Latest news with #IraqEnergy2025Conference
Shafaq News
05-03-2025
- Business
- Shafaq News
Iraq unveils policy to boost efficiency, cut emissions
Shafaq News/ On Wednesday, Iraq's Ministry of Planning introduced a new Quality and Energy Management Policy to enhance efficiency and reduce emissions. Mohammed Al-Mukhtar, Director of the Quality Management and Institutional Development Department, said the policy, approved by Deputy Prime Minister and Minister of Planning Mohammed Ali Tamim, aligns with internationally recognized ISO 9001 and ISO 50001 standards. 'This policy commits the ministry to optimizing operations, complying with local and international regulations, and ensuring transparency in energy management,' Al-Mukhtar stated, emphasizing the leadership's commitment to achieving strategic goals by providing necessary resources and adhering to global best practices in energy efficiency. He underscored the government's broader sustainability agenda, highlighting governance, transparency, and efficiency as key priorities. The initiative is designed to enhance energy performance, lower costs, and cut emissions. Iraq has long struggled with high carbon emissions, largely due to gas flaring —the burning of excess natural gas extracted alongside oil. This practice not only wastes valuable energy but also significantly contributes to air pollution and greenhouse gas emissions. The World Bank's 2023 Global Gas Flaring Tracker Report ranked Iraq among the world's top gas-flaring nations, urging the country to accelerate efforts to curb this environmentally harmful practice. In response, Iraq has ramped up efforts to reduce flaring and harness its gas resources for energy production. Prime Minister Mohammed Shia Al-Sudani announced during the Iraq Energy 2025 Conference that the country has cut associated gas flaring by 70%, calling it a 'major step' toward lowering carbon emissions and minimizing energy waste.
Shafaq News
29-01-2025
- Business
- Shafaq News
UK Ambassador to Iraq urges 'swift' government formation
Shafaq News/ On Wednesday, British Ambassador to Baghdad, Stephen Hitchen, urged the 'swift' formation of Iraq's government immediately after the upcoming elections. During the Iraq Energy 2025 Conference in Baghdad, Hitchen warned that prolonged political negotiations—similar to those that led to the formation of the current government—would hinder the completion of key projects and 'undermine the country's reputation.' On the security front, the ambassador acknowledged that some British, European, and Western companies have exercised caution regarding Iraq due to the security situation. However, he emphasized that Iraq's security environment is improving, with the situation in 2025 significantly better than in previous years. He also noted that Prime Minister Mohammed Shia Al-Sudani's government is operating within a legal framework. Regarding Al-Sudani's last visit to London, he pointed out that several agreements were signed for major projects worth £12 billion, describing the amount as substantial. Hitchen further voiced support for the Prime Minister's ambition to achieve energy independence in the coming years, stressing joint efforts to implement a plan to end gas flaring in Iraq. Acknowledging that ending gas flaring would take several years, the UK ambassador stressed the importance of setting a clear timeframe for completing the plan, pointing out that revenues from gas could be allocated to sectors such as education and healthcare.
Iraq Business
29-01-2025
- Business
- Iraq Business
TBI, Industrial Bank to cooperate to Fund Projects in Iraq
By John Lee. The Governor of the Central Bank of Iraq (CBI), Ali Mohsen Al-Alaq, participated in the Iraq Energy 2025 Conference in Baghdad, organised by the Iraq Development Platform. During a panel discussion, the Governor highlighted the CBI's adoption of non-traditional monetary policies aimed at economic stability. He emphasised the bank's role in financing diverse projects, including renewable energy initiatives, through direct and indirect support. Al-Alaq announced a forthcoming initiative to finance major industrial projects. He added that the Council of Ministers approved enhancing cooperation between government banks to finance industrial projects through the Industrial Bank, in cooperation with the Trade Bank of Iraq (TBI), to boost the industrial sector's contribution to Iraq's economy. (Source: CBI)
Iraqi News
28-01-2025
- Business
- Iraqi News
Prime Minister: The government is committed to diversifying the economy and eliminating the monopoly of rents
Baghdad-INA Prime Minister Mohammed Shia al-Sudani confirmed today, Tuesday, that the government, since assuming responsibility, has achieved a tangible digital accomplishment through a set of commitments, most notably stopping gas flaring by 70% and expanding the production of petroleum derivatives. A statement by the Prime Minister's Media Office received by the Iraqi News Agency (INA) said: "The Prime Minister inaugurated the Iraq Energy 2025 Conference, held by the Iraq Development Platform in the capital, Baghdad, under the slogan (Together for a Promising Energy Future)," adding that "the Prime Minister, during his speech at the conference, stressed "achieving closeness to full self-sufficiency in fuels and moving towards exporting gas oil, within a vision that aims to convert 40% of oil production into transformational industries by 2030." The Prime Minister pointed out that "the conference is an opportunity to learn about the state's policies and programs in the energy sector, which occupies a pivotal position in all the government's development plans and its commitment to modernizing and developing it, in parallel with the goal of diversifying the economy, in a way that reflects positively on other sectors." The statement explained that "a tangible digital achievement has been achieved since the government assumed its responsibility, through a set of commitments, most notably stopping gas flaring by 70%, benefiting from oil wealth, investing in natural gas, and expanding the production of petroleum derivatives," stressing "approaching self-sufficiency The full cessation of fuels and the transition to exporting gas oil, within a vision targeting the conversion of 40% of oil production into transformation industries by the year 2030.' The Prime Minister added that "the government has proposed integrated energy projects to expand the benefit from oil production in one location, the most important of which is the Artawi field in Basra Governorate, and the accompanying project for desalination of seawater, generation of solar energy, in addition to gas investment," indicating that "maximizing the non-oil economy is accompanied by maximizing returns from oil wealth, through expanding refining operations and petrochemical industries." Al-Sudani continued that "the government has moved towards diversifying sources of income horizontally to solve the problems of unemployment and the single economy, towards creating real job opportunities, and partnership with the private sector was the first window for development, and a single job opportunity with it leads to the creation of many other opportunities," indicating that "the government has relied on strategic projects that leverage all sectors of development and the economy, the most important of which is (the development path)." The statement said: 'We have included in the design of the development road's path lines for transporting oil and gas, in addition to communications to achieve a connection between Asia and Europe, and to provide investment opportunities. We have also developed a plan to invest in human capital and develop capabilities and skills to keep pace with technology and techniques, especially with the expansion of artificial intelligence applications.' The statement pointed out that "the electric power sector has become the important development and economic nerve, and it can be transformed into a basic gateway to development in Iraq, and that developing the energy transmission and distribution network, and adopting modern and smart technologies, will reduce waste, reduce harmful emissions, and enhance sustainable development, noting that "the Ministry of Electricity announced the new economic model for thermal stations that aim to produce an additional 15,000 megawatts, and the large and important package of energy production projects for gas stations will be announced according to the new model." The Prime Minister stressed that "the partnership with the private sector is important to shorten the time and effort in confronting climate change and addressing water scarcity in Iraq, and we sought to introduce renewable, clean and alternative energy elements, and we began actual implementation in the field of solar energy, and we have renewable and clean energy projects that will reach 4875 megawatts upon completion." The statement explained that "the acquisition of home solar energy systems is part of the Central Bank's support for the (1 trillion dinars) initiative of loans, and we are proceeding with the electrical connection with the Gulf countries and Turkey, reaching the electricity grid in the European Union, to achieve diversity and integration in the field of energy." The statement pointed out that "Iraq's global position is now gaining a brighter image in economic growth, reforms and increasing levels of cooperation in all energy forums, and Iraq has become a fundamental pillar in the stability of the global oil market, and it is on the way to becoming a regional center for energy industries, and Iraq contributes to the stability of the global oil market by relying on a strong and solid economy."
