Iraq Signs Agreement with Siemens to Convert 120 million Cubic Feet of Gas into Fuel for Electricity

 Iraqi Electricity Minister, Ziyad Ali Fadel and Siemens Energy CEO Christian Bruch shake hands after signing the agreement in Berlin on Wednesday (INA)
Iraqi Electricity Minister, Ziyad Ali Fadel and Siemens Energy CEO Christian Bruch shake hands after signing the agreement in Berlin on Wednesday (INA)
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Iraq Signs Agreement with Siemens to Convert 120 million Cubic Feet of Gas into Fuel for Electricity

 Iraqi Electricity Minister, Ziyad Ali Fadel and Siemens Energy CEO Christian Bruch shake hands after signing the agreement in Berlin on Wednesday (INA)
Iraqi Electricity Minister, Ziyad Ali Fadel and Siemens Energy CEO Christian Bruch shake hands after signing the agreement in Berlin on Wednesday (INA)

Iraqi Electricity Minister Ziyad Ali Fadel signed on Wednesday an agreement with Siemens Energy in Berlin to convert flared gas into fuel for electricity.
The agreement covers about 120 million standard cubic feet of gas within a period of 6 months and an additional 120 million standard cubic feet within one year, according to the Iraqi news agency (INA).

The agreement comes as part of the Iraqi government’s efforts to stop gas flaring and to invest it effectively in generating electrical energy, the Minister’s office said in a statement.

It is also part of Iraq’s commitment to the decisions of the Paris Climate Conference in preserving the environment and providing renewable energy sources.
The statement said the agreement is characterized by rapid implementation, as it includes investing about 120 million standard cubic feet (meaqf) of gas within a short period of 6 months, and an additional 120 (meaqf) within a period of one year.
The gas produced will be used to establish an electrical station with a capacity of 2000 megawatts, to enhance Iraq’s national electricity grid.

Siemens Energy CEO Christian Bruch commended the Iraqi government for its efforts in overcoming the obstacles that the energy industry has encountered for a long time.

“Iraq has been successful in constructing several infrastructure projects in the last few years that will help develop the actual capabilities of the Iraqi energy sector,” he said, according to the Ministry statement.



Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
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Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP

Oil prices dipped on Monday amid a strong US dollar ahead of key economic data by the US Federal Reserve and US payrolls later in the week.
Brent crude futures slid 28 cents, or 0.4%, to $76.23 a barrel by 0800 GMT after settling on Friday at its highest since Oct. 14.
US West Texas Intermediate crude was down 27 cents, or 0.4%, at $73.69 a barrel after closing on Friday at its highest since Oct. 11, Reuters reported.
Oil posted five-session gains previously with hopes of rising demand following colder weather in the Northern Hemisphere and more fiscal stimulus by China to revitalize its faltering economy.
However, the strength of the dollar is on investor's radar, Priyanka Sachdeva, a senior market analyst at Phillip Nova, wrote in a report on Monday.
The dollar stayed close to a two-year peak on Monday. A stronger dollar makes it more expensive to buy the greenback-priced commodity.
Investors are also awaiting economic news for more clues on the Federal Reserve's rate outlook and energy consumption.
Minutes of the Fed's last meeting are due on Wednesday and the December payrolls report will come on Friday.
There are some future concerns about Iranian and Russian oil shipments as the potential for stronger sanctions on both producers looms.
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, two sources with knowledge of the matter said on Sunday.
Goldman Sachs expects Iran's production and exports to fall by the second quarter as a result of expected policy changes and tighter sanctions from the administration of incoming US President Donald Trump.
Output at the OPEC producer could drop by 300,000 barrels per day to 3.25 million bpd by second quarter, they said.
The US oil rig count, an indicator of future output, fell by one to 482 last week, a weekly report from energy services firm Baker Hughes showed on Friday.
Still, the global oil market is clouded by a supply surplus this year as a rise in non-OPEC supplies is projected by analysts to largely offset global demand increase, also with the possibility of more production in the US under Trump.