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Iraq last year faced disruptions in the supply of Iranian gas, which accounted for about 40% of its imports. Turkmenistan is heavily reliant on revenue from sales of the gas in its vast reserves.
On February 21, 2023, 20-year contracts were signed to ratify the arrangements, which have the primary goal of reducing Iraq's dependence on imports from Iran for 40% of its own natural gas needs. [26] Geo-Jade Petroleum released a tender for the supply of gas pipeline and accessories for the Naft Khana block on July 1, 2024. [27]
BAGHDAD/ANKARA (Reuters) -A nascent plan for Iraq's Kurdistan region to supply gas to Turkey and Europe - with Israeli help - is part of what angered Iran into striking the Kurdish capital Erbil ...
Iraq also plans to sign delineation agreements on shared oil fields with Kuwait and Iran. Iraq would like to set up joint committees with its neighbors on how to share the oil. According to the Oil and Gas Journal, Iraq's proven natural gas reserves are 112 trillion cubic feet (Tcf), the tenth largest in the world.
Iranian troops and civilians suffered tens of thousands of casualties from Iraqi chemical weapons during the 1980–88 Iran–Iraq War. Even today, more than twenty-four years after the end of the Iran–Iraq War, about 30,000 Iranians are still suffering and dying from the effects of chemical weapons employed by Iraq during the war.
Iraq's balancing act has been tested by Iran-backed Iraqi armed groups' attacks on Israel and on U.S. troops in the country they say are in solidarity with Palestinians during the Israel-Hamas war.
In the 1980s, financial problems caused by massive expenditures in the Iran-Iraq War and damage to oil export facilities by Iran's military led the Ba'athist government to implement austerity measures, to borrow heavily, and to later reschedule foreign debt payments. Iraq suffered economic losses of at least $80 billion from the war. [18]
Baker Hughes and General Electric signed a contract with Iraq's government on Monday to process natural gas extracted alongside crude oil at two fields in southern Iraq, the oil ministry said.