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The Ministry of Electricity of Iraq announced the completion of administrative procedures necessary for launching a compensation agreement on the supply of Turkmen gas. It was emphasized that the final agreement was reached on the basis of a mutual offset mechanism between Iraq and Iran.

According to the ministry's representative Ahmed Musa, the Iraqi Ministry of Electricity prepared and concluded an agreement with the Turkmen side on receiving gas through a compensation mechanism (swap). This mechanism provides for the supply of agreed volumes of Turkmen gas to the northern regions of Iran in exchange for similar volumes of Iranian gas, which will be sent to Iraq.

Musa specified that the agreement had previously been reached between the relevant departments of Iraq and Turkmenistan. For the contract to come into force, it must be formalized as a direct agreement between Iraq and Turkmenistan, and payments to the Turkmen side must be made within the framework of the aforementioned compensation mechanism.

Currently, the Ministry of Electricity of Iraq has completed all internal administrative procedures for this agreement. The Iraqi Prime Minister's Office is working to obtain the necessary administrative and financial approvals for the final launch of the project.

Ministry spokesman Ahmed Musa stressed the urgent need for Turkmen gas for Iraq, since its arrival will help compensate for the shortage of Iranian gas, which led to overloads in the country's energy system and power plants. In this regard, the Ministry expresses hope for the earliest possible receipt of all permits for the transfer of funds to the Turkmen side, which will allow the agreement to come into full force.

ORIENT

Photo: ina.iq