Baghdad has been working with the Iraqi Ministry of Defense to convert the entire fleet of the Iraqi Army Aviation Command (IqAAC) to U.S.-produced aircraft in order to simplify parts acquisition, maintenance, and training.

This quarter, the U.S. Central Command (USCENTCOM) provided an update on multiple pending FMS cases to modernize the IqAAC helicopter fleet that have been approved by the MoD and are now with U.S. implementing agencies for action, including:

• 15 new Bell 505 (pictured) training helicopters to replace the ISF's aging Bell 407 and OH-58 training fleet. (FMF)
• 15 new Bell 407M light attack helicopters, including associated rocket and gun systems, avionics, and pilot/maintainer training, to replace the ISF's aging 407 fleet. (Iraqi funded.)
• 4 Bell 412EPX and 16 Bell 412M medium lift helicopters to replace the Russian-made Mi-17 fleet due to inability to acquire spare parts due to the war in Ukraine. (Iraqi funded.)
• Contracted logistics support package from Eurocopter providing comprehensive parts, materials, and field service representative support to include over-the-shoulder technical support, training, and advising. This is the first Eurocopter field service representative case for the ISF. (Iraqi funded)
• Contractor logistics support package from Bell, to include comprehensive parts, material, and field service representative support that will replace the existing Bell support case and will cover all Bell airframes. (FMF) USCENTCOM said a letter requesting an estimate for the cost and availability of additional Bell 407M light attack helicopters is with the IqAAC awaiting approval.

The Combined Joint Task Force-Operation Inherent Resolve (CJTF-OIR) also reported that due to the war in Ukraine, the IqACC's ability to access spare parts for their Russian-designed Mi-17 helicopters is constrained as most spare parts are going to support Russian military efforts in Ukraine and there are restrictions on buying Russian-made parts.

(Source: Operation Inherent Resolve)

By John Lee.

Iraqi President, Dr. Abdul Latif Jamal Rashid, received Russian Foreign Minister Sergey Lavrov and his accompanying delegation on Monday.

President Rashid highlighted the importance of enhancing economic cooperation between the two countries, pointing to the need for coordination and consultation on issues of common interest including security and peace in the region and across the world.

In 2021, trade between the two counties increased by 120 percent as compared with 2020 (from $120 million to $282 million), according to a statement from the Russian Foreign Ministry. Between January and November, 2022, trade grew by 47.5 percent on the same period in 2021 (from $258.5 million to $381.4 million).

Russia's LUKOIL, Gazprom Neft, Bashneft, and Rosneft are implementing a number of major projects in Iraq.

Minister Lavrov said discussions in Iraq focussed on trade, economic and investment ties, adding that Russian oil companies have made investments of over $13 billion in Iraq, and that they have "far-reaching plans with their Iraqi partners."

(Sources: Russian Foreign Ministry, Office of the Iraqi President)

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Inside story: Dollar crisis shifts winds in Iraq as US confronts Iran

Iraq is reemerging as a battleground for Iran and the US as deadlock remains over the 2015 Iran nuclear deal, and as Washington seeks to punish the Islamic Republic for its repression of protests and military cooperation with Russia.

The full article can be viewed here (registration required).

By John Lee.

Exports from Turkiye (Turkey) to Iraq reportedly increased by 16.4 percent in 2022.

According to data issued by the Turkish Exporters Association (TIM), Turkiye sold goods and services valued at $10.4 billion to Iraq during the year, up from $9.0 billion the year before.

Meanwhile, Turkish projects in Iraq were valued at $1.58 billion, putting Iraq in third place behind Russia and Azerbaijan.

(Sources: Hurriyet Daily News, Haber Tusba)

The Ministry of Higher Education announces scholarships for bachelor's, master's and doctoral studies in Russia

The Ministry of Higher Education and Scientific Research informs teachers, employees and citizens of the Kurdistan Region that the Federal Russia has offered 60 scholarships for bachelor's, master's and doctoral degrees for the academic year 2023-2024 for Kurdistan Region as follows.

1. Bachelor's Degree:

· Applicant must be a citizen of the Kurdistan Region.
· Must not be employed in any institution of the Kurdistan Regional Government.
· For those who apply for medical specialties, the high school grade must be not less than (85%), for those who apply for dentistry and pharmacy, the high school grade must be not less than (80%). Those who apply for engineering, the high school grade must be not less than (75%).

2. Master:

· Applicant must be a citizen of the Kurdistan Region.
· If the applicant is an employee or teacher in the institutions of the Kurdistan Region, he/she must have at least two years of service after obtaining the last degree.
· Bachelor's degree grade must be not less than (65%).
· Applicants must apply for a master's program in the same field. (Bachelor's and Master's degree in the same field).

3. Doctorate:

· Applicant must be a citizen of the Kurdistan Region.
· If the applicant is an employee or teacher in the institutions of the Kurdistan Region, he/she must have at least two years of service after obtaining the last degree.
· Master's degree grade must be not less than (70%).
· Applicants must apply for a PhD program in the same field. (Master's and Doctorate in the same field).

If the successful candidate is employed, he/she will be granted only a study permit by the relevant ministry, with basic salary and fixed allowances.

The successful candidate will be financially supported by Russia. For more details, please visit the scholarship website.

Successful candidates must fill out the electronic application form at the Ministry of Higher Education and Scientific Research through the following link:

Scholarship.digital.gov.krd

Note:
Application will be directly through the scholarship website, ministry of Higher Education does not have any files to process, so do not visit the ministry until the results of the scholarship are released.

Anyone who meets the following requirements, please submit an application to the source of the scholarship through the following link:

https://education-in-russia.com

(Source: KRG)