Oil Ministry: International Energy Forum will be Held in Baghdad in Early September
Baghdad-INA
The Ministry of Oil announced on Monday that an international energy forum will be held in Baghdad in early September, with the participation of energy and oil ministers from 12 countries.
The ministry said in a statement received by the Iraqi News Agency (INA): "The capital, Baghdad, is preparing to host the Baghdad International Energy Forum, one of the most prominent international events in the energy sector, in early September." The ministry explained that "this event is being organized under the patronage of Deputy Prime Minister and Minister of Oil Hayan Abdul-Ghani Al-Sawad, in partnership with the Ghadan Foundation for Risk Management and the Iraqi Institute for Dialogue, and sponsored by the State Oil Marketing Organization (SOMO)."
It added that "official invitations to attend the forum have been sent to energy and oil ministers from 12 countries, in addition to senior executives from major international oil companies, and a group of experts and specialists in various energy fields." It explained that "the forum's sessions will address vital topics related to the concepts of environmental sustainability, technological innovation, and developments in global energy markets, as well as the challenges and opportunities facing the region in this context."
The Ministry affirmed that "the forum embodies Iraq's future directions in developing the oil, gas, and renewable energy sectors, and reflects its commitment to its active role in consolidating regional and international dialogue on the future of global energy."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Iraqi News
2 days ago
- Iraqi News
Iraq to ban cash payments at government institutions
Baghdad ( – The advisor to Iraqi Prime Minister Saleh Salman declared on Monday that cash payments at government institutions will be prohibited beginning next month, while private banking reforms will be adopted. Salman told the Iraqi News Agency (INA) that the Iraqi government has engaged Ernst & Young to restructure six or seven of the country's state-owned banks, including the Industrial Bank of Iraq, the Real Estate Bank of Iraq (REB), Rafidain Bank, and Rasheed Bank. The Iraqi official clarified that the Trade Bank of Iraq (TBI) has reached an agreement with K2i and KPMG to assist in restructuring its internal and external operations to match international standards. Rafidain Bank, Iraq's largest government institution, would be renamed Rafidain First Bank, with the government's holding decreased to less than 24 percent, according to Salman. Salman stated that the remaining shares will be offered to private banks and foreign investors. He expects the Iraqi government to finalize and implement the restructuring plan by the end of 2025. Salman underlined that Iraq has made considerable progress in the use of electronic payment methods, with financial inclusion increasing from less than 10 percent in 2018-2019 to almost 40 percent. All government payments will be conducted electronically starting next month, with payments in cash banned in government institutions. Government reforms aim to reintegrate Iraqi banks into the global financial system after decades of isolation owing to sanctions and frozen assets.
Iraq Business
3 days ago
- Iraq Business
Iraq Expands Gas Projects to Curb Flaring
By John Lee. As part of Iraq's government-backed gas development programme, the Ministry of Oil has reported significant progress in reducing gas flaring and increasing gas utilisation. It says the Ministry has raised associated gas capture from 53% to 70%, and dry gas production from 1,300 to 1,800 million standard cubic feet per day (mmscfd). Key projects already completed or underway include: The government aims to end routine flaring by 2028 and increase gas output to 3,000 mmscfd by 2030, aligning with Iraq's environmental commitments under the 2016 Paris Agreement. In liquefied petroleum gas (LPG), production rose from 2 million tonnes in 2024 to 3 million tonnes in 2025. Exports also surged from 250,000 tonnes in 2023 to 1 million tonnes in 2025. LPG systems were installed in over 41,000 homes and more than 38,000 vehicles. To expand storage capacity, the Ministry completed 8 of 16 spherical LPG tanks, each with a 3,000-cubic-metre capacity, adding 24,000 cubic metres overall. The Ministry reiterated its commitment to maximise national resource utilisation, enhance electricity supply, and boost petrochemical production. Gas field contracts under the 5th and 6th licensing rounds have been awarded to international companies, alongside dozens of investment agreements to develop both associated and free gas resources. (Source: Ministry of Oil) Tags: Akkas, Artawi, ArtawiGas25, Basra Gas Company, Basra News, BGC, carbon emissions, cg, Faihaa, featured, Garraf, gas capture, gas flaring, gas production, Gharaf, Gharraf, HaLFAYA, LPG, Nassiriyah, Paris Agreement, Ratawi, TotalEnergies
Iraq Business
5 days ago
- Iraq Business
Baghdad and Erbil Exchange Sharp Words over Oil Revenue Dispute
By John Lee. Iraq's federal Ministry of Oil and the Kurdistan Regional Government (KRG) have issued competing statements over the longstanding dispute regarding oil production and revenue sharing, highlighting the continued impasse that has cost the country billions of dollars in lost exports. Federal Government Position The federal Ministry of Oil in Baghdad has demanded that the Kurdistan Regional Government comply with the constitution, federal court decisions, and budget laws requiring the handover of oil produced in Kurdish territory to federal authorities for export. The ministry stated that despite sending official correspondence and delegations to the KRG, these efforts have proved fruitless. According to the federal ministry, the KRG's continued non-compliance is causing significant financial losses to Iraq through two mechanisms: firstly, by preventing the federal government from receiving and exporting Kurdish oil, and secondly, by forcing the ministry to reduce production from other Iraqi fields to comply with Iraq's OPEC quota, which includes Kurdish production regardless of compliance issues. The ministry also accused the KRG of continuing to smuggle oil outside Iraq and warned it would pursue all legal measures whilst holding the regional government fully responsible for such activities. Kurdish Regional Government Response The KRG's Ministry of Natural Resources issued a detailed rebuttal, characterising the federal statement as "political" and divorced from objective facts. The regional government accused Baghdad of violating the constitution and blocking the passage of a federal oil and gas law for years, instead relying on what it termed outdated centralised legislation from 1976 that contradicts federal principles. The KRG defended its constitutional right to manage its natural resources, stating that international oil companies would not have invested billions of dollars without proper legal foundations. The regional government claimed it had fulfilled all commitments regarding export resumption, including agreeing to sell oil through the federal marketing company SOMO and deposit revenues in the state treasury. Regarding smuggling allegations, the KRG accused federal authorities of engaging in widespread corruption and oil smuggling in southern Iraq, citing local and international reports. Financial Impact and Technical Details The dispute has resulted in the suspension of Kurdish oil exports since 25 March 2023, following legal action by Iraq's federal oil ministry against Turkey's energy ministry. The KRG stated this stoppage has cost the federal government, the region, and oil companies more than 25 billion dollars. The regional government reported delivering over 11.8 million barrels of oil to federal refineries over five months without receiving any payment, leading to production companies' reluctance to continue deliveries. The KRG also noted that budget law provisions setting production costs at six dollars per barrel have discouraged most companies from maintaining production levels. Ongoing Negotiations Both sides referenced attempts to resolve the dispute through joint committees and negotiations. The KRG emphasised its flexibility and readiness to cooperate, whilst the federal ministry maintained that previous discussions had been unsuccessful. A joint committee was established to draft federal oil and gas legislation, though the KRG accused federal authorities of delays in pursuing this critical file. The dispute continues to highlight fundamental disagreements over the interpretation of Iraq's federal constitution and the respective roles of Baghdad and Erbil in managing the country's oil resources. Click here to read the original statement from the Federal Ministry of Oil [Arabic] Click here to read the original statement from the Kurdistan Regional Government [Arabic] (Sources: Federal Ministry of Oil; Kurdistan Regional Government)
