BAGHDAD: Iran will resume normal gas flows to Iraq on Wednesday after reaching an agreement with Iraq on Tuesday over unpaid bills, a spokesman for Iraq’s electricity ministry said.
Iran’s state gas company said on Monday it had cut supplies to neighboring Iraq over arrears of more than $6 billion. The Iraqi electricity ministry said the cuts placed Baghdad and other cities at risk of serious power shortages.
An agreement was reached during a meeting between Iranian Energy Minister Reza Ardakanian, who is visiting Baghdad, and Iraqi counterpart Majid Mahdi to resume normal gas flow rates as of Wednesday evening, spokesman Ahmed Moussa told Reuters.
Iran’s energy minister also met with Prime Minister Mustafa Al-Kadhimi and conveyed the Iranian government’s pledge to “urgently resume gas pumping which had been slashed recently after technical problems,” a statement from the prime minister’s office cited Iran’s minister as saying without giving details.
Energy Minister Ardakanian told state news agency IRNA that “good agreements were reached with the Iraqi officials to withdraw Iranian funds from Iraq to pay for the purchase of the coronavirus vaccine from Europe using Iran’s existing financial resources in Iraq.”
Tehran said last week it had received approval from US authorities to transfer $244 million to buy coronavirus vaccines from the World Health Organization-led COVAX alliance.
Ardakanian said Iraqi authorities had paid back an “appreciable portion” of their debt to Iran’s state gas and electricity companies, IRNA reported. He did not give any amounts.
“With these new arrangements, we hope to use our existing financial resources in Iraq more quickly to purchase basic goods and other needed items in the near future,” Ardakanian added.
Iraq said on Dec. 21 it was ready to export 700,000 tons of barley to Iran at a price of $125 per ton as part of payments owed by the Iraqi government to Iran.
An Iraqi trade ministry official said on Tuesday the barley export shipments to Iran, in addition to other goods, will be used to pay back part of the delayed gas debts.
Iran has been unable to access billions of dollars in assets in several countries due to US sanctions.
The United States has insisted that oil-rich Iraq, OPEC’s second-largest producer, moves toward self-sufficiency as a condition for its exemption to import Iranian energy, yet Baghdad has struggled to do so, in part due to low oil prices.
Iran to resume gas flows to Iraq after agreement on unpaid bills: Iraq ministry
https://arab.news/rvajw
Iran to resume gas flows to Iraq after agreement on unpaid bills: Iraq ministry
- Iran had cut supplies to Iraq over arrears of more than $6 billion
Closing Bell: Saudi equity markets end year in green at 10,491
RIYADH: Saudi equities ended Wednesday’s session higher, with the Tadawul All Share Index rising 109.18 points, or 1.05 percent, to close at 10,490.69, supported by broad-based buying across the main market.
Gains were mirrored in the blue-chip MT30 index, which added 9.31 points, or 0.68 percent, to finish at 1,387.31. The Nomu Parallel Market also advanced, climbing 255.5 points, or 1.11 percent, to close at 23,296.29.
Market breadth was firmly positive, with 249 gainers versus just 12 losers on the main market, with SR3.2 billion ($854.2 million) in trade value.
Among the top gainers, United Cooperative Assurance Co. surged 9.73 percent to close at SR3.72, while Saudi Industrial Export Co. rose 9.18 percent to SR2.26.
Al Gassim Investment Holding Co. advanced 8.25 percent to SR16.40, and Abdullah Saad Mohammed Abo Moati for Bookstores Co. gained 7.73 percent to end at SR46.
Gulf General Cooperative Insurance Co. also posted strong gains, closing up 7.67 percent at SR3.93.
On the downside, Naseej International Trading Co. led the declines, falling 5.87 percent to SR35.30.
SEDCO Capital REIT Fund edged down 1.03 percent to SR6.70, while Saudi Tadawul Group Holding Co. slipped 0.78 percent to SR140.30.
Banque Saudi Fransi declined 0.77 percent to SR16.82, and Saudi Co. for Hardware closed 0.76 percent lower at SR25.96.
On the corporate front, Catrion Catering Holding Co. said it signed a sale and purchase agreement to acquire a 55 percent stake in Al Khaleejah Catering Co., with an option to buy an additional 15 percent within three years.
The transaction values the acquisition at up to SR 40.86 million, comprising an initial cash payment of SR315.21 million and performance-based earn-out payments of up to SR125.65 million, subject to the achievement of specified financial targets.
The acquisition will be financed through internal funding sources and Shariah-compliant banking facilities and is expected to support Catrion’s expansion strategy in the aviation and catering services sector, with a positive financial impact anticipated by the end of the second quarter of 2026.
Catrion Catering Holding Co. closed Wednesday’s session at SR80.35, up SR3.35, representing a 4.35 percent gain
Purity for Information Technology Co. announced the signing of a contract with the Social Development Bank to provide managed cloud system services.
The contract is valued at SR6.92 million, including VAT, and will run for a duration of 36 months.
Under the agreement, Purity will deliver managed cloud services aimed at enhancing system reliability, service availability, and overall operational continuity.
The financial impact of the contract is expected to be reflected in the company’s financial results for the 2025–2026 fiscal year.
Purity for Information Technology Co. ended the session at SR20.99, rising SR0.54, or 2.64 percent.
