Iraq, Iran sign five year gas deal
Iraq has finalised a five-year deal to procure natural gas from Iran, the state-owned Iraqi News Agency (INA) reported on March 27.
Under the terms of the agreement, the National Iranian Gas Company will supply 50mn m3/day of gas specifically allocated for power generation purposes within Iraq.
"This aims to maintain the momentum of the production stations, and keep pace with peak loads and the increasing demand for electrical energy until the national gas fields are fully rehabilitated and the electricity need is met," the ministry of electricity in Iraq, as quoted by INA, said.
Iraq, especially during scorching summer temperatures exceeding 50 degrees Celsius, experiences frequent power outages. These outages have been exacerbated by the challenges posed by an aging electricity grid struggling to cope with the escalating demand.