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Saudi Energy Minister, Iraqi Counterpart Discuss Connecting Electricity Grids

The Saudi and Iraqi ministers and their countries' respective delegations meet in Riyadh. (Asharq Al-Awsat)
The Saudi and Iraqi ministers and their countries' respective delegations meet in Riyadh. (Asharq Al-Awsat)
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Saudi Energy Minister, Iraqi Counterpart Discuss Connecting Electricity Grids

The Saudi and Iraqi ministers and their countries' respective delegations meet in Riyadh. (Asharq Al-Awsat)
The Saudi and Iraqi ministers and their countries' respective delegations meet in Riyadh. (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Minister of Oil Ihsan Ismail discussed on Thursday connecting their electricity grids.

The ministers explored issues of common interest in various energy fields.

The meeting discussed ways to strengthen cooperation in the energy fields in order achieve shared leadership through the Saudi-Iraqi Coordination Council.

They also discussed the oil market and joint cooperation between their countries to support and maintain market stability and their active role within OPEC+.

Saudi Arabia and Iraq had signed a memorandum of understanding in January to connect their electricity grids.

The agreement aims to share the electricity-generating reserves and exchange electricity between the neighbors for emergency use in case of a power cut.

“We aim to achieve optimal investment in the electrical connection with Iraq,” said Prince Abdulaziz, adding that this project comes within the framework of the Kingdom's Vision 2030 and its executive programs.

“The project came after a study that showed that the linkage provided promising opportunities between the two countries,” he added.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.