The United States has allowed Iraq to import Iranian gas for its power grid for another three months by extending a waiver to sanctions — but insists that Baghdad seek alternative sources.
Iraq has had several extensions to the waiver first granted last year after Washington reimposed sanctions on Tehran’s oil sector forbidding countries from purchasing Iranian energy.
“An additional 120-day waiver was granted to allow Iraq to continue to pay for electricity imports from Iran,” the US State Department said.
An Iraqi government source said the extension was given during a phone call between Prime Minister Adel Abdul Mahdi and US Secretary of State Mike Pompeo.
The State Department said the United States continued to insist on “diversifying energy imports away from Iran,” however.
President Donald Trump’s administration has said oil-rich Iraq must become more self-reliant for its electricity, including by harnessing gas energy and reducing flaring at oil production sites.
US energy giant General Electric is in the running to win a large share of multibillion-dollar contracts to rebuild Iraq’s electricity system amid intense US lobbying efforts.
Washington reimposed sanctions on Iran’s oil industry in November, citing concerns about its nuclear program and what it said was its meddling in the Middle East.
Iraqi officials have said they might need years to wean the country of Iranian power.
Iraq relies heavily on Iranian gas to feed several power stations, importing roughly 1.5 billion standard cubic feet per day via pipelines in the south and east.
Washington wants to roll back Iranian influence in the Middle East, including in Iraq, where Tehran holds broad sway over politics and trade.
Although Iraq has one of the world’s largest natural gas reserves, it has moved slowly to develop them and has relied on Iran to supply it with gas and electricity.
US grants Iraq sanctions waiver for Iranian electricity imports
US grants Iraq sanctions waiver for Iranian electricity imports
- Iraq has had several extensions to the waiver first granted last year after Washington reimposed sanctions on Tehran’s oil sector
Closing Bell: Saudi main index closes higher at 10,596
RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks.
Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion.
Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77.
Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46.
Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.
On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31.
Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.
On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom.
The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.
The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74.
Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT.
The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.
MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.
