Iraq approved the import of gas from Turkmenistan via Iran to fuel its power stations.
The Iraqi News Agency reported on Wednesday the cabinet meeting under Prime Minister Mohammed Al-Sudani endorsed the plan of imports based on swap through transaction with the Dubai-based Loxstone Energy Company via Iran.
Here are is some details, mention in INA’s report : The Council of Ministers approved granting the Ministry of Electricity the following authorities to contract with Loxstone Energy for supplying Turkmenistani gas to Iraq through Iranian territory via a swap mechanism:
Exemption from Government Contracts Execution Instructions: The contract is exempt from the Government Contracting Instructions, the Federal Budget Law, and the Budget Implementation Guidelines, as it is considered an important and urgent contract for the continuous operation of power plants. The gas supplier is a government entity represented by the Turkmengaz Company, with which a memorandum of understanding was previously signed.
In July 2024, the Turkmen and Iranian sides signed a contract for the purchase and sale of natural gas in the amount of up to 10 billion cubic meters of gas per year, which will be supplied from Turkmenistan to Iraq through the territory of Iran under the swap scheme.