To compensate for Iranian gas, Iraq plans to build two floating platforms in the Gulf.
Bloomberg reported that Iraq is trying to address the electricity shortage caused by US sanctions on Iran by negotiating with several companies to establish two floating platforms at sea to store and transfer gas by next June.
The US report, translated by Shafaq News Agency, indicated that Washington had decided earlier this March not to renew the presidential waiver that had allowed Iraq to purchase electricity from Iran, as part of pressure from the administration of US President Donald Trump on Tehran to negotiate a new nuclear agreement. The report added that “this move made the Iraqi government need more gas to meet the growing demand for electricity .”
The report cited statements made by Iraqi Oil Minister Hayan Abdul Ghani on Sunday, in which he said, “Two floating platforms for storing liquefied natural gas (LNG) and converting it to gas will be built near the Khor al-Zubair port in Basra .”
The report drew attention to the Iraqi minister’s statement, in which he revealed that Iraq relies on domestic gas production to meet approximately 60% of its needs, while imports cover the remaining 40%. However, during peak consumption periods, this percentage increases to 50 %.
According to the report, the Iraqi government has also issued a tender to establish a fixed gas reprocessing platform at the Grand Faw Port. The report added that Iraq is attempting to limit the amount of gas it burns without utilizing it in order to reduce its gas imports, even as demand is increasing. It also seeks to completely stop gas flaring by the end of 2028 .
He added that “negotiations between Iraq and oil companies operating in the Kurdistan Region have reached advanced stages, according to the Iraqi Oil Minister, who also expressed his hope that exports from the region would resume within a week .”
The report stated that “Iraq has repeatedly announced progress in restarting the northern export pipeline,” noting that “the group representing the region’s oil producers has emphasized that it needs more clarity on the issue of compensation, and that the contracts necessary to resume exports have not yet been concluded . ”
The report noted that Iraq had pledged to honor its OPEC+ quota after the northern crude oil export pipeline was restarted, but has yet to clarify how it will achieve this.
Among them is a strategic bomber… a joint air exercise between Iraq and the United States
Iraqi Air Force aircraft conducted a joint military exercise with US Air Force aircraft.
A statement by the Security Media Cell, a copy of which was received by {Euphrates News}, stated that “to develop the capabilities of the Iraqi Air Force and to raise readiness, a joint military exercise was carried out between a formation of Iraqi F-16 aircraft and a formation of US Air Force B-52 (strategic bomber) and F-15 aircraft.”
The statement added, “This exercise demonstrated the Air Force’s high readiness to confront security challenges.”
He pointed out that “the exercise aims to strengthen military relations, exchange expertise in planning and implementation, unify the concept of joint action, and open new horizons for future military cooperation between several countries, including France, the United States, and Italy.”
Al-Sudani forms a 40-member council to promote the private sector.
The Ministry of Planning announced on Sunday the issuance of a royal decree to form a private sector development council, headed by the Prime Minister. The council’s members will be 40.
The ministry said in a statement received by Shafaq News Agency, “A royal order was issued to form the Permanent Private Sector Development Council, headed by Prime Minister Mohammed Shia al-Sudani, and two deputies. The first is Deputy Prime Minister and Minister of Planning Mohammed Ali Tamim, while the second deputy will be a representative of the private sector, elected by the council members.”
She added that “the council consists, in addition to the first and second deputies, of (38) members, (10) of whom represent the government agencies related to the private sector development file, while the (28) members represent the various activities under the banner of the private sector, which include industrial and agricultural activities, banking sectors, contracting and public investments, entertainment investments, hotels and restaurants, general trade and commercial agencies, communications and health, private education, residential activity, real estate development and energy.”
She pointed out that “the council includes a group of experts and representatives of youth and entrepreneurship,” explaining that “the Permanent Council for Private Sector Development is of great importance, as it is the effective representative of all economic activities in this sector, and will play a fundamental role in formulating economic and investment policy, contributing to achieving a true partnership with the public sector.”
The Single Window System: An Electronic Revolution to Speed Up Company Registration and Stimulate Investment in Iraq
Advisor to the Prime Minister, Mazhar Mohammed Salih, spoke on Sunday about the importance of the “single window” for company registration, noting that this unified electronic system has many exceptional advantages that contribute significantly to improving the business environment in Iraq. Salih stated in a statement that establishing a unified electronic system for company registration is an important step in supporting commercial activity and stimulating investment in Iraq. He explained that the system not only facilitates procedures, but also enhances business efficiency and creates a strong economic environment, surrounded by essential factors such as speeding up procedures and reducing red tape.
Among the advantages Saleh mentioned, the most notable is the reduction in the time required to register a company, which used to take weeks or even months, while now it can be done in hours or minutes.
He pointed out that this system contributes to reducing operational and administrative costs, reducing reliance on paper transactions, and thus lowering costs for investors.
Saleh added that the system enhances transparency and is an important part of the government’s digital transformation and e-governance program. Through the system, data can be verified immediately, reducing the chances of manipulation or errors, enhancing trust between investors and government agencies, and improving the business environment in Iraq.
He also emphasized that this system enhances connectivity and network integration between various entities, such as the General Tax Authority, investment authorities in the governorates, banks, the Companies Registry, and departments of the Ministry of Commerce, facilitating sound investment and production decisions.
Concluding his remarks, Saleh noted that the electronic system supports entrepreneurship and small businesses and encourages the removal of bureaucratic obstacles facing startup owners. This, he said, contributes to increasing the number of small and medium-sized enterprises (SMEs), which constitute the backbone of the national economy within the framework of the government’s strategy and the National Development Plan 2024-2028.
Ministry of Oil: Planning to increase oil production to more than six million barrels per day by 2029
The Iraqi Ministry of Oil announced ambitious plans on Sunday to increase oil production to more than 6 million barrels per day by 2029, citing an agreement with BP to develop four oil fields in Kirkuk. Undersecretary of the Ministry of Oil, Bassem Mohammed Khudair, stated that the ministry is working to increase oil and gas production capacity within a clear five-year plan, aiming to reach this figure between 2028 and 2029.
Khader added that the ministry seeks to achieve these goals through various projects in all governorates, leveraging the exploratory activities undertaken by the Oil Exploration Company, in addition to the drilling and production operations taking place in the fields under the six licensing rounds.
Among the most prominent current projects highlighted by Khadir was the integrated gas development project in the south, in the Artawi field, along with other projects, most notably the development of four important oil fields in Kirkuk. An agreement has been reached on this matter, and the final contract with BP is scheduled to be signed in the coming days.
The Undersecretary also emphasized that national extraction companies are now responsible for 70% of operational activities in the oil sector.
