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  • 11-06-23

    Saudi Arabia-Iraq Electrical Interconnection Project Boosts Energy Security, Economic Benefits

    (MENAFN) Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, has expressed that the electrical interconnection project between Saudi Arabia and Iraq will provide crucial support to the Iraqi electrical grid. In an interview with Al-Arabiya, Prince Abdulaziz emphasized that this long-awaited connection is now a reality and will bring tangible economic benefits while enhancing energy security for both nations.

    Speaking on the sidelines of the OPEC+ meeting in Vienna, Prince Abdulaziz addressed concerns about speculation in the oil market. He stated that the decision to cut oil production was a precautionary measure taken with the consensus of all participating countries. The aim of the production cut is to provide reassurances and stability to the oil market by preventing unnecessary fluctuations.

    Prince Abdulaziz further clarified that Saudi Arabia has no vested interest in short-term or long-term fluctuations in the oil market. Instead, the focus is on providing clear and reliable data to ensure market stability. Independent bodies will collaborate with OPEC+ countries to evaluate production levels in 2024, with their task being to ensure the accuracy and reliability of data for the oil market. This approach aims to put an end to past controversies regarding production data within the OPEC+ alliance.

    Regarding Russia's production, the minister revealed that discussions were held to address concerns and requested clarification on their data. This underlines the commitment to transparency and accurate reporting to strengthen market confidence.

    The interview also highlighted Prince Abdulaziz's optimism about the Saudi Arabia-Iraq electrical interconnection project. This significant milestone will not only bolster the Iraqi electrical grid but also bring economic advantages to both countries. The completion of this project reflects the realization of a long-standing aspiration and reaffirms the commitment to foster regional cooperation and energy collaboration.

    By strengthening energy ties and expanding infrastructure, Saudi Arabia and Iraq aim to create a more robust and resilient energy landscape in the region. The interconnection project stands as a testament to their joint efforts to enhance energy security and promote economic growth through sustainable energy cooperation.

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