Latest news with #Iraqi-BritishBusinessCouncil
Shafaq News
4 days ago
- Business
- Shafaq News
Iraqi ex-adviser flags gaps in $2B gas deal, cites legal concerns
Shafaq News / A newly approved five-year gas supply contract in Iraq is under fire for alleged legal loopholes and significant financial discrepancies, according to former Prime Minister's Office adviser Hussein Al-Hanin. Al-Hanin said on Thursday that the Cabinet's deal with a gas supply company—formed just three years ago—granted the firm ten exemptions despite not meeting the legal, technical, and administrative standards of the Oil Ministry. The contract, which relies on a floating offshore platform, was finalized during the Cabinet session earlier this week. He stressed that the company's proposed price is $400M annually higher than the most competitive bids from better-established global firms such as Excelerate Energy. This discrepancy totals roughly $2B over the contract's five-year term. Al-Hanin also pointed out that the company lacks the funds to build the platform and has already received two million barrels of crude oil—worth $125M at current market prices—before any work began. 'All this happened while the Oil Minister was in London to participate in the Iraqi-British Business Council conference, and did not vote on the decision,' Al-Hanin said. The Cabinet session also approved a direct contract with the 'Carbore' consortium to deploy power-generating ships, adding 650 megawatts to offset summer peak demand. Additionally, the session greenlit the floating storage and regasification unit (FSRU) project, designed to supply 750 million cubic feet of liquefied natural gas daily to the Basmaya Power Plant.
Iraqi News
17-02-2025
- Business
- Iraqi News
UK Ambassador: Optimistic about Iraq's Future
The UK Ambassador to Iraq, Stephen Charles Hitchen, confirmed on Monday that Iraq is a country of opportunities and investments, expressing his optimism about the future of Iraq, for the creativity, courage, dignity and endurance of the Iraqi people. "My mission will end in two weeks, and it is natural for us to start thinking about what conclusions we can offer and share with you several ideas after a beautiful experience with you in Iraq. I am optimistic about the future of your country and the source of optimism is the creativity, courage, dignity and endurance of the Iraqi people," Hitchen said, in a speech during the economic conference of the Iraqi-British Business Council - attended by the Iraqi News Agency - INA reporter.
