Iran says Iraq owes it $11 billion in payments for gas exports, according to Mohammad Al Sadegh, Iran’s ambassador to Iraq, who spoke with Iraqi media on Saturday.
Iraq has long struggled to pay Iran for imported gas, which is used in thermal power stations to generate between 30 and 40 per cent of the country’s electricity needs.
Iraq’s payments for gas imports from Iran faltered during the war against ISIS, when high defence costs occurred alongside a crash in oil prices.
Later, when oil prices collapsed during the Covid-19 pandemic. Tehran began gas exports to Iraq after the completion of a pipeline in 2017.
On several occasions, Iran cut gas exports to Iraq because of non-payment and demand peaks in Iran.
Iraq has also struggled to pay Iran because of US sanctions, which ban dollar payments with Tehran.
But Mr Al Sadegh’s revelation could surprise many observers given Iraq’s record oil revenues in 2022, which topped $115 billion.
Iraq has been facing a severe energy crisis for years due to political instability, a lack of investment in energy infrastructure and a generous subsidy system that means the cost of electricity is virtually free for Iraqis, further undercutting the ability of the government to cover the cost of production.
This has resulted in massive power shortages, leading to widespread cuts and regular protests, particularly during summer.
The country is also rich in oil and natural gas reserves, but has struggled to capture gas associated with oil production, instead burning off or “flaring” vast amounts.
This is despite long-standing pledges by the government to end the wasteful practice.
Iraq burns about 0.5 per cent of global gas supply daily, according to the World Bank — one of the highest rates of flaring in the world.
The US has pressured Iraq to reduce its dependence on Iranian gas imports and seek alternative energy sources, including solar energy, but also capturing gas that would otherwise be flared.
Iraq’s Ministry of Oil said last year that it hoped 90 per cent of flaring would be halted by 2024, but experts say this is overly optimistic.
A continuing gas project in the south of the company under the Basra Gas Company consortium of Shell, Mitsubishi and Iraq’s South Gas Company aims to complete the capture of about 40 million cubic metres of gas a day this year, up from a current capture of around 30 million cubic metres a day.
Iraq imports around 35 million cubic metres of gas a day from Iran.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
UAE currency: the story behind the money in your pockets
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Killing of Qassem Suleimani
More on Quran memorisation:
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
UAE currency: the story behind the money in your pockets
HUNGARIAN GRAND PRIX RESULT
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.
The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
