International expert: The energy sector helps Iraq in its return to Arab economic activity

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[size=52]International expert: The energy sector helps Iraq in its return to Arab economic activity[/size]

[size=45]Translated by Hamed Ahmed[/size]
[size=45]A report by the international expert on energy affairs, Robin Mills, dealt with the elements of advancing the Iraqi economy and enhancing its activity at the national and regional levels, as it is considered the second largest oil producer in OPEC and possesses the third largest oil reserves in the world, indicating a growing constructive economic relationship for the country with its Arab surroundings centered on Energy, water and environmentally friendly renewable energy sector.[/size]
[size=45]The report pointed out that Iraq has faced, over the past two decades, structural economic problems, a low private sector, political instability and violence, which made the country's economic environment full of challenges. But now, the signs of a constructive economic relationship began to appear on the horizon between Iraq and the member states of the Gulf Cooperation Council, especially in the field of electric energy, water and solar energy plants to keep pace with the requirements of climate change.[/size]
[size=45]The new Iraqi government headed by the Prime Minister, Muhammad Shia' al-Sudani, managed for the first time to pass a budget for three consecutive years, promising more continuity in the field of planning.[/size]
[size=45]The economist states that out of the total budget expenditures amounting to $153 billion, only $37.9 billion has been allocated for investment, most of which belong to old, unfinished projects.[/size]
[size=45]The international expert, Mills, said that Baghdad must attract more foreign direct investment in order to achieve progress with its ambitious goals in the oil and gas sectors and build other industrial fields to diversify the country's economic sources, with a comprehensive reform of the electricity and water sectors and build infrastructure to support any other economic field. .[/size]
[size=45]He points out that it is expected that Iraq's population will reach approximately 75 million people by the year 2050, compared to about 44 million people now, and it may be the second largest country in the Arab world after Egypt. And this segment of youth will need more water, electricity, air conditioning, and a clean atmosphere, and above all, jobs and job opportunities. With regard to the country's recent economic developments and its openness to Gulf companies, the Sharjah-based Emirati Crescent Petroleum Company finally signed a contract in February for exploration in three oil and gas blocks that were awarded to it in 2018. In April, Qatar Energy Company bought 25% of the shares of a huge comprehensive project. for gas, oil, water and solar energy near Basra in partnership with the French energy company Total. The Saudi company ACWA Energy will join the French company regarding the solar energy system within the contract.[/size]
[size=45]The Saudi company, Aqua, is also trying to apply for the implementation of a solar power plant project in central Iraq with a generation capacity of one gigawatt, while the Abu Dhabi government clean energy company, Masdar, has plans for projects across four governorates with a capacity of one gigawatt. The Gulf Cooperation Council Electricity Network Authority had launched long-discussed plans to connect Iraq to its electrical network and supply it with an electric capacity of 1,800 megawatts through Kuwait, provided that the first installments are 500 megawatts.[/size]
[size=45]It is noteworthy that Iraq's demand for electricity during the summer season reaches more than 34 gigawatts, while the obsolete generation stations and dilapidated transmission lines can only meet 21 gigawatts of the size of the need, which leads to prolonged interruptions in the national electric power. Noisy and environmentally polluting domestic diesel generators are spread in the country's residential neighborhoods.[/size]
[size=45]It is noteworthy that the UAE, Saudi Arabia, Qatar and Oman have one of the largest and lowest-cost solar power plants in the world, and since these companies are more familiar with the Iraqi atmosphere than their western counterparts, the governmental and private companies of these countries can implement and develop huge solar energy and water desalination plant projects.[/size]
[size=45]Likewise, the gas sector is another clear area of ​​cooperation in its development, as happened in the partnership between the French energy company Total Energy and Qatar Energy in a project that was awarded to them in Iraq. Iraq needs to reach the stage of stopping burning associated gas and using it in operating its power generation stations and in other industrial fields.[/size]
[size=45]The international expert, Mills, points out that the size of Iraq's economy is so large that it cannot be far from the economic activity of its Arab surroundings, and that the energy sector may be the beginning of its return to this activity again.[/size]
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