Empowering Iraq: The $27 Billion Deal for Iraq’s Energy Sufficiency
This July, Iraq and TotalEnergies finalized a $27 billion energy deal to improve the country’s electricity supply and utilize its natural resources.
Although Iraq is naturally rich, years of conflict and corruption have hindered the development of the country’s infrastructure. As a result, Iraq has become overly dependent on Iran for its energy needs. Despite the challenges faced by previous Iraqi governments in attracting foreign investments, the country’s complex political system has proven to be resilient in times of crisis. Furthermore, the relative peace that Iraq enjoys at present has triggered a shift in the nation’s fortunes.
Despite regional reconciliation efforts, Iraq remains at the center of complex reconstruction efforts. While regional aid has been helpful, achieving energy sufficiency remains a significant challenge for the nation.
Iraq’s journey towards achieving energy self-sufficiency is still a considerable distance away due to the lack of domestic reforms aimed at addressing the underlying causes of the energy crisis.
