The project is part of the broader cooperation between Saudi Arabia and Iraq, aimed at improving reliability of the electrical networks in the two countries, enhancing their economic ties and strengthening regional stability
Saudi Energy Minister Prince Abdulaziz bin Salman and Iraqi Minister of Electricity Ziad Ali Fadel met on Wednesday to discuss the progress of the Saudi-Iraqi interconnection project, which aims to link the power networks of both countries.
This initiative is expected to increase the reliability of their electrical grids, lead to economic savings, promote optimal energy exchange for electricity production, and attract investment in electricity generation projects.
The ministers also discussed potential collaboration in renewable energy and explored opportunities for Saudi companies to participate in developing infrastructure for smart meters alongside Iraqi companies.
The delegation from Iraq was also briefed on the financial and regulatory reforms that have taken place in Saudi Arabia’s electricity sector over the past three years.
The Saudi-Iraqi Coordination Council has been instrumental in strengthening cooperation between the two countries in the energy fields. In June 2022, Prince Abdulaziz met with Iraqi Minister of Oil Ihsan Ismail to discuss connecting the two countries’ electricity grids.
They signed a memorandum of understanding in January last year to share power-generating reserves and exchange electricity for emergency use in case of power cuts.
Saudi Arabia’s economic ties with Iraq have seen significant improvement in recent times, and Prince Faisal bin Farhan, the Kingdom’s foreign minister, emphasized the importance of Iraq in promoting stability in the region during a visit to Baghdad in February.
He also noted the strengthening of relations between the two countries, which he said had recently witnessed “great momentum.”
The Saudi-Iraqi interconnection project is a significant step forward in enhancing the electricity infrastructure of both countries and ensuring a reliable and cost-effective power supply.
As a result, it is expected to attract more investment in electricity generation projects and promote the use of renewable energy.
The project is part of the broader cooperation between Saudi Arabia and Iraq, aimed at enhancing their economic ties and strengthening regional stability.
