Latest news with #ParliamentaryOilandGasCommittee
Shafaq News
10-03-2025
- Business
- Shafaq News
Iraq, US vow to strengthen economic and security ties
Shafaq News/ Through a phone call between Iraqi Prime Minister Mohammed Shia al-Sudani and US National Security Advisor Michael Waltz, Iraq and the United States reaffirmed, on Sunday, their dedication to enhance their bilateral relationship. According to the Prime Minister's media office, al-Sudani emphasized Iraq's ongoing efforts to foster a stable business environment and attract American investment, highlighting the key reforms designed to create an investment-friendly climate. "Iraq remains dedicated to strengthening its economic partnership with the United States and establishing a business environment that benefits both nations," al-Sudani stated. In turn, Waltz stressed the importance of increasing American corporate engagement in Iraq, acknowledging the challenges US businesses face, particularly in the Kurdistan Region, and underscoring the need to remove obstacles to investment. "The US is eager to see American companies play a greater role in Iraq's economic development, and we encourage efforts to remove any barriers that hinder their success," Waltz noted. The two also discussed Iraq's long-term stability and the role of American companies in supporting the country's economic growth. Waltz reaffirmed Washington's commitment to helping Iraq achieve energy independence and offered continued cooperation to advance this goal. Additionally, the conversation touched upon the recent US decision to end the waiver for Iranian-supplied electricity, a key element of Washington's Maximum Pressure Policy. "The end of the Iranian electricity waiver is tied to the Maximum Pressure Policy. It highlights the need for strong coordination between our two nations to avoid any negative impacts on Iraq's stability," Waltz explained. For years, Iraq has been heavily reliant on Iranian electricity and gas, particularly during the summer months when domestic production struggles to meet demand. The country has depended on recurring US exemptions, granted multiple times annually. Ali Shaddad, spokesperson for the Parliamentary Oil and Gas Committee, revealed that the Iraqi government is exploring alternatives, including importing gas from Gulf countries instead of Iran. Shaddad also announced that a high-priority project aimed at facilitating this transition is already underway in Basra, southern Iraq.
Shafaq News
08-03-2025
- Business
- Shafaq News
Iraq braces for worsening power crisis as Iranian gas supply falters
Shafaq News/ Iraq faces an escalating electricity crisis this summer due to its continued reliance on Iranian gas and the absence of alternative supplies, a senior lawmaker warned on Saturday. Muhammed Abad Rabbah, head of the Parliamentary Electricity Committee, told Shafaq News that "the government, like its predecessors, has failed to secure alternative gas sources, leaving the country vulnerable." He noted that while other nations import gas from Russia, Qatar, and Turkmenistan, Iraq remains dependent on Iran without a contingency plan. "Gas supply disruptions will persist, and Iraq is heading for an even worse summer," he added. Compounding the issue, Parliamentary Oil and Gas Committee member Ali Saadoun Al-Lami said Iraq has no viable short-term alternative to Iranian gas, stressing that developing domestic supplies would take at least two years. The situation worsened after US President Donald Trump revoked Iraq's waiver to import Iranian gas in February 2025, as part of new sanctions on Tehran. The exemption officially expired on March 7, cutting Iraq off from a critical energy source. To diversify, Iraq signed a 20 million cubic meter per day gas import deal with Turkmenistan in October 2024, set to be delivered via Iran's pipeline network under a swap arrangement. However, technical complications have delayed implementation, according to the Iraqi Ministry of Electricity.
