Iraq Signs Five-Year Natural Gas Deal with Iran

The deal comes after Iraq’s prime minister promised to achieve energy self-sufficiency within two months

Iraqi Electricity Minister Ziad Ali Fazel signed a five-year natural gas import contract with an Iranian company on 27 March, according to the Ministry of Electricity.

The agreement signed by the two parties states that 50 million cubic meters of gas will be imported daily..

Natural gas imports will continue until the rehabilitation and development of domestic gas fields meet the levels required to meet Iraq's needs.

"The Ministry of Electricity is nearing completion of preparations for the summer season, from renovating power plants to having new power plants, such as Dubz, Okaaz, and Musayb station, as well as rehabilitation of electricity networks and transmission lines,” Ali Fazel told Rudaw.

According to a spokesman for the Ministry of Electricity, the plan will be completed by 1 May. Current electricity production is at 19,000 to 20,000 megawatts per day. With the completion of the plan, it will reach 27,000 megawatts.

The spokesman added that they plan to add an extra 5,000 megawatts of electricity to Iraq’s national grid by the end of this year.

This deal comes after Iraqi Prime Minister Mohammed Shia al-Sudani said that Iraq would become fully self-sufficient in oil within two months and cease needing imports.

...Sudani also stated in 2023 that Iraq would end reliance on Iranian oil imports within a three-year period.

🔗SOURCE ➡️ The Cradle

Related: 2/5 — Iraq Bans Several Commercial Banks From US Dollar Dealings

1/11/24 — Washington Has 'No Plans' to Withdraw From Iraq

7/26/23 —  The End of The PetroDollar, The Rise of BRICS is Here

2/22/23 — Iraq to Allow Trade With China in Yuan - State Media

Having been stonewalled and denied on waiver for sanctions to continue importing gasoline from Iran, Iraq had circumnavigated the sanctions through an oil-for-gasoline barter deal.

7/5/23 — Iraq Wants to Drop Dollar in Iran Trade to ‘Relieve US Pressure’: Report

”Over the past several months, Iraq has been working to lessen its dependence on the US dollar after Washington implemented several strict measures, including sanctions on Iraqi banks and rationing the dollar supply, to exert pressure on Baghdad to redirect its energy sector away from Iran.”

Back in March of 2023, seeing the writing on the wall, Iraq also announced the intention to trade with China using the Yuan instead of the dollar, following a trend of other countries dropping the dollar in Bilateral trade deals.

7/12/23 — Iraq to Trade Crude Oil for Desperately-Needed Iranian Gas

“Despite having some of the world's largest oil reserves, Iraqis continue to suffer rolling blackouts due to US sanctions on Iran”

....In the days that followed, Iraq and Russia indicated growing relations.. a natural consequence of Iraq seeking help elsewhere when the US not only had no help to offer, but was actively impeding ...

7/17/23 —Russian Investment in Iraq Reaching New and Promising Stage: Official

A couple days later, The US would finally issue the sanctions waiver for Iraq….

7/19/23 - US Issues New Sanctions Waiver Claiming to ‘Help’ Iraq Pay For Iranian Gas

…only to sanction 14 Iraqi banks the next day.

7/20/23 — US Bans 14 Iraqi Banks in Crackdown on Iran Dollar Trade

These sanctions on Iraqi banks plays into the same dynamic seen with the US targeting individual banks in Turkey and the UAE with sanctions, after the nation’s ignored the US’s threats I highlighted in my March 2022 series....

The real question, is why should the sovereign country of Iraq — whose economic insecurity the US already bears large responsibility for, having destroyed the country 2 decades ago based off fabricated “intelligence” of WMDs[lies] — why should Iraq have to beg the US permission to conduct business with its neighbor that is in its own interest?

Somewhere in the answer to that question, is the prime reason for why BRICS is rising..

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