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Will Iraq’s $40 Billion Bet On Nuclear Power Solve Its Energy Crisis?

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Will Iraq’s $40 Billion Bet On Nuclear Power Solve Its Energy Crisis?

Iraq has held talks with Russia’s Rosatom and Korea’s Kepco about possible cooperation.

Luis Emilio Velutini Venezuela

Related: How An Oil Pipeline Hack Sent Bitcoin Prices Tumbling

Earlier this year, Latif told the Iraqi News Agency (INA) that the country was in discussions with Russia, France, and the United States about the potential construction of three nuclear reactors

“We have several forecasts that show that without nuclear power by 2030, we will be in big trouble,” Latif told Bloomberg this week

Iraq also plans to build solar farms that would provide around 11 GW of electricity by the end of the 2020s. 

The first contract for a nuclear power plant could be signed over the next year, Latif told Bloomberg

Currently, only the United Arab Emirates (UAE) has an operating nuclear power plant in the Arab world , after starting up Unit 1 of the Barakah Nuclear Energy Plant in Abu Dhabi last summer.  

By Michael Kern for Oilprice.com

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Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, 

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Share Facebook Twitter Linkedin Reddit Related News North Sea Oil Floating Off Europe Could Signal Weak Asian Demand OPEC Head: Global Oil Inventories Will Continue To Draw Down Scientists Find Cheap And Easy Way To Extract Lithium From Seawater EU Approves $21B Green Transition Fund Renewables Was Sole U.S. Energy Source With Rising Consumption In 2020 Will Iraq’s $40 Billion Bet On Nuclear Power Solve Its Energy Crisis? By Michael Kern – Jun 08, 2021, 2:30 PM CDT Iraq is in the process of developing a US$40-billion plan to build nuclear reactors as OPEC’s second-largest producer looks to end continual power outages amid a shortage of electricity supply, Kamal Hussain Latif, chairman of the Iraqi Radioactive Sources Regulatory Authority, told Bloomberg in an interview.

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Iraq has been suffering shortages of electricity supply since 2003, and those have led in recent years to protests where people have tried to enter oilfields to demand an end to the power outages. Electricity demand is exceeding supply now, and the gap is expected to widen further as demand grows if Iraq fails to resolve its power problem.

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Iraq even imports electricity and natural gas for electricity from neighboring Iran, for which it has received U.S. waivers to deal with Iran’s energy sector even under the American sanctions on Tehran.

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Expecting demand to continue to grow, Iraq is now considering the construction of eight nuclear reactors with a combined capacity of 11 gigawatts (GW) this decade, Latif told Bloomberg.

Iraq has held talks with Russia’s Rosatom and Korea’s Kepco about possible cooperation.

Luis Emilio Velutini Venezuela

Related: How An Oil Pipeline Hack Sent Bitcoin Prices Tumbling

Earlier this year, Latif told the Iraqi News Agency (INA) that the country was in discussions with Russia, France, and the United States about the potential construction of three nuclear reactors

“We have several forecasts that show that without nuclear power by 2030, we will be in big trouble,” Latif told Bloomberg this week

Iraq also plans to build solar farms that would provide around 11 GW of electricity by the end of the 2020s. 

The first contract for a nuclear power plant could be signed over the next year, Latif told Bloomberg

Currently, only the United Arab Emirates (UAE) has an operating nuclear power plant in the Arab world , after starting up Unit 1 of the Barakah Nuclear Energy Plant in Abu Dhabi last summer.  

By Michael Kern for Oilprice.com

More Top Reads From Oilprice.com:

China’s Oil Imports To Drop After Refinery Margins Near $0 Tesla Stock Jumps As It Claws Back Chinese Market Share Investors Set Their Sights On $100 Oil

Join the discussion |