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
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
