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

A spokesperson for the Iraqi Ministry of Electricity said Iran has expressed its readiness to increase the volume of gas exports to the Arab country.

Ahmad Musa al-Ebadi said on Friday that a visit by a delegation from Iraq's Ministry of Electricity to Iran in early June led to steep rise in gas exports to Iraq.

Iran supplies 45 million cubic meters of gas to Iraq, he added, noting that Iran has also helped Iraq to launch power plants.

Ebadi stated that Iran has expressed readiness to increase the export of gas to neighboring Iraq.

The spokesperson asserted that Iraq needs 55 million to 60 million cubic meters of gas annually, while Iran has supplied Iraq with 45 million cubic meters of gas so far following a series of negotiations.

He expressed hope that gas imports from Iran would continue to increase the generation of electricity in his country.

Iraqi minister of electricity claimed that all debts over gas imports from Iran have been fully paid, also saying that generation of electricity in Iraq has decreased 2,000 megawatt as a result of reduced gas imports from Iran.

Ziad Ali Fadhil made the comments late on Friday and stated that all debts related to buying gas from Iran have been paid fully.

Iraq presently produces 24,000 megawatts of electricity, showing a 22 percent hike compared to a year earlier, he said, adding that the reduced flow of Iran's gas has decreased energy generation by about 2,000 megawatts recently.

Noting that electricity generation in Baghdad has reached 6,400 megawatts, Fadhli said Iraq requires generating 34,000 megawatts of electricity to meet the domestic demand.

(Source: Tasnim, under Creative Commons licence)

On June 16^th IBBC hosted it's best attended London Conference at The Mansion House yet, with over 280 delegates from Iraq, UK, and International European and Middle East countries.

With an overarching theme of 'Iraq open to the world' a wide range of panels discussed Iraq's rapidly improving international position across economic indicators, political relationships, and security. Baroness Nicholson, IBBC President, welcomed delegates, The Lord Mayor spoke of London's importance as a financial centre and Lord Ahmed (Minister of State for the Middle East, North Africa, South Asia, and United Nations) presented an upbeat outline of UK's trading and political relationship with Iraq including significant increase in bilateral trade in the last year. Professor Hamid Khalaf Ahmed, Executive Director for the Higher Committee for Education Development in Iraq & Advisor to the Prime Minister, spoke on behalf of the Iraqi Prime Minster, to reiterate the determination of the GOI to see through its five priorities, including setting a budget and delivering on targets for corruption and infrastructure development, increase in public sector jobs and investment in education at all levels of Iraqi society. Dr Mohammed Shukri, Chairman, Kurdistan Board of Investment outlined a focus on diverse investment opportunities including agriculture, tech, and infrastructure in the KRG. Two prominent sponsors Mr Sardar Al Bebany, IBBC Executive Committee Member, CEO & Chairman, Sardar Group and Mr Amet Selman, CEO, AAA Holding Group offered their thanks to IBBC audience and outlined their commitment and importance to investing in their people and businesses in Iraq.

Three strong focus areas emerged from the conference, and were reflected in the panels along with other important topics:

Finance, chaired by Mr John Curtin, Ernst & Young Iraq, Included panellists Mr Haider F. Al-Shamaa, International Islamic Bank; Mr Tim Palmer, UK Export Finance; Mr Salahuddin Al-Hadeethi, Ministry of Finance; Dr Yasser Hassan, National Bank of Egypt; Mr Raed Hanna, Mutual Finance Ltd

Energy; Chaired by Mr Luay Al Khateeb, Centre on Global Energy Policy - Columbia U. With a keynote Address from: Mr Laith Al Shaher, Deputy Minister of Oil. Panellists included: Dr Abdulhamzah Hadi Abood, the Advisor from the Ministry of Electricity; Mr Laith Al Shaher, Ministry of Oil; Mr Andrew Wiper, Basrah Gas Company; Mr Mushhood Haider, Scotland Trade, and Investment; Mr Ali Al Janabi, Shell Iraq and UAE; Ms Sara Akbar, Oil Serv 

And keynote discussion on Iraq Open to the World.

Professor Frank Gunter opened the discussion with a keynote presentation of the key findings of his report ''Seaports and Airports of Iraq: Rules Versus Infrastructure' (see separate briefing here)

Chairman Mrs Hadeel Hasan Al Hadeel Al Hasan LLC led the discussion including, panellists: Professor Frank Gunter, Lehigh University; Mr Steve Alexander; Sardar Group; Mr Richard Cotton, AAA Holdings; Mr Hassan Heshmat, Hydro-C; H.E. Bader Mohammad Alawadi, Ambassador of the State of Kuwait.

Significant panels also included.

Education and skills roundtable; of acute importance due to the technical demands on Iraq's expanding economy and the need to upgrade university courses and overseas scholarship support for 5,000 Iraqi students from the GOI, Chaired by Professor Mohammed Al Uzri (IBBC Health and Education Advisor) with Professor Hamid Khalaf Ahmed responding to questions and outlining the GOI plans for education with IBBCs University and skills members.

An emergent theme of growing importance is 'Heritage', as a business and culturally important sector, chaired by: Professor Mohammed Al Uzri, with Dr John McGinnis, The British Museum; with Prof Gamal Abdelmonem, Nottingham Trent University, Mr Ali Al Makhzomy, Bilweekend; Dr Rosalind Wade Haddon, British Institute for the Study of Iraq; Professor Chris Whitehead, Newcastle University.

During the day there were also a KRG roundtable discussions with Dr Mohammed Shukri and a full complement of KRG businesses and chambers of commerce, A Tech forum on 'The digitisation of Iraq. Chaired by Ashley Goodall of IBBC, including Mr Saquib Ahmed, MD SAP Iraq; Mr Padraig O'Hannelly, Iraq Business News; Mr Mohsen Garcia, CEO 1001 Media; Mr Peter Chamberlin, Scott Logic, Ms Cynthia El Khoury, Mastercard Iraq; Mr Ali Al-Khairalla, Embassy of the Republic of Iraq (available to view here)

A special ceremony awarded The Rasmi Al Jabri Award (for Iraqi companies dedicated to best international practices and significant growth of Investment and turnover). This year the winners are AAA Holding and Mr Amet Selman for their work for successfully providing fertilizers to the Iraqi market in conjunction with the GOI and third-party agricultural groups. (Video link here). The conference was preceded by an ebullient reception for over 150 delegates the previous evening at the Institute of engineers, where Prof. Dr Sabih G. Khisaf (of Hyperloop Dubai) gave a talk on the importance of engineering and his work on the hyperloop and hosted by John Scott of IBBC.

Christophe Michels, MD of IBBC who chaired the conference commented 'This is our 11^th Iraq Day at The Mansion House and probably the most successful we have had yet. Iraq is rapidly developing, building on a stable budget, good security, political stability, and increasingly good relations with her neighbours. Now is the time for Iraq to truly embrace business and to cut down on outdated bureaucracy, regulations and the corruption going hand in hand with these. If this does not happen, the country risks missing out on all the new opportunities arising from finally opening to the world. As IBBC we are optimistic and will continue to lend our support to our Members and the wider Iraqi community'.

IBBC Spring Conference 2023 Sponsors:

Principal Sponsor: AAA Holding Group

Gold Sponsors: Sardar Group & Trade Bank of Iraq

Bronze Sponsors: Standard Chartered Bank & Hydro - C

To attend future events, including the Iraq SME conference, July 6^th, and IBBC Autumn conference in Dubai, Dec 8^th, please follow our website.

By Simon Watkins for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

China Deepens Influence In Iraq With Oil-For-Infrastructure Deals

A series of meetings occurred last week between senior members of the Iraqi and Chinese governments aimed at broadening and deepening the already extensive 'oil-for-projects' framework characterised by Chinese firms investing in infrastructure projects in Iraq in exchange for oil.

Officially, Iraqi Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim, and the Chinese ambassador to Iraq Cui Wei, discussed China's support for Iraqi schools, hospitals, electricity, and service sector projects.

Unofficially ...

Click here to read the full report.

By John Lee.

The Kurdistan Regional Government (KRG) has taken a step towards reducing the environmental impact of waste gas and harnessing it to generate electricity from oil wells.

One notable achievement is the Garmian power plant, a 165 MW station that utilises flare gas recovery from the Hasira oil wells to produce electricity. Completed in 2021, the plant has also generated 118 employment opportunities for local residents.

Spanning across 35 donums of land, the power plant comprises 180 generators and 45 converters. Each generator has a capacity of 0.9 MW, resulting in a daily estimated production of 100 MW. Efforts are underway to further increase this output.

(Source: KRG)

By John Lee.

The Iraqi Minister of Electricity, Ziyad Ali Fadel, has attended the ceremony to mark the start of work on the electrical interconnector between Iraq and Saudi Arabia.

The 1GW line will connect between the Saudi city of Arar and Yusufiya in western Baghdad.

GCC Interconnection Authority (GCCIA) hosted the event in Dammam, Saudi Arabia.

(Source: Ministry of Electricity, Trade Arabia, Kuwait Times)

By John Lee.

Iraq's Minister of Electricity, Ziad Ali Fadel, held a meeting with TotalEnergies' Director for renewable energy affairs in Iraq, Mr. Khaled Al-Abdali, to discuss the company's procedures for the construction of a 1,000-megawatt solar power station at the Ratawi [Artawi] oil field in Basra.

The meeting was attended by the Director General of the Planning and Studies Department and the Director General of the Technical Department at the Ministry.

The French company is expected to commence implementation shortly, following Cabinet approval last week.

(Source: Ministry of Electricity)

By John Lee.

GE Gas Power along with teams from Iraq's Ministry of Electricity, have reportedly serviced and upgraded a total capacity of 1400 MW through several gas turbine service and upgrade projects in the first half of this year.

According to a statement carried by Zawya, GE completed maintenance work, including major overhauls, on two gas turbines with a total capacity of 200 MW at the Khor Al-Zubair power station.

It also carried out projects at power plants ate Shatt Al-Basra, Al Khairat and Al Quds.

(Source: Zawya)

From the Iraq Britain Business Council (IBBC):

Iraq open to the world... and who's making it happen.

An IBBC conference on June 16^th at London's Mansion House.

On 16^th June IBBC are hosting a significant delegation of Iraq businesses and government officials to the UK, with a strong focus on energy, oil and gas, new infrastructure, and Investment projects. As Iraq takes a more internationalist approach to business, trade, culture and diplomatic engagement with their neighbours and the world, the range and nature of projects is opening.

For example, Saudi Arabian investment fund (PIF) is investing $3bn in infrastructure projects, Aramco are discussing Basra oil projects, Shell is finally moving into multibillion dollar petrochemical projects, Total Energies has started work on its huge solar, gas capture and oil extraction deal, ANB are moving into Iraq, Dutch Royal Boskalis investing in an export terminal in Basra and the EBRD are expanding operations in Iraq and the Government are investing $17bn in the development road connecting both the Gulf to Turkey and Europe.

H.E. Dr Haider M. Mekkiyah, Chairman of the National Investment Commission is making s keynote speech outlining the current opportunities for Infrastructure and Investment.

You can attend sessions on finance and energy, from leading international speakers, such as Dunia Chalabi, CEO of Total Energies Iraq, Ali AL Janabi chairman of Shell Iraq, Basra Gas Company, Dr Laith Al Shaher, Deputy Minister of Oil, will give a keynote speech, Standard Chartered, TBI and UKEF, GE, and The Sardar Group, and high-profile speakers on the developing Heritage sector from the British Museum. A Tech session with SAP, Mastercard, Scott Logic and Iraq's new streaming stars, 1001.

Professor Frank Gunter is launching the IBBC advisory council's report on Ports and Airport supported by industry leaders and sponsors, Sardar Group, AAA Holding and Hydro-C.

Prof. Hamid Ahmed Khalaf, Advisor to the Prime Minister and Executive Director of the High Committee for Education Developments in Iraq, will attend the conference and take part in the Education Round table discussion chaired by Professor Mohammed Al Uzri. The Iraqi Government has allocated funding for several thousand post graduate scholarships to mostly take place at UK universities of the next 3 years.  Education is one of the strongest growth sectors in the country and now represents the second biggest membership stream within IBBC.

Iraq has world class reserves of oil and gas, and oil exports represent over 90% of its income. The sector is due to vastly expand in coming years with new projects having been agreed in Solar, Oil production, Gas capture and Petrochemicals. It is also under increasing pressure to reduce its environmental impact and reliance on crude oil revenues. Under the expert Chairmanship of Dr Luay Al Khateeb, former Electricity Minister, and Founder of the Iraq Energy Academy, our high powered 'Energy Panel' will focus on Iraq's burgeoning Energy sector and how to maximise its potential following international standards and best practices.

Iraq's heritage is coming a big topic, not just for its commercial value, tourism, and growth, but also for what it signifies about Iraq's current culture and history. Hear leading experts on Iraq's heritage.

- Professor John McGinnis, The British Museum /Nimrud Archaeological Trust

- Professor Gamal Abdelmonem, Nottingham Trent University
- Mr Ali Al Makhzomy, Bilweekend

- Dr Rosalind Wade Haddon, British Institute for the Study of Iraq.

- Professor Chris Whitehead, Newcastle University

IBBC is also hosting an exhibition on heritage "Legacies of War and Peace in Iraq: Mosul's Story of Resistance, Resilience, Recovery and Rise".

Supporting the new internationalism are initiatives in training, education, and skills, with British Universities and training companies, who are expanding new courses to propel Iraq business skills, including Nottingham Trent University, University of Mosul, University of Leeds, University of Wasit, and Newcastle University.

Baghdad and Basrah are bristling with new developments and the country is regularly hosting large business delegations from around the world. Whilst IBBC co-hosted the first UK Iraq Trade Fair in mid-May, large UAE, Saudi, Japanese business delegations were in Baghdad as well as the largest ever German business delegation with over 30 company delegates.

For a full agenda please click here and to register here

Iraqis are resilient and have always recovered, but now is a golden time.

A diversifying economy. Iraq is still dependent on oil income, and all financial indexes, including income per head and GDP (+4% '23) are all looking good, with 2022 surplus of over $40bn. Other areas of the economy are expanding off the back of this, especially consumer products, telecoms, education, and tourism. KRG has seen a 30% increase in tourists in 2023, this and other areas of Iraq are projected to grow 10% pa to 2027, Healthcare by 19% pa, food market at 4.13 % (largest growth segment is Confectionery & Snacks), beauty and personal care 6%, Household appliances 5.42%, luxury goods 4%, home laundry care 6%.

A modernising govt. Iraq is finding its confidence and has been active with diplomacy and hosting regional conferences, broking relations between Saudi, Iran, and Turkey, while also stimulating infrastructural development, from oil refineries to dry canal and housing projects, new electricity and renewable energy production, airport, and airline travel facilitation. Making access faster with Visas on arrival and travel between Baghdad Basra and Erbil easier

Stability and security have also paid dividends in Basrah hosting of the Gulf cup which occurred without incident, and the bourgeoning number of tourists at religious and heritage sites.

Still challenges. The international community is still lagging in its view of Iraq, as international travel caution remains from US, EU and UK, and corruption is still prevalent, but on both counts, things are improving as the country moves towards international standards.

Come and meet the key international businesses and officials at our conference on June 16^th, including over 20 private Iraqi banks, where we are exploring these themes with energy companies, educational panels, heritage, tech, infrastructure, the KRG, and significant investment and finance panels.

Click here to register

By John Lee.

Iraq's Minister of Oil, Hayan Abdul-Ghani has opened the first phase of the natural gas liquefaction plant project at Rumaila oil field.

The project aims to utilize associated gas, and has a capacity of 200 million cubic feet per day in the first phase. By the end of this year, the project's capacity will increase to 400 million cubic feet per day with the addition of 200 million cubic feet from the second phase.

It will supply the national electricity generation network with 320 million cubic feet per day of dry gas, contributing to the production of 1,900 megawatts of electricity. It will also produce 2,150 tons of liquefied gas (cooking gas) per day and 5,900 barrels per day of condensates.

According to a statement from the Ministry of Oil, the project will help reduce carbon dioxide emissions by 10 million tons annually and create job opportunities.

It adds that Basra Gas Company (BGC) started construction of the plant in 2019 and continued the construction work despite the challenges posed by the COVID-19 pandemic in 2020 and 2021. The project includes the construction of the plant, the first and second units, service units, and pipelines connecting the plant to other facilities. It also involves the installation of a power transmission line to the plant, the development of existing facilities in the North Rumaila site to provide the required gas pressures, the enhancement of export facilities in the Umm Qasr Complex, and the improvement of road connections to the plant, among other works.

(Source: Ministry of Oil)