Baghdad signs emergency electricity deal with Turkey's Karpowership
The 71-day deal with Iraq's electricity ministry includes two floating power plants that will be stationed at Khor Al Zubair and Umm Qasr ports in Basra, and are expected to begin operations within weeks.
Iraq has long suffered from weak electricity supply and outdated infrastructure, leaving citizens vulnerable to frequent blackouts. With summer temperatures often soaring above 50°C, Baghdad has been working to boost capacity and prevent widespread outages.
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Iraqi News
8 hours ago
- Iraqi News
Baghdad signs emergency electricity deal with Turkey's Karpowership
Baghdad ( – Turkish energy firm Karpowership has agreed to supply Iraq with up to 590 megawatts of electricity under a short-term contract aimed at easing pressure on the country's power grid, according to a statement reported by Reuters. The 71-day deal with Iraq's electricity ministry includes two floating power plants that will be stationed at Khor Al Zubair and Umm Qasr ports in Basra, and are expected to begin operations within weeks. Iraq has long suffered from weak electricity supply and outdated infrastructure, leaving citizens vulnerable to frequent blackouts. With summer temperatures often soaring above 50°C, Baghdad has been working to boost capacity and prevent widespread outages.
Shafaq News
9 hours ago
- Shafaq News
Iraq secures Turkiye power deal as Egypt plans exports
Shafaq News – Baghdad / Ankara / Cairo On Wednesday, Turkiye's Karpowership revealed that it will supply Iraq with 590 megawatts of electricity through two floating plants to be deployed in Basra. In a statement, the firm confirmed that the units are scheduled to dock at Khor al-Zubair and Umm Qasr in Basra Province within a month under a 71-day contract signed with Iraq's Ministry of Electricity and the state power company. Meanwhile, an Egyptian government official revealed plans to export up to 2,000 megawatts of power to Iraq, Syria, and Lebanon via a new subsea link with Jordan. Egypt and Jordan's existing interconnection handles 500 megawatts, but authorities intend to quadruple capacity by 2029. The new line would extend from Taba in Sinai to Aqaba, with construction expected to take 30 months after studies conclude. Iraq continues to face chronic power shortages, with peak demand often outstripping supply by more than 8,000 megawatts. The country has relied heavily on Iranian gas and electricity, but frequent disruptions have pushed Baghdad to diversify. Other agreements with Jordan, the Gulf states, and several international firms aim to add alternative supplies, while renewable projects remain at an early stage.
Iraqi News
a day ago
- Iraqi News
Iraq's gold reserves increase by 4.76% in H1 2025
Baghdad ( – The Eco Iraq Observatory, a specialized economic monitor, announced today, Tuesday, that the value of Iraq's gold reserves increased by 4.76% during the first half of 2025. This rise is a direct result of increasing global gold prices. According to a press statement from the observatory, Iraq possesses 162 tons of gold as part of its national reserves. The value of gold per ton rose from $105 million in January 2025 to $110 million by the end of June 2025, a gradual increase that directly contributed to the overall appreciation of the country's gold reserves. The observatory emphasized that gold remains one of the most critical strategic assets for bolstering a nation's financial strength. This increase aligns with data previously released by the Central Bank of Iraq in July. According to official statistics reviewed by Shafaq News Agency, the value of gold within Iraq's foreign currency reserves reached 22.492 trillion Iraqi Dinars by the end of April. This marked a 5.62% increase from the value in March and a 17.72% increase from December 2024. The data also showed a substantial long-term rise, with the value of gold increasing significantly from 12.293 trillion Dinars in December 2023. The Central Bank previously disclosed that Iraq's total foreign currency reserves stood at $98.089 billion at the end of April. The rising value of gold assets enhances the country's financial stability and provides a hedge against global market volatility.
