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Iraq’s energy industry is undergoing significant developments reflecting government initiatives to increase the production of electricity and oil in order to fulfill the country’s increasing demands and boost economic growth.
In order to enhance the energy infrastructure and achieve a sustainable vision for resource management, the Iraqi government is putting key initiatives into action.
These initiatives include increasing production efficiency and decreasing reliance on imported fuel, according to Attaqa News.
Major projects in Iraq’s energy sector were approved Monday, including the start of combined cycle projects, which are a key component of modernizing the system for producing electricity, and the construction of new pipelines for the transportation of crude oil and refining facilities.
The Iraqi cabinet gave the Ministry of Finance permission to enter into a loan agreement with the Export-Import Bank of the United States (EXIM) to carry out combined cycle projects for the Kirkuk power plant, a 330-megawatt gas-fired power project.
This step is part of a larger plan to significantly improve Iraq’s electricity sector and falls under the Federal General Budget Law’s framework, which emphasizes collaboration in energy-related fields.
The action took place during the 53rd meeting of the Iraqi cabinet, chaired by Prime Minister Mohammed Shia Al-Sudani, where he discussed several issues pertaining to energy infrastructure and sustainability in the country.
