Iraq Signs Agreement with Siemens to Convert 120 million Cubic Feet of Gas into Fuel for Electricity

 Iraqi Electricity Minister, Ziyad Ali Fadel and Siemens Energy CEO Christian Bruch shake hands after signing the agreement in Berlin on Wednesday (INA)
Iraqi Electricity Minister, Ziyad Ali Fadel and Siemens Energy CEO Christian Bruch shake hands after signing the agreement in Berlin on Wednesday (INA)
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Iraq Signs Agreement with Siemens to Convert 120 million Cubic Feet of Gas into Fuel for Electricity

 Iraqi Electricity Minister, Ziyad Ali Fadel and Siemens Energy CEO Christian Bruch shake hands after signing the agreement in Berlin on Wednesday (INA)
Iraqi Electricity Minister, Ziyad Ali Fadel and Siemens Energy CEO Christian Bruch shake hands after signing the agreement in Berlin on Wednesday (INA)

Iraqi Electricity Minister Ziyad Ali Fadel signed on Wednesday an agreement with Siemens Energy in Berlin to convert flared gas into fuel for electricity.
The agreement covers about 120 million standard cubic feet of gas within a period of 6 months and an additional 120 million standard cubic feet within one year, according to the Iraqi news agency (INA).

The agreement comes as part of the Iraqi government’s efforts to stop gas flaring and to invest it effectively in generating electrical energy, the Minister’s office said in a statement.

It is also part of Iraq’s commitment to the decisions of the Paris Climate Conference in preserving the environment and providing renewable energy sources.
The statement said the agreement is characterized by rapid implementation, as it includes investing about 120 million standard cubic feet (meaqf) of gas within a short period of 6 months, and an additional 120 (meaqf) within a period of one year.
The gas produced will be used to establish an electrical station with a capacity of 2000 megawatts, to enhance Iraq’s national electricity grid.

Siemens Energy CEO Christian Bruch commended the Iraqi government for its efforts in overcoming the obstacles that the energy industry has encountered for a long time.

“Iraq has been successful in constructing several infrastructure projects in the last few years that will help develop the actual capabilities of the Iraqi energy sector,” he said, according to the Ministry statement.



Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.