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Iraq to repay $500 million to Iran for electricity debts
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Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
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Iraq to repay $500 million to Iran for electricity debts
Iraq to repay $500 million to Iran for electricity debts
By Rudaw 18/7/2017File photo of people counting money at a currency exchange in Tehran, Iran. Photo: AFP via Getty
ERBIL, Kurdistan Region — Iraq is repaying half a billion dollars to Iran for its electricity debts, an official from Tehran said, still owing $800 million to the Islamic Republic.
Iraq will pay $500 million to Iran within the next two weeks, Iran's deputy minister Houshang Falahatian of energy told state-run IRNA news on Monday.
Falahatian also said that Baghdad still owes $800 million for debts it has accrued over the past four months, but that Iran will continue to supply electricity to the Iraqi grid.
Iran suspended power supply to Iraq in January after a contract with the Arab neighbor ran out at the end of last year, Iran’s Financial Tribune reported.
Iran's Energy Ministry said last year that Iraqi authorities had agreed to clear the debt by paying $100 million a month. However, after three installments, they started to procrastinate, according to the Tribune.
Last month the two neighbors finalized a gas exporting project totaling $3.7 billion anually. Per the agreement, Iran initially will send approximately 7 million cubic-meters (mcm) of natural gas to Iraq per day, eventually increasing to 35 mcm. The reported hold-up was Baghdad's inability to pay.
The average Iraqi household receives power for just 7.6 hours a day, according to recent data from a report by the Iraq Energy Expo. As a result of the shortfall, homes have to obtain half their power needs from generators.
Though Iraq is a major OPEC oil producer, the country has been incapable of meeting its residents' electricity consumption. Iraq's peak electricity demand was 21,000 megawatts in the summer and the grid is only able to supply about 13,000 megawatts, Reuters reported last year.
Iraq’s electrical grid has been further weakened during the three-plus year with ISIS.
http://www.rudaw.net/english/business/18072017
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RamblerNash- GURU HUNTER
- Posts : 24269
Join date : 2015-02-19
Re: Iraq to repay $500 million to Iran for electricity debts
Maybe this was the holdup, huh?
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Busting Gurus Since 2011
Re: Iraq to repay $500 million to Iran for electricity debts
I just don't understand why Iraq hasn't RV'd their currency and just paid the darn thing already! LMAO
Surely Iran will accept the payment when Iraq tells them it's got a lot more value now? LOL
They can even point to that cbi.3eyon-host site and show them! It's not Iraq's fault if Iran can't keep up with the current rate, right? LOL
Iraq can even
Currency Speculators can finally exchange! It doesn't matter if Iraq doesn't have enough reserves to cover it. Just be the first in line so YOU don't miss out! LOL The UST is going to cough up the rest, right? LMAO
If the bank gives you any grief over exchanging Dinar, just tell them the Gurus said so, and to look at the correct bank screen, and point them to the cbi.3eyon-host site where it has the correct rates! LOL
Don't settle for those bottom tier employees either! Go right to the head manager of the bank if you want action! LOL Staff has been trained!
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>>>TNTBS's YouTube Channel<<<
RamblerNash- GURU HUNTER
- Posts : 24269
Join date : 2015-02-19
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
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