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By John Lee.

The President of Iraq's National Investment Commission (NIC) has launched the Downtown Baghdad project, which will feature Iraq's tallest skyscraper, with 65 floors.

Dr. Haider Muhammad Makiya said the project would serve as a modern and contemporary residential complex designed for sustainability. He emphasized that there would be no additional expenses for electricity and thermal insulation, as these costs would be covered by the executing company.

Mekki further noted that the tallest skyscraper in Iraq would be an architectural masterpiece with a modern and contemporary facade. He highlighted the Iraqi government's commitment to supporting vital projects like this one and explained that the project incorporated modern designs and high-quality service levels to meet sustainability requirements.

(Source: NIC)

By John Lee.

Prime Minister Mohammed Shiaa Al-Sudani chaired a meeting on Sunday evening to discuss diversifying gas sources for power stations in Iraq.

During the meeting, the delegation's report on their recent visit to Qatar was discussed, led by the Deputy Minister of Electricity.

The meeting concluded with an agreement to establish a fixed system for processing imported gas at Faw Port, to be executed by the Ministry of Oil within the federal budget.

Prime Minister Al-Sudani directed further discussions with the Italian consultant regarding the project's location within the port area.

(Source: Media Office of the Prime Minister)

By John Lee.

During a meeting with Turkmenistan's Minister of State for Gas Affairs, Iraq's Deputy Prime Minister for Energy and Minister of Oil expressed the desire to enhance bilateral cooperation in the oil and energy sectors.

They discussed expanding mutual collaboration in these fields, highlighting the potential both countries possess. Emphasis was placed on cooperation in supplying gas to power stations, with the signing of a memorandum of understanding seen as a significant step to bolster opportunities for cooperation. Iraqi companies were invited to participate in promising investment opportunities presented by the Ministry.

Turkmenistan's Minister of State for Gas Affairs, Mr. Maxat Babaiev, expressed his satisfaction with the bilateral cooperation between the two countries and considered the gas supply memorandum as the beginning of increased bilateral cooperation prospects.

Iraq's Minister of Electricity, Mr. Ziad Ali Fadel, mentioned that the memorandum of understanding with Turkmenistan is one of the rapid solutions being pursued by the Ministerial Energy Council to enhance production and increase power supply to citizens.

The Ministry's Deputy for Gas Affairs, Mr. Azat Saber, noted that the signing of this memorandum and the agreement with Turkmenistan are the results of intensive efforts by the joint ministerial team from the Ministries of Oil and Electricity. These efforts included extensive discussions and meetings during his visit to Turkmenistan in August of last year to identify the common objectives.

The meeting was attended by several officials from the Ministries of Oil and Electricity.

(Source: Ministry of Oil)

By Dashti Adil for the Institute of Regional and International Studies (IRIS) at the American University of Iraq, Sulaimani (AUIS). The opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iraqi Kurdistan's Electricity Crisis: Challenges and Sustainable Solutions

KRG policymakers must embrace solutions that both expand electricity coverage in the short-term and lay the foundation for long-term environmental sustainability - an exceedingly difficult set of competing objectives.

The full report can be read here.

By John Lee.

Iraq's Minister of Electricity has announced the successful completion of the electricity connection with Jordan, adding that imports from Jordan will start in the coming days.

Ziad Ali Fadel also confirmed that the electricity connection contracts with neighboring countries are progressing as planned.

He clarified that the Gulf-Saudi connection is also progressing smoothly, with no problems to report.

(Source: Ministry of Electricity)

By John Lee.

State-run Iraqi News Agency (INA) has reported the opening of the processing plant for associated gas at the Halfaya oilfield.

It was opened on Friday by the Governor of Maysan, Ali Douai Lazem.

The facility has a capacity of 300 million standered cubic feet [per day?], which will be used to power the Amara and Maysan electricity stations.

(Source: INA)

From Tasnim, under a Creative Commons licence. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iran and Iraq will jointly set up a joint bank and trade zone in the near future, the director general of the Trade Promotion Organization of Iran (TPOI) for the Arabic-African Affairs Office said on Tuesday.

As an influential Arab country, Iraq is very important to Iran, so initial licenses were issued in 2021 for launching two trade centers in the cities of Iraq, Farzad Piltan noted.

He went on to say that targeting $20 billion worth of trade between the two countries has been put atop the agenda of Iran.

The private sector can play a leading role in the materialization of the objectives defined in this regard, he stated.

Iran exported $3.5 billion worth of non-oil products to neighboring Iraq in the first five months of the current Iranian calendar year (March 21 to August 22, 2023), showing a 24 percent hike compared to the same period last year, he noted.

This is while Iran had exported about $1.887 billion worth of non-oil commodities to Iraq from March 21 to August 22, 2022, Piltan emphasized.

Effective planning has been made for the promotion of trade ties with Iraq in various sectors including export of technical-engineering services, transit of goods, export of gas and electricity, etc, he continued.

Elsewhere in his remarks, the official revealed plans for the establishment of five trade centers in the Iraqi cities of Baghdad, Basra and Karbala.

Also, a joint bank and trade zone will be set up between Iran and Iraq in the near future, Piltan reiterated.

By John Lee.

The United States has emphasized the urgency of reopening the Iraq-Turkiye Pipeline (ITP) as soon as possible.

Full statement from The White House:

Deputy Assistant to the President and White House Coordinator for the Middle East and North Africa Brett McGurk and Deputy Assistant and Senior Advisor to the President for Energy and Investment Amos Hochstein met last night with Prime Minister Mohammed Shia al-Sudani of Iraq to confirm the strong U.S. partnership with Iraq as outlined in the Strategic Framework Agreement between the two countries.

The United States took special note of Prime Minister Sudani's leadership moving Iraq's policy towards strengthening its own energy security, including with electricity grid connections to Jordan, Kuwait, and Saudi Arabia, as well as major energy deals with western firms to capture flared gas in southern Iraq for domestic use and future export.

Hochstein and McGurk also welcomed recent agreements between the Government of Iraq and the Kurdistan Regional Government regarding monthly budget allocations, and emphasized the urgency of reopening the Iraq-Turkiye Pipeline as soon as possible.

On regional matters, McGurk pledged full U.S. support to help finally resolve outstanding maritime boundary issues with Kuwait, particularly in relation to UNSCR 833. Sudani welcomed this support, and reaffirmed Iraq's longstanding and clear policy recognizing Kuwait's sovereignty and territorial integrity, all prior bilateral agreements between the two friendly countries, and adherence to international law, including UN Security Council Resolutions.

(Source: The White House)

By John Lee.

During a meeting with a delegation from General Electric Energy, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil expressed the government's commitment to supporting fast-track energy solutions for harnessing associated gas and converting it into useful energy. This collaboration with reputable international companies is part of the ministry's initiatives.

The meeting, attended by Mr. Madhat Al-Marabi, Executive Director of Mobile Energy Units at General Electric Energy for Europe, the Middle East, and Africa, emphasized the strategic partnership between the Ministry of Oil and General Electric. They praised the government's role in overseeing projects executed by the company in Iraq's energy sector, particularly in Basra, Maysan, and Thi Qar.

Discussions also revolved around General Electric's technical presentation on utilizing flared associated gas to generate electricity, employing jet engine turbine technology. The meeting proposed the possibility of signing a framework agreement during the COP28 climate conference.

The meeting was attended by Mr. Azat Saber, the Ministry's Deputy for Gas Affairs, and a Deputy Director-General from the Department of Studies, Planning, and Monitoring.

(Source: Ministry of Oil)

By Noor Kareem, for the Foreign Policy Research Institute (FPRI). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Empowering Iraq: The $27 Billion Deal for Iraq's Energy Sufficiency

This past July, Iraq and France's TotalEnergies finalized the Gas Growth Integrated Project, a $27 billion energy deal aimed at Iraq's natural resources and improving the country's electricity supply.

Despite Iraq's natural wealth, decades of conflict and corruption have limited the country's infrastructure, prompting over-reliance on Iran for energy provisions. While previous Iraqi governments have struggled to attract foreign investments, Iraq's complex political system has proven resistant to crises, and the nation's current state of relative peace has catalyzed a shift.

As regional reconciliation efforts persist, Iraq stands at the center, as the nation undergoes a pivotal phase of transition and complex reconstruction efforts. However, the path to energy sufficiency remains a considerable challenge for Iraq even with regional aid.

Without domestic reforms to address the underlying causes of the energy crisis, Iraq's journey towards achieving energy self-sufficiency is still a considerable distance away.

Click here to read the full article.