Iraq to Establish Fixed Platform for Imported Gas at Grand Faw Port

Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)
Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)
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Iraq to Establish Fixed Platform for Imported Gas at Grand Faw Port

Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)
Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)

Iraqi Prime Minister Mohammad Shia Al-Sudani approved Wednesday the establishment of a fixed platform for imported gas at the Grand Faw Port.
This gas platform marks a significant milestone in the country's oil and gas sector, representing the first of its kind.
The Prime Minister's Office (PMO) issued a statement confirming the approval of the specialized committee's recommendations during a meeting chaired by Al-Sudani.
The meeting focused on outlining the forthcoming steps to operationalize the fixed platform.
Al-Sudani underscored that the successful initiation of this vital project was made possible by the substantial progress achieved in the Grand Faw Port project.
This strategic endeavor aligns with the government's commitment to address challenges related to gas supplies, eliminate hurdles in gas imports, and transition towards reliance on gas sourced from Iraqi fields.
According to the statement, the endorsed recommendations put forth by the committee include the engagement of a reputable international consulting firm to oversee both the technical and commercial aspects of the project.
Furthermore, it intends to issue invitations for the establishment of a fixed platform dedicated to importing liquefied gas within the expansive Al-Faw port along with the infrastructure, and integrating it into the existing pipeline network.
This move is aimed at ensuring a consistent gas supply from diverse sources and bridging the gap in electricity station operations.



Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
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Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro

Pakistan is set to receive a loan of $20 billion from the World Bank over the next 10 years, aimed at improving the country’s key sectors, sources told Geo News on Saturday.

According to sources in the Ministry of Economic Affairs, the loan will be part of the World Bank's support under the Country Partnership Framework 2025-35, which focuses on sustainable economic development.

The loan is expected to be approved by the WB's Board of Directors on January 14. Once approved, Martin Raiser, the lender's Vice President, is expected to visit Islamabad to discuss the loan program and its implementation.

In addition to the $20 billion, two subsidiary entities of the World Bank will assist Pakistan in securing another $20 billion in private loans.

This would bring the total financial package to $40 billion, which will be allocated towards infrastructure development, climate resilience projects, and improving social services.

Meanwhile, The News newspaper reported that the government, in its bid to achieve an economic revival, has launched the National Economic Transformation Plan which aims to achieve ambitious economic targets, including doubling GDP growth and halving poverty over a five-year period.

The plan envisages attracting $29 billion anticipated investment under the supervision of the Special Investment Facilitation Council (SIFC) including $10 billion from the UAE, $5 billion from Saudi Arabia, $2 billion from Qatar, $2 billion from Azerbaijan, and $10 billion from Kuwait.

Meanwhile, the gross domestic product (GDP) target has been set at 6% of the GDP till the Fiscal Year 2028-29 whereas the per capita income in dollar terms is projected to go up to $2,405 from $1,680.