Iraq, GCC States To Establish Joint Electricity Market - Iraqi Electricity Minister

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

ABU DHABI (UrduPoint News / Sputnik - 11th September, 2019) 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.