Skip to main content

Iraq signs MoU with Siemens, Shlumberger for investment in gas

1 min

Iraq on Sunday signed a memorandum of understanding with Siemens Energy and Schlumberger to tackle curb gas flaring and channel the captured resource to boost the country’s power generation capacity.

The MoU aligns with the ministry’s plan to utilize associated gas for electricity production © Mena Today 

Iraq on Sunday signed a memorandum of understanding with Siemens Energy and Schlumberger to tackle curb gas flaring and channel the captured resource to boost the country’s power generation capacity.

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani said the MoU aligns with the ministry’s plan to utilize associated gas for electricity production. “This will provide productive and valuable energy to support power plants and the national grid,” he said at a press conference following the signing ceremony.

“The MoU paves the way for joint ventures with the technology giants,” Abdul Ghani said.

Praising the collaboration, German Embassy Chargé d'Affaires Maximilian Rach expressed his country’s support for Iraq’s efforts to increase its energy production and reduce carbon emissions. He expressed hope that the partnership would expand to other sectors.

Muhannad Al-Saffar, director of Siemens Energy Iraq, emphasized the MoU’s significance as a launchpad for long-term cooperation that will ultimately halt gas flaring and process the captured gas for power generation. “This will contribute to achieving energy security, minimizing imports, and protecting the environment,” he said.

The undersecretary for gas affairs at the Ministry of Oil, Izzat Saber, said: “Cooperation with major international companies will bolster the electricity sector, optimize expenditures, and ensure environmental protection.”

Wissam Al-Azm, Schlumberger Iraq general manager, highlighted the joint commitment to developing solutions and leveraging cutting-edge technologies for a sustainable energy future.

Tags

Related

Business

IMF sees slow, steady 2024 global growth; China, inflation pose risks

The global economy is set for another year of slow but steady growth, the International Monetary Fund said on Tuesday, with U.S. strength pushing world output through headwinds from lingering high inflation, weak demand in China and Europe, and spillovers from two regional wars.

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.