Iran's Energy Minister Visits Iraq Over Unpaid Debts

A worker walks at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo
A worker walks at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo
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Iran's Energy Minister Visits Iraq Over Unpaid Debts

A worker walks at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo
A worker walks at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo

Iranian Energy Minister Reza Ardakanian arrived in Iraq on Tuesday to discuss a number of issues and Iraq’s energy debts to Iran.

Heading an Iranian delegation, Ardakanian held meetings with senior Iraqi officials, including Prime Minister Mustafa al-Kadhimi and promised to "urgently resume pumping of Iranian gas," which had been slashed recently.

Ardakanian also held a meeting with Iraq’s Electricity Minister Majid Mahdi Hantoush to weigh plans to regulate electricity supply to Iraq.

In previous statements, Iraq’s Electricity Ministry spokesman Ahmed al-Abadi has said that the Iranian energy minister is likely to discuss Iraq’s outstanding debts to Iran.

Speaking to Asharq Al-Awsat he said that Iran used to supply Iraq "with about 50 million cubic meters per day, but today only about 5 million cubic meters are being delivered. This caused a significant drop in electricity generation."

“We have previously warned that the electricity issue could bring down any government if it is not handled properly," he stressed.

"The government today has the option of negotiating with the Iranian side over the outstanding debts, and there is also the option to instruct the Ministry of Oil to replace gas with liquid fuel,” he added.

Iraq owes more than $5 billion to Iran for gas imports, of which $3 billion is blocked and inaccessible in the state-owned Trade Bank of Iraq (TBI). The country also owes over $1 billion for electricity imports from Iran.

Iran has recently reduced its natural gas exports to Iraq and threatened further reductions due to the latter's failure to pay the dues. It also said further cuts were possible which increased the likelihood of more electricity shortages in Baghdad and other major cities.



Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol
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Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud approved on Thursday the Saudi riyal symbol in a historic move that will reinforce the Saudi currency's identity.

SAMA Governor Ayman Al-Sayari extended his profound appreciation to the Custodian of the Two Holy Mosques and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, for launching the Saudi riyal symbol.

A Saudi Central Bank (SAMA) statement quoted Al-Sayari as saying that this decision reinforces Saudi Arabia's financial identity locally, regionally, and internationally. He indicated that the implementation of the new symbol will be gradual for financial and commercial transactions, with coordination across all relevant entities.

Al-Sayari said this initiative aims to promote national identity and cultural belonging, highlight the role of the national currency, and showcase the Kingdom among major global economies and G20 members. The initiative also signifies the increasingly important role of the national currency in the global financial ecosystem.

The Saudi riyal symbol

The governor acknowledged the collaborative efforts that have facilitated this achievement, extending his appreciation to all contributing entities involved in the symbol's development project led by SAMA, including the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology and Quality Organization.

According to the statement, the Saudi riyal symbol, developed to the highest technical standards, embodies the Kingdom's rich cultural heritage, carrying the name of the national currency "Riyal" in a design derived from Arabic calligraphy.

"The symbol will streamline the representation of the Saudi riyal in local, regional, and international contexts, making it suitable for use in referring to the Saudi riyal in all financial and commercial transactions," said the statement.

As Saudi Arabia advances its Vision 2030 agenda, the launch of the symbol solidifies the importance of the Kingdom's financial system and its increasing role regionally and internationally.