Iraq, GCC States To Establish Joint Electricity Market - Iraqi Electricity Minister
Sumaira FH 8 days ago Wed 11th September 2019 | 11:59 PM
Iraq and the Gulf Cooperation Council (GCC) states are about to sign an agreement to create a high-potential electricity market, Iraqi Electricity Minister Luay al-Khatteeb told Sputnik on Wednesday
"We intend to sign an agreement between Iraq and Gulf Cooperation Council in the field of electricity within the framework of a joint collaboration to create the most prospective electricity market in the region," al-Khatteeb said, adding that they plan to sign it in Baghdad next week.
The minister added that Iraq needs at least $35 billion to rebuild the country's entire power grid, including distribution, transportation and production sectors, of which a single distribution sector requires $20 billion.
"Twenty-five percent of the production capacity and 20 percent of the transportation network have been destroyed. All these projects need funding," al-Khatteeb noted.
The Iraqi Electricity Ministry is exploring ways to attract investments and provide its sectors with the required financial support.