Iran to Earn $5bln by March from Energy Exports to Iraq

Tehran will raise $5 billion revenues for its gas and electricity exports to neighboring Iraq by the end of the current local calendar year on March 20, 2020, said Secretary General of Iran-Iraq Joint Chamber of Commerce Seyed Hamid Hosseini on Tuesday.

Hosseini said today that Iran will earn $5 billion revenues for its gas and electricity sales to neighboring Iraq this year.

Iran’s technical and engineering projects, which had been stopped in Iraq due to terrorist activities, have resumed, Hosseini added.

“In the wake of expert-level sessions held between Iraqi Housing Ministry and Iran Small Industries and Industrial Parks Organization (ISIPO), it is stipulated that Iranian projects halted in Iraq will resume," he said.

Accordingly, some of these projects have been relaunched and other projects, mainly technical and engineering projects, will start activity soon, Hosseini highlighted.

Meanwhile, new projects will be commissioned in neighboring Iraq by the year-end.

Presently, projects such as sports stadium, water and sewage projects and also housing projects, which had been stopped in Iraq due to the presence of ISIL terrorists, will restart their work, he continued,

Elsewhere in his remarks, Hosseini pointed to organizing Iran-Iraq Joint Economic Forum and added, “this Forum will be held on July 21-22 in Iraqi capital Baghdad in the presence of relevant officials and organizations.”

Earlier, various issues such as construction of industrial parks, transit of goods and development of railways had been discussed between the two countries, he said, adding, “These issues will be reviewed in this joint commission.”

Iran exports non-oil commodities such as cement as well as gas and electricity to Iraq. In the year between March 2018 to March 2019, Iran exported close to $9 billion of products to Iraq registering 37 percent growth compared to the preceding year.

The two countries' officials have set the target of $20 billion per year for Iran-Iraq trade.

source: Farsnews