Iran, Iraq in talks to resume electricity trade

Business Materials 3 February 2017 17:15

Tehran, Iran, Feb. 3

By Mehdi Sepahvand – Trend:

After Iran stopped power supply to Iraq due to debts, the countries have once more engaged in negotiations to resume the trade.

Representatives from the two countries are discussing the issue, Iraqi Ambassador to Iran Rajih al-Mousawi told IRNA February 3, adding “brotherly” ties will overcome disputes.

Iran’s Energy Minister Hamid Chitchian recently said Tehran had stopped supplying power to Iraq because the neighboring country owed Iran $1.2 billion for electricity it had previously received.

Iraq is a heavily oil-dependent country. The Iraqi government’s revenues severely declined after oil prices dropped about two years ago.

In 2016, Iran converted about 53.867 billion cubic meters of gas and about 7 billion liters of liquid fuels to about 227 billion kWh of electricity, of which about 10 billion kWh was exported to neighbors, especially to Iraq and Turkey, which share 86 percent of Iran’s total power exports.