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[size=36]Minister of Oil: Launching the first project financed by carbon bonds[/size]
Economy | 04:46 - 10/23/2023
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Baghdad - Mawazine News,
Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, announced today, Monday, the launch of the first project financed by carbon bonds with a capacity of (12 MQM) in a field east of Baghdad.
A statement from the Ministry of Oil received by Mawazine News said, “The Minister of Oil, during a specialized technical workshop entitled “Carbon Bonds” organized by the Training and Development Department at the Ministry of Oil, which aims to review the Ministry’s vision regarding the carbon reduction file and its promising plans in this context, confirmed the launch of the first A direct call for a carbon reduction project by investing in Flair gas in a field east of Baghdad represents the beginning of a package of projects planned by the Ministry of Oil and financed by carbon bonds.
Abdul-Ghani pointed out, “Launching the first project financed by carbon bonds with a capacity of (12 mqmq) in a field east of Baghdad is a step towards implementing the commitments of Iraq and the ministry to reduce emissions and preserve the environment.”
He pointed out, "The Ministry is working to enhance its balance of carbon bonds through optimal investment of associated gas and reducing the rate of gas burning in all oil fields."
For his part, the Advisor to the Ministry of Oil for Energy Affairs, Abdel Baqi Khalaf, explained, according to the statement, that “the Ministry has formed an integrated work team concerned with the carbon reduction file, represented by a central committee and subcommittees distributed among the Ministry’s companies, where mechanisms and work steps (with carbon bonds) have been established and it has been authorized The Council of Ministers and the Minister of Oil have the authority to establish appropriate mechanisms for this, including procedures and steps for working on carbon reduction projects, in addition to commercial and contractual mechanisms with the competent companies.
On the other hand, the Director General of the Central Oil Company, Qaddouri Abdul Salim, said: “His company is proud to be the first national company to adopt carbon bonds in the East Baghdad field. This represents a step towards increasing the optimal investment area for gas in the oil fields in the central region, which aims to enhance Iraq's balance of carbon bonds.
In turn, “Advisor to the Minister of Environment, Nazir Abboud Faza, reviewed the efforts of the Ministry of Oil and Environment in reducing carbon and Iraq’s fraternal position in the Conference of the Parties (COP28).”
For his part, Advisor to the Minister of Electricity, Abdul Hamza Hadi, explained, according to the statement, “about the measures adopted by his ministry in cooperation with the relevant ministries to make Iraq’s efforts to reduce carbon successful and achieve sustainable development through the adoption of renewable energy.”
In turn, Director General of the Training and Development Department, Hisham Elias, gave a briefing on the efforts of the Ministry of Oil in preserving the environment and climate and reducing harmful emissions and converting them into useful energy, noting, “This workshop comes within the framework of highlighting the government’s effort in this field.”
For his part, the head of the climate loss and damage assessment team, Muhammad Jabbar Ajrash, confirmed a study that addressed the ministry’s position within the negotiating delegation at the Conference of the Parties. In this context, the director of the Economic Studies Department, Salim Farhoud Hussein, reviewed the ministry’s achievements in the field of carbon reduction, renewable energies, future vision, and capacity building in transformation projects. With energy and carbon reduction.”
The statement concluded, “The workshop was attended by the Undersecretary for Extraction Affairs, Bassem Muhammad Khudair, and a number of officials in the relevant ministries, the Ministry’s staff, and its affiliated companies.” Ended 29/M99
Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, announced today, Monday, the launch of the first project financed by carbon bonds with a capacity of (12 MQM) in a field east of Baghdad.
A statement from the Ministry of Oil received by Mawazine News said, “The Minister of Oil, during a specialized technical workshop entitled “Carbon Bonds” organized by the Training and Development Department at the Ministry of Oil, which aims to review the Ministry’s vision regarding the carbon reduction file and its promising plans in this context, confirmed the launch of the first A direct call for a carbon reduction project by investing in Flair gas in a field east of Baghdad represents the beginning of a package of projects planned by the Ministry of Oil and financed by carbon bonds.
Abdul-Ghani pointed out, “Launching the first project financed by carbon bonds with a capacity of (12 mqmq) in a field east of Baghdad is a step towards implementing the commitments of Iraq and the ministry to reduce emissions and preserve the environment.”
He pointed out, "The Ministry is working to enhance its balance of carbon bonds through optimal investment of associated gas and reducing the rate of gas burning in all oil fields."
For his part, the Advisor to the Ministry of Oil for Energy Affairs, Abdel Baqi Khalaf, explained, according to the statement, that “the Ministry has formed an integrated work team concerned with the carbon reduction file, represented by a central committee and subcommittees distributed among the Ministry’s companies, where mechanisms and work steps (with carbon bonds) have been established and it has been authorized The Council of Ministers and the Minister of Oil have the authority to establish appropriate mechanisms for this, including procedures and steps for working on carbon reduction projects, in addition to commercial and contractual mechanisms with the competent companies.
On the other hand, the Director General of the Central Oil Company, Qaddouri Abdul Salim, said: “His company is proud to be the first national company to adopt carbon bonds in the East Baghdad field. This represents a step towards increasing the optimal investment area for gas in the oil fields in the central region, which aims to enhance Iraq's balance of carbon bonds.
In turn, “Advisor to the Minister of Environment, Nazir Abboud Faza, reviewed the efforts of the Ministry of Oil and Environment in reducing carbon and Iraq’s fraternal position in the Conference of the Parties (COP28).”
For his part, Advisor to the Minister of Electricity, Abdul Hamza Hadi, explained, according to the statement, “about the measures adopted by his ministry in cooperation with the relevant ministries to make Iraq’s efforts to reduce carbon successful and achieve sustainable development through the adoption of renewable energy.”
In turn, Director General of the Training and Development Department, Hisham Elias, gave a briefing on the efforts of the Ministry of Oil in preserving the environment and climate and reducing harmful emissions and converting them into useful energy, noting, “This workshop comes within the framework of highlighting the government’s effort in this field.”
For his part, the head of the climate loss and damage assessment team, Muhammad Jabbar Ajrash, confirmed a study that addressed the ministry’s position within the negotiating delegation at the Conference of the Parties. In this context, the director of the Economic Studies Department, Salim Farhoud Hussein, reviewed the ministry’s achievements in the field of carbon reduction, renewable energies, future vision, and capacity building in transformation projects. With energy and carbon reduction.”
The statement concluded, “The workshop was attended by the Undersecretary for Extraction Affairs, Bassem Muhammad Khudair, and a number of officials in the relevant ministries, the Ministry’s staff, and its affiliated companies.” Ended 29/M99
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