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Iraq, UAE's Crescent Activate Energy Deals to Develop Three Oil and Gas Fields

Iraq has activated three energy contracts with UAE firm Crescent Petroleum to develop three oil and gas fields in Iraq. (Getty Images)
Iraq has activated three energy contracts with UAE firm Crescent Petroleum to develop three oil and gas fields in Iraq. (Getty Images)
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Iraq, UAE's Crescent Activate Energy Deals to Develop Three Oil and Gas Fields

Iraq has activated three energy contracts with UAE firm Crescent Petroleum to develop three oil and gas fields in Iraq. (Getty Images)
Iraq has activated three energy contracts with UAE firm Crescent Petroleum to develop three oil and gas fields in Iraq. (Getty Images)

Iraq has launched three energy contracts with UAE-based Crescent Petroleum to develop three oil and gas fields in Iraq, the oil ministry said on Sunday.

United Arab Emirates-based Crescent Petroleum signed in February three 20-year contracts to develop oil and natural gas fields in Iraq's Basra and Diyala provinces in northeastern Baghdad.

The Crescent Petroleum contracts are expected to begin producing 400 million standard cubic feet per day of natural gas within 18 months, the oil ministry statement quoted Iraq's oil minister Hayan Abdel-Ghani as saying.

Abdel-Ghani, who attended the launch at the oil ministry headquarters in Baghdad, said starting operations by Crescent Petroleum will help Iraq to stop gas flaring and use the processed gas to generate electricity.

The OPEC producer relies heavily on Iranian gas imports to feed its power grid. But the United States has pushed Iraq to reduce its reliance on Iranian gas.

Iraq continues to flare some of the gas extracted alongside crude oil because it lacks the facilities to process it into fuel for local consumption or exports.

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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)

The European Union is planning to vote on whether to introduce tariffs as high as 45% on imported electric vehicles made in China on Oct. 4, Bloomberg News reported on Saturday, citing people familiar with the matter.
Member states have received a draft of the regulation for the proposed measures, the report said, adding that the new date could still change.
According to the report, the vote among the bloc's member states was slightly delayed amid last-minute negotiations with Beijing to try to find a resolution that would avoid the new levies.
The European Commission did not immediately respond to a Reuters request for comment.
The European Commission is on the verge of proposing final tariffs of up to 35.3% on EVs built in China, on top of the EU's standard 10% car import duty.
The proposed final duties will be subject to a vote by the EU's 27 members. They will be implemented by the end of October unless a qualified majority of 15 EU members representing 65% of the EU population votes against the levies.