Iraq Signs MoU with Siemens, Shlumberger for Investment in Gas

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani said the MoU aligns with the ministry’s plan to utilize associated gas for electricity production. Iraqi News Agency
Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani said the MoU aligns with the ministry’s plan to utilize associated gas for electricity production. Iraqi News Agency
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Iraq Signs MoU with Siemens, Shlumberger for Investment in Gas

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani said the MoU aligns with the ministry’s plan to utilize associated gas for electricity production. Iraqi News Agency
Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani said the MoU aligns with the ministry’s plan to utilize associated gas for electricity production. Iraqi News Agency

Iraq on Sunday signed a memorandum of understanding with Siemens Energy and Schlumberger to tackle curb gas flaring and channel the captured resource to boost the country’s power generation capacity.

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani said the MoU aligns with the ministry’s plan to utilize associated gas for electricity production. “This will provide productive and valuable energy to support power plants and the national grid,” he said at a press conference following the signing ceremony.

“The MoU paves the way for joint ventures with the technology giants,” Abdul Ghani said.

Praising the collaboration, German Embassy Chargé d'Affaires Maximilian Rach expressed his country’s support for Iraq’s efforts to increase its energy production and reduce carbon emissions. He expressed hope that the partnership would expand to other sectors.

Director of Siemens Energy Iraq Muhannad Al-Saffar stressed the MoU’s significance as a launchpad for long-term cooperation that will ultimately halt gas flaring and process the captured gas for power generation.

“This will contribute to achieving energy security, minimizing imports, and protecting the environment,” he said.

As for the Undersecretary for Gas Affairs at the Ministry of Oil, Izzat Saber, he said: “Cooperation with major international companies will bolster the electricity sector, optimize expenditures, and ensure environmental protection.”

Schlumberger Iraq General Manager Wissam Al-Azm highlighted the joint commitment to developing solutions and leveraging cutting-edge technologies for a sustainable energy future.



Saudi Arabia to Sell 0.64% Aramco Stake

Saudi Arabia is offering 1.545 billion Aramco shares. Reuters
Saudi Arabia is offering 1.545 billion Aramco shares. Reuters
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Saudi Arabia to Sell 0.64% Aramco Stake

Saudi Arabia is offering 1.545 billion Aramco shares. Reuters
Saudi Arabia is offering 1.545 billion Aramco shares. Reuters

Saudi Arabia is selling a 0.64% stake in oil giant Aramco, a statement said on Thursday.

Saudi Arabia is offering 1.545 billion Aramco shares and the offering period will commence on June 2.

The price range is expected to be between SAR 26.70 and SAR 29.00 per share.