Excelerate Energy CEO: Our agreement puts Iraq on the global gas market map for the first time

US company Excelerate Energy announced on Tuesday details of its agreement with the Iraqi government to develop the country’s first floating terminal for importing liquefied natural gas (LNG) at Khor al-Zubair Port in Basra Governorate, with an investment estimated at approximately $450 million.

The company said in a statement received by Shafaq News Agency that the agreement was signed in the office of Prime Minister Mohammed Shia al-Sudani in the presence of its CEO, Stephen Cobus, US Deputy Secretary of Energy James Danley, US Chargé d’Affaires in Baghdad Joshua Harris, Minister of Electricity Ziyad Ali Fadhil, and Acting Minister of Oil Ali Maaraj.

“The agreement represents a long-term commitment to supporting Iraq’s energy future and enhancing its regional stability,” Kobus added, noting that the project combines the development of the plant, gas supply, and operational management under a single contract, placing Iraq on the global gas market map for the first time.

The project includes a five-year gas supply and regasification contract with a guaranteed capacity of 250 million standard cubic feet per day, with the potential to expand to 500 million cubic feet per day. The company will use its newest floating storage and regasification vessel, Hull 3407, currently under construction in South Korea and one of the largest floating storage and regasification units in the world, with a capacity of up to 1 billion cubic feet per day.

The plant is scheduled to begin commercial operations in 2026, following the completion of construction and technical permits. This move is seen by Baghdad and Washington as “pivotal” to enhancing energy security and reducing reliance on pipeline gas imports.

The company explained that the project was implemented “in close cooperation with the Iraqi government,” noting that it aims to diversify fuel sources and meet the country’s growing demand for electricity, as part of a strategic partnership between Iraq and the United States to support energy infrastructure projects.

The Iraqi government announced earlier today the signing of the contract “as part of Baghdad’s efforts to attract more American investments to its energy sector.”

Iraq is under pressure from Washington to diversify its energy sources and limit its energy ties with Iran, whose gas exports to Iraq have been repeatedly disrupted by US sanctions and payment disputes.

The Prime Minister sponsored the signing ceremony of the contract for the floating unloading platform (FSRU) for gas, with a capacity of 15 million cubic meters per day, between the Ministry of Electricity and the American company Excelerate Energy, for a period of five years, renewable.

According to a statement from Al-Sudani’s office, this contract was signed to supply natural gas to power plants and support power generation by diversifying gas sources to meet the actual needs of the plants.

Shafaq.com

IMF: Iraq is expected to be the fourth largest Arab economy by 2030.

The International Monetary Fund predicted on Tuesday that Iraq will rank fourth among the largest economies in the Arab world by 2030.

According to the report, Saudi Arabia tops the list as the largest Arab economy, with a GDP of $1.6 trillion, followed by the United Arab Emirates in second place with $764.8 billion, and Egypt in third place with $589.8 billion.

Iraq comes in fourth place, with a projected GDP of $345.9 billion, maintaining its leading position among Arab economies, supported by the energy and oil sector and reconstruction and development projects. It is ahead of Algeria, which comes in fifth place with a total of $309 billion, followed by Qatar in sixth place with $296.8 billion, Morocco in seventh place with $241.9 billion, and Kuwait in eighth place with $190.1 billion.

The Sultanate of Oman ranked last on the list, with a total of $133.3 billion, followed by Jordan in tenth place with $73.6 billion.

The report indicated that Arab economies are experiencing varying growth trajectories, driven by economic reforms, expanding investments in renewable energy, tourism, and technology, along with diversification efforts away from reliance on oil as the primary source of revenue.

Shafaq.com

The Prime Minister sponsors the signing ceremony of the contract for the implementation of the floating gas platform.

Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of the contract for the floating gas platform today, Tuesday. The Prime Minister’s media office stated in a statement, “Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of the Ministry of Oil’s contract for the floating gas platform with the American company Excelerate.”

Burathanews.com

Advanced steps towards joining the World Trade Organization

Advanced steps towards joining the World Trade OrganizationThe Ministry of Trade confirmed that Iraq is continuing its progress toward joining the World Trade Organization (WTO) after resuming the process that had been stalled for more than sixteen years.

The ministry’s official spokesperson, Mohammed Hanoun, told Al-Sabah that the ministry has completed the basic technical and legislative files in preparation for entering into bilateral negotiations with the organization’s member states.

Hanoun explained that the Ministry has completed seven major files, including the memorandum on the foreign trade system, agricultural support, import and export licenses, customs valuation, and technical standards for trade. It has also submitted the initial offer for goods and services to the WTO Secretariat.

He explained that joining would contribute to enhancing the competitiveness of the national economy and supporting Iraqi exports, especially in the agriculture, industry and services sectors, stressing that the government is adopting a policy of gradual and disciplined openness to protect producers and consumers and achieve sustainable development.

Alsabaah.iq

Al-Tawki: The ground is prepared for the approval of the oil and gas law.

Member of the Parliamentary Oil, Gas and Natural Resources Committee, Kazem Al-Tawki, confirmed on Sunday that the current political and economic conditions are ripe for the approval of the oil and gas law, noting that the law will represent an important step towards regulating the relationship between the federal government, the region, and the oil-producing provinces.

Al-Tawki said in a statement to Al-Maalouma Agency, “The oil and gas law represents the key to solving many of the outstanding problems the country suffers from, especially those related to the distribution of wealth and the management of the oil file,” explaining that “the parliamentary committee has completed most of the technical discussions related to the draft law, and the groundwork is now ready to pass it inside the parliament dome during the coming period.”

\He added, “Political differences between the various blocs and parties were the main reason for obstructing the law over the past years, but there is a mutual understanding today of the need to resolve this issue in a way that serves the national interest and enhances transparency in the management of natural resources.”

Almaalomah.me

Mosul International Airport is ready to receive international flights in the first half of 2026.

MP Baqir Al-Saadi expected, on Monday, that international flights will begin at Mosul International Airport during the first half of 2026.

Al-Saadi said in an interview with Al-Maalomah, that “Mosul International Airport is 100% ready to receive all types of aircraft, of various sizes, in light of the presence of more than one runway and the integration of crews capable of managing this file with high efficiency and professionalism.

He added that “the first phase of the launch of flights will begin at the beginning of next month with domestic flights, while the file of the airport operating company is being decided in light of the interest of several international companies that wish to manage and operate the airport.”

He pointed out that “according to indicators, the airport is expected to open its runway to international flights in the first half of 2026, becoming a new strategic window for Iraq towards international airports,” indicating that “direct flights from Arab and international capitals to Mosul will witness a noticeable increase in their pace, especially with the great investment activity witnessed by the city in various sectors.”

Almaalomah.me

Expert: Iraqi banks need comprehensive reform to free themselves from the restrictions of dollar transactions.

Financial and banking expert Mustafa Hantoush confirmed on Monday that the banking sector in Iraq stands today on the threshold of a new phase, as it approaches liberation from restrictions on dealing in the dollar. However, at the same time, it needs radical reforms to modernize its operational structure and enhance its efficiency.

Hantoush said in a statement to Al-Maalouma Agency, that “about 90% of the Iraqi banking system is still subject to the influence of dollar restrictions due to suspicions and problems it has experienced over the past years,” noting that “it is expected that within less than three months, some banks will begin to gradually free themselves from these restrictions.”

He added that “the banking process in Iraq is still limited in activity, as it requires the introduction of an integrated system that includes deposits, loan financing, and expanding investment areas, in addition to updating the standards in force in cooperation with the Central Bank of Iraq.”

He explained that “achieving full financial inclusion represents a fundamental step in developing the sector, through diversifying banking services and not being limited to current accounts only,” while stressing “the importance of strengthening relations with international banks and opening new correspondence channels that enable Iraqi banks to effectively integrate into the international financial system,” adding that “updating technical systems and simplifying procedures to serve citizens is a crucial stage in the reform process, provided that complications and administrative routine that hinder development and limit the efficiency of banking performance are avoided.”

Almaalomah.me

MP: The government has awarded investment contracts to controversial figures.

Representative Yasser Al-Husseini accused the current government on Monday of awarding a number of investment contracts to controversial political figures, most notably Khamis Al-Khanjar.

Al-Husseini said in a statement to Al-Maalouma Agency, “Awarding investment contracts to influential politicians is a violation of the principle of economic justice and deepens the phenomenon of corruption,” indicating that “these contracts were not built on professional and economic foundations, but rather came as a result of narrow political agreements and interests.”

He added that “the Iraqi economy suffers from mismanagement of the investment file, as major projects are awarded to economically unqualified parties, which leads to the disruption of real growth and the distortion of the investment environment in the country.”

Observers believe that the continued awarding of sensitive projects to controversial figures will exacerbate the economic crises and undermine the chances of real reform in the management of national wealth.

Almaalomah.me

Can Iraqi banks free themselves from the restrictions of the dollar?

Economic data shows that monetary policy in Iraq remains restricted by its dealings with the US dollar, which makes the Iraqi economy hostage to US financial restrictions and policies, especially since Iraq relies almost entirely on oil revenues, which are priced in dollars. Accordingly, Iraqi banks remain subject to this system, which requires them to take serious steps towards reform and freeing themselves from this dependency by modernizing the operational structure and enhancing banking efficiency.

In this context, financial and banking expert Mustafa Hantoush stressed that the Iraqi banking sector is currently on the cusp of a new phase that may witness the beginning of freedom from dollar restrictions, but it still requires radical and comprehensive reforms. Hantoush told Al-Maalomah News Agency, “About 90% of the banking system in Iraq is still affected by dollar restrictions due to the problems and suspicions that have accumulated over the past years,” noting that “it is expected that some banks will begin gradually freeing themselves from these restrictions over the next three months.”

He added that “the banking process in Iraq is still limited in activity and requires the introduction of an integrated system that includes deposits, loan financing, and expanding investment areas, in cooperation with the Central Bank of Iraq to update existing banking standards.”

He explained that “achieving full financial inclusion is an essential step towards developing the banking sector by diversifying services and not limiting current accounts only,” stressing “the need to strengthen relations with international banks and open new correspondence channels that enable Iraqi banks to effectively integrate into the international financial system.”

He also pointed out that “updating technical systems and simplifying procedures to serve citizens represents a crucial stage in the reform process, provided that the complexities and administrative routine that limit the efficiency of banks’ performance are overcome.”

Meanwhile, Member of the Parliamentary Finance Committee, MP Moeen Al-Kadhimi, confirmed that the rise in the dollar exchange rate is mainly due to the trend of most traders towards the parallel market (black market) to purchase hard currency to finance import operations.

Al-Kadhimi said in a statement to Al-Maalouma Agency, “Most traders resort to the parallel market to obtain dollars,” indicating that “this trend has led to an increase in demand for the dollar on the black market, which has caused a significant rise in the exchange rate.”

He added, “The solution requires the Central Bank and the Ministry of Finance to facilitate banking procedures for real traders and control the movement of funds through the official banking system to reduce the need for the parallel market,” noting that “the continuation of this situation will lead to increased economic pressures and higher prices in local markets.” Al-Kadhimi concluded his remarks by stressing that “the Parliamentary Finance Committee is closely following this issue and will work to find urgent solutions that ensure the stability of the exchange rate and protect consumers from the repercussions of the dollar’s rise.”

Almaalomah.me

Al-Dulaimi: Trump’s envoy demanded control of seven sovereign ministries in the next government. Including the Central Bank!!!

Abdul Sattar Mohammed al-Dulaimi, a member of the Azm Alliance, confirmed on Monday that US Special Envoy to Trump, Mark Savia, informed senior officials in the political process of the necessity of not interfering in the selection of senior positions and seven sovereign ministries.

Al-Dulaimi said in a statement to Al-Maalouma Agency, “The US envoy stressed that the selection of the presidency, the prime ministership, and the speaker of the parliament, in addition to the ministries of interior, defense, finance, oil, and the central bank, will be subject to the American vision, without allowing the elected government to interfere in the files of these positions due to their sensitivity, according to what Savia informed him.”

He added that “the United States expressed its welcome for cooperation with Sunni and Shiite figures and from various components within the framework of forming an Iraqi government with American privilege,” noting that “senior officials received threats that corruption files concerning them would be exposed and their assets outside the country would be confiscated if they did not adhere to the American approach.”
Al-Dulaimi confirmed that “Safia is currently working to implement Trump’s plan in Iraq, which aims to impose complete control over political decisions.”

Almaalomah.me