Latest news with #HayanAbdulGhani
Zawya
28-05-2025
- Business
- Zawya
Iraq targets 12 GW renewable power in 2030
Iraq is ramping up solar projects to produce 12 gigawatts (GW) of power in 2030 to tackle a widening post-conflict electricity shortage, Iraq's Oil Minister said on Monday. To shun an expansion in the budget deficit, OPEC's second largest oil producer is paying in crude to most contractors who have been awarded solar projects over the past two years, including the French giant TotalEnergies, Hayan Abdul Ghani said. He told Iraq's Shafaq news agency that key oil facilities will soon be linked to solar sources as part of plans to cut fossil fuel reliance and expand clean energy. To finance the transition, the ministry is using a crude-for-infrastructure barter model, involving trading oil for solar project development without drawing on the federal budget. Abdul Ghani highlighted the 1 GW solar project in Basra by TotalEnergies, with 250 megawatts (MW) expected to go online by late 2025. 'With electricity demand rising, particularly in the south, the Oil Ministry is working with the Electricity Ministry on a national plan targeting 12 gigawatts of renewable energy by 2030,' the Minister said. He confirmed that Iraq's first solar power plant will be operational by year-end, framing emissions cuts as key to attracting investment, fostering innovation, and gaining access to global carbon markets. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Iraq Business
21-05-2025
- Business
- Iraq Business
Iraq Launches First Carbon Economics Conference
By John Lee. Iraq has launched its first International Conference on Carbon Economics in Baghdad on Tuesday, themed "Carbon for Development." The event, organised by the Ministry of Environment in partnership with the General Company for Carbon Economics, brought together high-level participants from the Ministry of Oil, the Central Bank of Iraq (CBI), and international climate and energy stakeholders. Oil Minister Hayan Abdul Ghani, speaking on behalf of the Prime Minister, affirmed that the oil sector is pursuing a deliberate strategy to reduce emissions and balance energy sustainability with green economic principles. He underscored the importance of flaring reduction and clean fuel development as priorities for the coming phase. Environment Minister Dr. Nizar Helo Al-Askari said the conference represents a strategic shift in Iraq's environmental policy and reflects the government's commitment to a low-carbon economy. He highlighted the role of the General Company for Carbon Economics as the government's official executive arm to lead this transformation. Central Bank Governor Dr. Ali Mohsen Al-Alaq reiterated the bank's support for green finance, affirming that carbon bonds are a key element of sustainable financing. He announced upcoming financial tools tailored to environmental and climate projects. Dr. Mohammed Sahib Al-Darraji, head of the Diwani Order Committee on Carbon Markets, said the carbon company was established in response to government directives to activate environmental markets. A national roadmap has been developed with input from international partners. Technical advisor Dr. Nadhir Aboud, General Manager of the General Company for Carbon Economics, said the conference marked a turning point for Iraq's carbon market, unveiling a legislative and institutional roadmap. He also stressed the role of digital and technical infrastructure in enabling Iraq's participation in global voluntary carbon markets. Several cooperation agreements were signed during the event with local and international companies, including the UK's Olivine Group via the Environmental Defense organisation, Canada's Carbon i, UK-based BB Energy, RED, and Audubon, to strengthen technical and financial frameworks for carbon markets. Specialised sessions addressed environmental policy, regulatory frameworks, inter-sectoral collaboration, and case studies from power, oil, transport, and waste sectors. (Source: Ministry of Environment)
Iraq Business
21-05-2025
- Business
- Iraq Business
Chinese Firm signs Contract for Integrated Energy Project
By John Lee. Iraq's Ministry of Oil has signed a major contract for the South Basra Integrated Project with a consortium comprising China's Geo-Jade Petroleum and Iraq's Crescent Basra (Hilal Al-Basra). The agreement, signed on Wednesday marks the Ministry's first adoption of a fully integrated project model. Oil Minister Hayan Abdul Ghani described the deal as a strategic leap in developing Iraq's oil wealth and supporting the national economy. The project includes: Increasing production at Al-Tubba [Tuba] field from 20,000 to 100,000 barrels per day (bpd). Constructing a high-specification refinery with a capacity of 200,000 bpd. Establishing a petrochemical plant with an annual capacity of 620,000 tonnes. Building a fertilizer plant producing 520,000 tonnes annually. Developing a thermal power plant generating 650 megawatts. Building a 400-megawatt solar power station. Surplus electricity from the project will be fed into the national grid, contributing to Iraq's energy mix and infrastructure enhancement. The Minister emphasised the project's role in economic diversification and job creation for thousands of Iraqi workers. The signing ceremony was attended by deputy ministers for distribution, extraction, gas, and refining, along with senior officials from relevant companies and departments, including: Bassem Mohamed Khudair, Deputy Minister for Extraction; Bassem Abdul Karim, Director General of Basra Oil Company (BOC); and Hassan Mohamed Hassan, Director General of the Iraqi Drilling Company (IDC). The companies signed a Heads of Agreement exactly one year ago. (Source: Ministry of Oil) Tags: Basra Oil Company (BOC), cg, Crescent Basra (Hilal al-Basra), featured, Geo-Jade Petroleum, Iraq Oil Production News, Iraqi Drilling Company (IDC), Petrochemicals, Refineries, renewable energy, solar power, South Basra Integrated Project, Subba, Tuba, WW
Iraq Business
18-05-2025
- Business
- Iraq Business
South Refineries Company Nears Completion of FCC Project
By John Lee. Iraq's South Refineries Company (SRC) is nearing the completion of its Fluid Catalytic Cracking (FCC) project, with 98% of the work done. Deputy Prime Minister and Minister of Oil, Hayan Abdul Ghani, emphasized the importance of boosting production to achieve self-sufficiency in petroleum products during his visit to the site. The project, set to start phased operations in August and full production in September, will have a capacity of 55,000 barrels per day, producing 4,300 cubic meters of Euro 5-compliant gasoline, 300 tons of liquefied gas, 6,000 cubic meters of hydrotreated gas oil, 4,500 tons of improved fuel oil, and 400 tons of solid sulfur per day. (Source: Ministry of Oil)
Shafaq News
09-05-2025
- Business
- Shafaq News
Billions down the drain: The cost of Iraq's Kurdistan oil export ban
Shafaq News/ Iraq has lost more than $20 billion in potential revenue due to the prolonged suspension of crude exports from the Kurdistan Region, amid ongoing political and legal disputes. Exports from the Region, estimated at around 450,000 barrels per day, have been offline since March 2023, when the International Chamber of Commerce ruled that Turkiye must stop transporting oil through the Kirkuk–Ceyhan pipeline without Baghdad's consent. At the center of the dispute is Article 112 of the Iraqi Constitution, which calls for joint management of oil resources. The federal government insists it holds exclusive rights over oil exports, while the Kurdistan Regional Government (KRG) argues the article permits the Region to manage its natural resources in cooperation with Baghdad. This disagreement has undermined contracts signed by the KRG with international oil firms. Federal authorities have deemed these production-sharing agreements "incompatible with national law," claiming they bypass oversight institutions such as the State Oil Marketing Organization (SOMO) and the Federal Board of Supreme Audit. A source from the Oil Ministry, speaking on condition of anonymity, claimed the core issue is, in fact, national sovereignty. "These exports must be regulated under federal frameworks. Otherwise, Iraq's position within OPEC is weakened." No Progress Despite ongoing negotiations between the two governments, no breakthrough has been achieved. Baghdad demands legal compliance, while the KRG and its foreign partners continue to seek assurances that existing contracts will be honored. In public statements, the Association of the Petroleum Industry of Kurdistan (APIKUR) has urged Baghdad to settle unpaid revenues and recognize the legal framework under which companies operate in Kurdistan, warning that sustained uncertainty may lead companies to scale back or exit operations. A KRG official, in comments to Shafaq News, defended the Region's policies. 'We operate within our constitutional rights and have built a viable investment environment—without relying on federal funding.' Exports Ready, Risks Remain Technically, oil exports could resume at short notice. A source at the North Oil Company (NOC) confirmed that the Kirkuk–Ceyhan pipeline is functional, awaiting only federal authorization to restart shipments. Oil Minister Hayan Abdul Ghani has publicly stated that Iraq intends to resume exports of at least 300,000 barrels per day from the north, under a unified marketing approach managed by SOMO. However, restarting flows could complicate Iraq's obligations to OPEC+, as bringing Kurdish oil back online may push production above its assigned quota. The export freeze has removed nearly 500,000 barrels per day from global markets, limiting Iraq's ability to benefit from high oil prices. Analysts note that the impasse is damaging Iraq's credibility among international investors and within the energy industry.
