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Iraq has signed several memoranda of understanding in the energy sector with US firms to boost electricity production and reduce dependence on Iranian energy imports. The deals aim to rehabilitate power plants, optimize gas usage, and increase the national grid's capacity. Since April 2023, TotalEnergies signed a $27 billion energy deal with the Iraqi government to capture flared gas and deploy renewable energy sources. This has led to the Gas Growth Integrated Project (GGIP), which aims to reduce emissions, improve public health, and utilize captured gas to power Iraq's electrical grid. The project includes a one-gigawatt solar farm, which will launch Iraq's transition to renewable energy production. Additionally, GE Vernova has announced a series of strategic power sector initiatives to boost Iraq's power sector, including: new power plants with an additional 3GW generation capacity, upgrades for 18 existing power plants, and the construction of a dedicated Monitoring and Diagnostics Centre. Due to Iraq’s reliance on Iranian energy, it has sought to diversify its source of energy and become energy secure. Hence, these energy deals are expected to boost Iraq's electricity production, reduce dependence on Iranian energy imports, and improve the country's energy security. The projects will not only improve energy reliability but also generate jobs and stimulate economic growth in Iraq. 

Iraq Signs Energy Deals with US Firms to Boost Electricity Production

Iraq has signed several memoranda of understanding in the energy sector with US firms to boost electricity production and reduce dependence on Iranian energy imports. The deals aim to rehabilitate power plants, optimize gas usage, and increase the national grid’s capacity. Since April 2023, TotalEnergies signed a $27 billion energy deal with the Iraqi government to capture flared gas and deploy renewable energy sources. This has led to the Gas Growth Integrated Project (GGIP), which aims to reduce emissions, improve public health, and utilize captured gas to power Iraq’s electrical grid. The project includes a one-gigawatt solar farm, which will launch Iraq’s transition to renewable energy production. Additionally, GE Vernova has announced a series of strategic power sector initiatives to boost Iraq’s power sector, including: new power plants with an additional 3GW generation capacity, upgrades for 18 existing power plants, and the construction of a dedicated Monitoring and Diagnostics Centre. Due to Iraq’s reliance on Iranian energy, it has sought to diversify its source of energy and become energy secure. Hence, these energy deals are expected to boost Iraq’s electricity production, reduce dependence on Iranian energy imports, and improve the country’s energy security. The projects will not only improve energy reliability but also generate jobs and stimulate economic growth in Iraq. 

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