Iraq Seeks to Expand in Gas Investment, Renewable Energy Production

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files
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Iraq Seeks to Expand in Gas Investment, Renewable Energy Production

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files

Iraq’s Oil Minister Ihsan Abdul Jabbar announced Saturday that Iraq would rely on green energy to invest in gas and produce renewable energy.

During his participation at a workshop organized by the International Energy Organization (IEA), the Minister stressed the government and ministry’s keenness on supporting clean energy projects.

This support is represented by implementing prime projects in associated gas investment, reducing oil hydrocarbon emissions and increasing projects of electricity production via alternative energy.

Abdul Jabbar stated that Iraq has taken practical steps to guarantee a gradual shift towards green and renewable energy.

Iraq adopted a clear strategy by contracting with international companies specialized in this field in Basra, Maysan and Dhi Qar, he noted, adding that Iraq established the Basra Gas Company.

The Iraqi minister went on saying that the country signed an agreement with Total. This agreement consists of a series of investment projects in associated gas.

The ministry is meanwhile carrying out other projects. The investment of up to 2,600 million standard cubic feet daily also falls under the Ministry of Oil plans to invest in associated gas from the southern provinces’ fields.

Another key interest of Iraq is to add 12 kilowatts to the national electricity system through the use of alternative energy, the minister continued.

This would be accomplished by contracting with leading international firms operating in this sector and seeking to switch to the use of gas instead of heavy fuels.



Saudi Finance Minister: Int’l Institutions Need Unified Standards for Measuring National Income  

Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
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Saudi Finance Minister: Int’l Institutions Need Unified Standards for Measuring National Income  

Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 

Saudi Minister of Finance Mohammed Al-Jadaan has called for the development of methods to measure gross national income (GNI) that better reflect the true realities of economies, especially in emerging countries.

During a panel discussion at the World Economic Forum in Davos, titled “New Approaches to Measuring GDP Growth,” Al-Jadaan emphasized the need for international institutions to adopt unified and robust standards for measuring national income.

He noted that achieving this objective requires designing collaborative programs with various countries to enhance data accuracy and analyze it in a more comprehensive manner.

The minister pointed out that traditional methods for measuring GDP might no longer suffice in the current global context, urging the adoption of new tools and standards capable of measuring economic growth in line with the rapid global changes.

Al-Jadaan stressed that improving measurement mechanisms would boost the efficiency of international institutions in providing support and advice, foster sustainable development in emerging economies, and contribute to achieving economic equity on a global scale.