Iran may need years to retrieve its electricity debt from Iraq

Business Materials 22 June 2020 14:31 (UTC +04:00)
Iran may need years to retrieve its electricity debt from Iraq

BAKU, Azerbaijan, June 22

By Elnur Baghishov – Trend:

It can take about two years to refund of money for gas and electricity that exported from Iran to Iraq, member of Iran-Iraq Joint Chamber of Commerce Hamid Hosseini told Tejaratnews agency, Trend reports.

According to Hosseini, there are no accurate statistics on Iraq's debt for gas and electricity exports to Iraq.

Hosseini added that however, Iran exports $5.2 billion worth of gas a year to Iraq.

The official noted that Iran also exports $800 million a year in electricity to Iraq.

Iran exported about 17.5 billion cubic meters of gas in the last Iranian year (from March 21, 2019 to March 20, 2020).

Iran exports 32 million cubic meters of gas and more than 1,000 megawatts of electricity to Iraq daily.

The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies and individuals. The sanctions have cut off Iran's banking ties with many countries. Iran intends to implement a number of plans to import or use the currency earned from exports.