To compensate for Iranian gas, Iraq plans to build two floating platforms in the Gulf.
To compensate for Iranian gas, Iraq plans to build two floating platforms in the Gulf.
2025-03-24 05:21
Shafaq News/ Bloomberg reported that Iraq is trying to address the electricity shortage caused by US sanctions on Iran by negotiating with several companies to establish two floating platforms at sea to store and transfer gas by next June.
The US report, translated by Shafaq News Agency, indicated that Washington had decided earlier this March not to renew the presidential waiver that had allowed Iraq to purchase electricity from Iran, as part of pressure from the administration of US President Donald Trump on Tehran to negotiate a new nuclear agreement. The report added that “this move made the Iraqi government need more gas to meet the growing demand for electricity .”
The report cited statements made by Iraqi Oil Minister Hayan Abdul Ghani on Sunday, in which he said, “Two floating platforms for storing liquefied natural gas (LNG) and converting it to gas will be built near the Khor al-Zubair port in Basra .”
The report drew attention to the Iraqi minister’s statement, in which he revealed that Iraq relies on domestic gas production to meet approximately 60% of its needs, while imports cover the remaining 40%. However, during peak consumption periods, this percentage increases to 50 %.
According to the report, the Iraqi government has also issued a tender to establish a fixed gas reprocessing platform at the Grand Faw Port. The report added that Iraq is attempting to limit the amount of gas it burns without utilizing it in order to reduce its gas imports, even as demand is increasing. It also seeks to completely stop gas flaring by the end of 2028 .
He added that “negotiations between Iraq and oil companies operating in the Kurdistan Region have reached advanced stages, according to the Iraqi Oil Minister, who also expressed his hope that exports from the region would resume within a week .”
The report stated that “Iraq has repeatedly announced progress in restarting the northern export pipeline,” noting that “the group representing the region’s oil producers has emphasized that it needs more clarity on the issue of compensation, and that the contracts necessary to resume exports have not yet been concluded . ”
The report noted that Iraq had pledged to honor its OPEC+ quota after the northern crude oil export pipeline was restarted, but has yet to clarify how it will achieve this.
shafaq.com
