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The Energy Council proposes a project to distribute oil and gas revenues in Iraq
November 30, 2021
The program includes support for renewable energy projects
Ultra Iraq - Editorial Team
The Chairman of the Ministerial Council for Energy and Oil Minister Ihsan Abdul-Jabbar stressed, on Tuesday, the importance of approving the Sovereign Energy Fund project with the aim of financing long-term investment projects in the energy sector.
Abdul Jabbar said during the council’s weekly meeting, according to a statement by the Ministry of Oil, November 30, that “the Sovereign Energy Fund project was one of the most important projects that were discussed due to its importance and objectives that revolve around achieving justice in the distribution of revenues from oil and gas, and how to invest and develop them. Through promising programs and projects, and clear plans that are compatible with the great development in the world.”
Abdul-Jabbar added that the programs include "supporting electric and renewable energy projects, and investment projects that aim to create sustainable clean energy," explaining that "the fund will achieve sustainable development by financing and supporting long-term investment operations in the energy sector, in addition to its importance in achieving flexibility." In implementing energy plans and programs, and supporting and encouraging projects implemented by non-governmental sectors.
The Minister of Oil indicated that "the fund also aims to work to provide and cover the local need of electric energy at the lowest cost and in accordance with sound environmental standards," noting that "the council also discussed during its meeting the draft law regulating renewable energy, which is one of the very important projects. Hosting the Diwani Order Committee 54.
Abdul-Jabbar stressed that "the law will work on setting up a set of legislation and instructions to regulate the renewable energy industry in the country, with an emphasis on the role of the ministries concerned with the issue," expressing his hope that "this project will be approved after discussion during the next parliamentary session."