Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Iran’s Minister of Energy has said that a euro account is to be opened in Baghdad so that Iraq can pay its debts to Iran for electricity and natural gas purchases.
IRNA reports that Reza Ardakanian added that the same account can be used for Iraq’s debts to Iranian private sector companies.
(Source: IRNA)
The post Iraq to use Euro Account to pay Iran Debts first appeared on Iraq Business News.
By John Lee.
The National Iranian Gas Company (NIGC) has reportedly cut supplies of gas to Iraq due to Iraq’s arrears of more than $6 billion.
According to Reuters, Iran’s Energy Minister is scheduled to visit Baghdad on Tuesday to discuss the matter.
(Sources: Shana, Reuters)
The post Iran Cuts Gas to Iraq due to Unpaid Bills first appeared on Iraq Business News.
By John Lee.
The United States has reportedly granted Iraq a 60-day extension to a sanctions waiver allowing it to import Iranian gas.
According to the report from AFP, Iraq relies on gas and electricity imports Iran to supply about a third of its electricity sector.
(Source: AFP)
The post US Grants Iraq New 60-day Waiver to Import Iranian Gas first appeared on Iraq Business News.
By John Lee.
Washington has renewed a waiver for Iraq to continue importing Iranian electricity, a US State Department official said.
“The Secretary granted this brief extension of the waiver to allow time for the formation of a credible government,” the official said, referring to US Secretary of State Mike Pompeo, and added that the waiver would expire on May 26, according to Reuters.
Washington has repeatedly extended the exemption for Baghdad to use crucial Iranian energy supplies for its power grid, for periods of 90 or 120 days.
Earlier this month, Iraq’s president named intelligence chief Mustafa al-Kadhimi as prime minister-designate, the third person tapped to lead Iraq in just 10 weeks as it struggles to replace a government that fell last year after months of deadly protests.
“Once that government is in place, the Secretary will reassess whether to renew the waiver and for how long,” the US State Department official said.
The official added that the waiver applied only to electricity and referred to the Treasury Department for transactions related to Iranian natural gas imports.
Electricity Minister Luay al-Khatteeb told S&P Global Platts last week that Iraq needs three to four years to complete projects that would provide the necessary natural gas for its power stations.
(Sources: Tasnim, Reuters, S&P Global)
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Iraq reduces energy imports from Iran by 75%
Iraq has reduced its electricity and gas imports from Iran by 75 per cent after achieving a strong level of self-sufficiency in its own energy production, Al Arab news website reported on Monday.
A spokesman for the Ministry of Electricity, Ahmed Al-Abadi, said that the current electricity production in Iraq covers most of the country’s needs.
He explained that most governorates have electricity supplies all day, every day, apart from Salahuddin and Ninawa, which have power for around 20 hours per day.
Al-Abadi noted that the improvement in electricity supply is largely down to the new electricity plants coming into operation.
Iraq, he added, uses 13,400 Megawatts, of which 4,500 Megawatts used to be imported from Iran.
By Bryant Harris for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Iraq likely to continue importing Iranian natural gas under US waiver renewal
Iraqi officials have indicated that the United States is likely to renew a key Iran sanctions waiver that will allow Baghdad to continue importing Iranian natural gas to fuel its electricity needs, the AP reported.
The three-month waiver is set to expire Thursday.
Iraq relies on Iranian imports to meet the lion’s share of its electricity needs in the face of shortages that have helped provoke widespread protests in recent years.
Click here to read the full article.
(Picture credit: Tasnim, under Creative Commons licence)
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.
(Source: AFP)
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)
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)
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.
Years of war and instability have damaged Iraq’s gas and oil infrastructure, leaving it dependent on energy imports, despite having huge reserves.
Now it wants to turn that around, with help from overseas investment.
Al Jazeera’s Osama Bin Javaid reports from Zubayr: