Iraq signs 5-year gas deal with Iran

DUBAI: Iraq signed a 5-year gas supply deal with Iran, with pumping rates of up to 50 million cubic meters per day according to the needs of Iraqi power stations, state media reported on Wednesday.

Iraq’s Ministry of Electricity has signed a five-year contract with Iran to supply the country with natural gas, report said, citing foreign media sources.

The deal, which was signed by Electricity Minister Ziad Ali Fadhel and the National Iranian Gas Company, will provide Iraq with 50 million cubic meters of gas per day.

The gas will be used to generate electricity, which is in high demand in Iraq. The country’s electricity grid is ageing and has been unable to keep up with demand, leading to frequent power outages. The deal with Iran is seen as a temporary measure to help Iraq meet its electricity needs while the country develops its own gas fields.