عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Iraq Proposes Clean Energy Investments to BP, Total

A view shows Iraq's Majnoon oil field near Basra, Iraq, March 27, 2022. (Reuters)
A view shows Iraq's Majnoon oil field near Basra, Iraq, March 27, 2022. (Reuters)
TT
20
TT

Iraq Proposes Clean Energy Investments to BP, Total

A view shows Iraq's Majnoon oil field near Basra, Iraq, March 27, 2022. (Reuters)
A view shows Iraq's Majnoon oil field near Basra, Iraq, March 27, 2022. (Reuters)

Iraq’s Oil Minister Ihsan Abdul Jabbar held talks in London and Paris with the chief executive officers of the British Petroleum company and France’s Total and officials from the French ministries of economy and energy.

He proposed new plans to invest in the oil, gas and clean energy sectors, a ministry statement revealed on Saturday.

Abdul Jabbar said during his meeting with CEO of BP Bernard Lonnie that Iraq boasts many plans and projects in the field of clean energy.

The minister said Iraq has concluded various agreements with Norway's Scatec, France’s Total, China’s Power China, UAE’s Masdar and Saudi Arabia’s ACWA Power to implement renewable energy projects.

Baghdad plans to produce 20% of its energy production from renewable and clean energy, Abdul Jabbar said, adding that it is working to create a good environment for investment and all the efforts are directed to implement these plans.

Commenting on his meeting with CEO of TotalEnergies Patrick Pouyanee in Paris, he stated they discussed programs, job opportunities and joint cooperation to implement projects in the fields of oil and energy.

They also agreed on the timing of implementing joint projects, such as the Gas Investment Project in a number of oil fields in southern Iraq, the Solar Energy Project, Artawi Field Development Project to increase its output, as well as the Common Seawater Supply Project to support sustained and increased production in oilfields.

Abdul Jabbar further discussed with the two French ministries his country’s potentials in gas production, especially after it completed the development of the free gas fields in the Anbar and Diyala provinces.

Talks also touched on the investment of gas associated with oil operations, and the possibility of boosting production with an eye on international energy security.

The minister said he is coordinating with producers to achieve balance and required stability in global markets.

Most Viewed

 
Business

Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
TT
20
TT

Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.