Latest news with #Al-AnbarProvincialCouncil
Shafaq News
13-03-2025
- Business
- Shafaq News
Iraq's Akkas gas field: A $50M gamble amid energy security concerns
Shafaq News/ Iraq is facing key challenges in securing its natural gas supply following the suspension of Iranian imports, Al-Anbar Provincial Council member Adnan Al-Kubaisi stated on Wednesday. Al-Kubaisi explained that while the government has signed a contract with a Ukrainian firm to invest in the Akkas gas field—the second-largest in the Middle East—the company's capability remains in doubt. 'The head of the Ukrainian Chamber of Commerce has questioned the firm's ability to execute the project despite a $50 million financial guarantee,' he said, adding that over the past year, progress has been minimal, with only a few caravans set up at drilling sites. 'Revenues from the field are structured at $2 per 150 cubic meters of gas, highlighting the project's economic significance,' Al-Kubaisi pointed Akkas is also tied to plans for a combined-cycle power plant near the Syrian border, which is expected to generate up to 1,642 megawatts of electricity, bolstering energy supplies to both Al-Anbar and the national grid. Al-Kubaisi stressed that stronger government oversight and the engagement of experienced international firms are essential for the project's success. The energy sector faces further strain as the US administration recently ended exemptions that allowed Iraq to purchase Iranian electricity. The US State Department reaffirmed its policy against granting economic or financial relief to Iran, a move that exacerbates concerns over an impending 8,000-megawatt deficit in Iraq's electricity grid during peak summer demand, as noted by Walid Al-Sahlani, deputy head of the Iraqi parliament's electricity committee.
Shafaq News
10-03-2025
- Business
- Shafaq News
Al-Anbar reopens glass factory for investment
Shafaq News/ The Al-Anbar Provincial Council is preparing to reintroduce its glass and ceramics factory as an investment opportunity following the termination of its contract with a Russian company, an official confirmed Sunday. The announcement follows a Shafaq News report last Thursday, detailing the factory's years-long shutdown due to legal and financial hurdles that stalled rehabilitation efforts, significantly affecting local employment and industrial output. Once a pillar of Iraq's industrial sector, the glass and ceramics factory used to play a major role in meeting domestic demand and providing thousands of jobs. Hamid Daham Al-Alwani, head of the council's Economy and Investment Committee, told Shafaq News that a recent court ruling in favor of the Iraqi Ministry of Industry has paved the way for new investors. "Plans are in place to introduce modern production lines to enhance quality and stimulate the local economy," he stated. Al-Alwani highlighted that the factory's multiple production lines offer flexibility for independent investment, allowing different sectors to develop specialized product lines. "This strategy increases project viability and attracts high-caliber investors," he explained. The council is committed to structuring the upcoming investment bid efficiently to ensure maximum resource utilization and long-term sustainability. "The next phase will bring positive economic transformations in Al-Anbar," Al-Alwani emphasized, stressing that authorities are focused on attracting serious investors capable of meeting modern industry standards.
