Iran’s oil minister to visit Iraq, energy deal expected
ERBIL, Kurdistan Region - Iranian Oil Minister Mohsen Paknejad is expected to visit Iraq in the coming days to sign an energy agreement, state media reported on Saturday.
“At the invitation of the Iraqi oil minister, I will be visiting this country in the next few days,” said Paknejad, Iran’s IRNA state news agency reported.
“There are good relations and interactions with Iraq in various fields and fields, especially in the oil industry and the implementation of oil projects between the two countries,” he said, adding that “With the finalization of these issues, energy agreements will be signed on this trip.”
For years, Iraq has been dependent on its neighbour for energy, receiving sanctions waivers from the United States. On March 9 the US rescinded the electricity waiver as part of President Donald Trump’s maximum pressure campaign that targets Iran’s nuclear program and drone and missile development, and aims to drive Tehran’s oil exports down to zero.
On March 13, the US Treasury Department sanctioned Paknejad, accusing him of overseeing billions of dollars in oil exports.
After the waiver was rescinded, Iraqi Prime Minister Mohammed Shia’ al-Sudani led a meeting with the oil and electricity ministries and looked into ways to increase the domestic electricity production. Baghdad is accelerating efforts to capture and utilize its own natural gas instead of flaring it. The government is also exploring new import options, including supplies from Jordan, Turkey, and Turkmenistan, and investing in renewable energy sources.
“At the invitation of the Iraqi oil minister, I will be visiting this country in the next few days,” said Paknejad, Iran’s IRNA state news agency reported.
“There are good relations and interactions with Iraq in various fields and fields, especially in the oil industry and the implementation of oil projects between the two countries,” he said, adding that “With the finalization of these issues, energy agreements will be signed on this trip.”
For years, Iraq has been dependent on its neighbour for energy, receiving sanctions waivers from the United States. On March 9 the US rescinded the electricity waiver as part of President Donald Trump’s maximum pressure campaign that targets Iran’s nuclear program and drone and missile development, and aims to drive Tehran’s oil exports down to zero.
On March 13, the US Treasury Department sanctioned Paknejad, accusing him of overseeing billions of dollars in oil exports.
After the waiver was rescinded, Iraqi Prime Minister Mohammed Shia’ al-Sudani led a meeting with the oil and electricity ministries and looked into ways to increase the domestic electricity production. Baghdad is accelerating efforts to capture and utilize its own natural gas instead of flaring it. The government is also exploring new import options, including supplies from Jordan, Turkey, and Turkmenistan, and investing in renewable energy sources.