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Post Iran-Israel war: Iraqi economist warns of vulnerabilities
Post Iran-Israel war: Iraqi economist warns of vulnerabilities

Shafaq News

time4 days ago

  • Business
  • Shafaq News

Post Iran-Israel war: Iraqi economist warns of vulnerabilities

Shafaq News - Basra Iraq's economy is increasingly exposed to external shocks and structural weaknesses following the Iran-Israel war, economist Nabil Al-Marsoumi warned on Saturday. Al-Marsoumi, a professor of economics at Basra University, stated that insurance premiums on oil tankers from the Gulf to Asia surged by 60% during the 12-day war, while transport costs—particularly to China and India—increased by 195%. These shifts, he noted, highlight Iraq's vulnerability to geopolitical disruptions in energy supply chains. He also warned that a prolonged conflict could have forced a closure of the Strait of Hormuz—a key route for most Iraqi oil exports. With the Ceyhan pipeline suspended since March 2023, Iraq would have been left without a viable export channel. Kurdistan's Gambit Al-Marsoumi assessed that halted oil flows from the Kurdistan Region, averaging around 400,000 barrels per day through the Ceyhan pipeline to Turkiye, represent a minor share of national revenue and can be compensated by output from central and southern fields. However, he emphasized that the more urgent concern lies in the Region's salary crisis. 'There is no legal or fiscal basis for delaying public sector wages,' he said, calling for a revenue-sharing framework that routes all oil and gas income through the federal treasury to ensure timely disbursements. Regarding the way the Kurdistan Regional Government (KRG) is reportedly to take to cover salaries, he explained that this would be by using internal revenues while reducing employee allowances by 30%—a temporary measure that, in his view, underscores the absence of a political settlement between Erbil and Baghdad. Labor Imbalance Turning to Iraq's energy sector contracts, Al-Marsoumi pointed to structural deficiencies in foreign labor agreements. Unlike Iran, which retains over 250 Russian experts at its Bushehr nuclear facility under binding terms, Iraq lacks enforceable retention clauses. 'More than 5,000 foreign nationals currently work in Iraq's energy sector, often receiving compensation far exceeding local staff despite limited involvement in daily operations,' he noted, adding that this disparity places unnecessary financial strain on national resources. Al-Marsoumi described Iraq's business environment as fundamentally unattractive to foreign investors. He cited systemic corruption, armed group influence, weak infrastructure, legal complexity, and widespread rent-seeking as key deterrents. He rejected government claims of attracting $90 billion in foreign investment as 'media posturing,' pointing out that Iraq's balance of payments shows no evidence of actual capital inflows. Al-Marsoumi also criticized Iraq's continued dependence on imported gasoline and gas, calling it a policy contradiction for the world's second-largest oil producer. He contrasted this with Iran's heavily subsidized domestic fuel pricing. 'Iraq has made little tangible progress toward energy self-sufficiency. We need structural reform led by political leadership committed to economic diversification. Despite frequent public pledges to develop agriculture and industry, oil revenues continue to account for 91% of the federal budget.' To reduce external vulnerabilities, he recommended activating alternative export corridors through Turkiye, Syria, and Jordan. Price Volatility Al-Marsoumi reported that oil prices declined to around $66 per barrel after the conflict, with May revenues barely covering public payrolls. He urged the government to curb spending and expand non-oil revenue streams. He cited recent remarks by US President Donald Trump suggesting China could resume imports of Iranian oil—a signal, he argued, of possible sanctions relief that might allow Tehran to export up to 750,000 barrels per day. Saudi Arabia also plans to increase output by 411,000 barrels per day in response to US calls for lower global oil prices, according to Al-Marsoumi, marking a shift from price stabilization to market share competition, which could push prices down toward $60 per barrel.

Iraq faces uphill battle to meet 20% renewable energy target by 2030
Iraq faces uphill battle to meet 20% renewable energy target by 2030

Zawya

time09-04-2025

  • Business
  • Zawya

Iraq faces uphill battle to meet 20% renewable energy target by 2030

Iraq has set a target to expand the share of renewable energy sources to 20 percent in its energy mix by 2030 but only one major solar power project has taken off. Renewable sources currently account for a negligible part of Iraq's power supplies and analysts believe that achieving that target is not easy at such a short notice. More than a year after Baghdad announced plans for seven solar parks with a combined capacity of 7.5 gigawatts (GW), only one project has just been launched. 'Iraq has the potential to largely expand solar power uses given its long sunny days most of the year….but it had hesitated for a long time,' said Nabil Al-Marsoumi, an economics and energy professor at Basra University in South Iraq. 'Now there are several solar power projects on the cards but they are progressing slowly…...I believe that if Iraq wants to attain that target it should move head at a quicker pace…renewable energy is the best option for Iraq to tackle its power supply gap and end its reliance on Iranian gas for its power facilities.' Iraq's representative at the Abu Dhabi-based International Renewable Energy Agency (IRENA) Mudaffar Al-Jabbouri said in January that OPEC's second largest oil producer aims to widen its renewable energy share to 20 percent by 2030. 'Iraq has intensified its efforts to gradually and smoothly switch from conventional power sources to renewable energy,' he said. Iraq's only solar power project was launched in January this year by TotalEnergies with a capacity of 1,000 megawatts (MW) as part of a $27-billion agreement signed with Baghdad in 2023 for the development of oil and gas fields in Basra and construction of a seawater desalination plant to feed crude production. The Arab country, which controls the world's 12th largest gas resources, has also agreed with ACWA Power of Saudi Arabia, PowerChina and Abu Dhabi-based Masdar company to build solar power parks but no final deal has been signed so far. 'Iraq is keen to strengthen partnership with UAE companies…we will shortly sign an agreement with Masdar for the construction of a 1,000 MW solar power plant,' Iraq's Electricity Minister Ziad Fadil said on Thursday. Figures by the Electricity Ministry showed in 2024 Iraq's current electricity generation capacity is estimated at 18,000 MW while its actual needs exceed 30,000 MW. The bulk of the shortage had been replenished by neighboring Iran with nearly 10 GW supplies and 50 million cubic metres of gas per day to run power facilities. 'Iraq can end its reliance on Iranian gas and electricity…this can be done through the gradual switch to solar power stations, which I believe are highly feasible in this country,' well-known Iraqi energy analyst Hadi Taha told Qatar's Al-Jazeera TV. In 2023, Iraq's cabinet finalised a draft renewable energy law to regulate the sector and attract foreign capital to solar power and other renewable energy projects but the law has yet to be ratified by Parliament despite several debates. Besides solar energy, Iraq is planning to build a wind power farm with a capacity of 500 MW while it has also announced the ground-breaking of its first waste-to-energy project in capital Baghdad at a cost of $500 million. The project, launched in January, has a designed processing capacity of 3,000 tonnes per day, with three incineration lines, and is equipped with a 100MW steam turbine generator set. 'I think the 20 percent target is ambitious and will be very good if it is achieved…but at this project pace, I feel it may not materialise on time,' Taha said. (Reporting by Nadim Kawach; Editing by Anoop Menon) (

Iraqis celebrate Eid al-Fitr amid rain, tradition, and unity
Iraqis celebrate Eid al-Fitr amid rain, tradition, and unity

Shafaq News

time31-03-2025

  • General
  • Shafaq News

Iraqis celebrate Eid al-Fitr amid rain, tradition, and unity

Shafaq News/ Across Iraq, Muslims marked Eid al-Fitr with prayers, reflection, and time-honored traditions, gathering in mosques and shrines despite the challenges of rain and ongoing hardships. From Baghdad's historic mosques to Basra's communal feasts, the holiday brought a sense of unity and spiritual renewal to millions. Baghdad: Spirituality in the Rain In a rare blend of rainfall and reverence, worshippers gathered at the historic shrine of Sheikh Abdul Qadir al-Kilani in central Baghdad on Monday morning to perform Eid prayers. Despite the downpour, men and women arrived in large numbers, their voices rising in unison with the takbirat (chants of glorification). The rain, though affecting the usual turnout, added a solemn beauty to the gathering as worshippers expressed their joy while praying for peace and stability in Iraq. The spiritual atmosphere was captured in striking images that showcased the deep-rooted connection of Baghdadis to their religious and cultural heritage. Babil: A Pilgrimage of Faith In Babil, worshippers followed an annual tradition of converging at the revered shrine of Imam al-Qasim, south of the province. The site witnessed a significant turnout, with believers emphasizing their commitment to religious customs passed down through generations. The historic location, deeply embedded in the province's identity, became a focal point for prayers and spiritual reflection as families gathered to mark the occasion. Basra: A Feast of Faith and Fellowship In Basra, Eid prayers took on a communal spirit at the Jamal al-Aqrab Mosque, where residents upheld a cherished tradition that has endured for centuries. Sheikh Abdul Halim Abdul Hafidh, a lecturer at Basra University, described the unified prayer as a "pillar of social harmony" in the region. Following the sermon, a grand public breakfast unfolded in the streets, with more than 500 families contributing a variety of Basran delicacies. "This isn't just about celebrating Eid—it's about reinforcing social solidarity," Abdul Hafidh said. "Rich and poor alike share meals, dissolving social barriers and strengthening the bonds of community."

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