October 27, 2021 | oil and gas

Iraq to Invest $3 Billion Annually for Transition From Liquid to Gas Power Generation

Iraq plans to invest on a $3 billion annual budget to replace liquid fuels with natural gas at its power facilities.


Iraq wants to invest $3 billion per year to replace liquid fuels with natural gas at its power facilities, according to the country's deputy minister.

Policies will be enforced to put an end to the burning of ancillary gas by 2025, said Iraq's finance minister, Ali Allawi on a Middle East Green Initiative Forum, which was live-streamed in Riyadh.

He also added that they are working on securing a $3 billion annual budget to replace all of the liquid oil used in electrical producing plants with natural gas.

Iraq is determined to put a stop to flaring gas by 2022. According to the World Bank, over 16 billion cubic meters of gas from Iraqi resources was flared in 2015, costing the country billions of dollars in lost revenue.

Baghdad is also attempting to reduce methane emissions ahead of the Cop26 climate change conference in Glasgow, which begins on Sunday.

Methane emissions have been one of the main targets for governments seeking to prevent climate change as they are significantly more potent than carbon dioxide, which is more commonly identified as the primary cause of global warming.

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