Oil Minister: Sovereign Energy Fund will cover domestic electricity need at lowest cost

BAGHDAD-INA

Oil Minister Ihsan Abdul Jabbar Ismail said Tuesday that the sovereign energy fund will cover domestic electricity needs at the lowest cost.
 
"The head of the Ministerial Council of Energy, Minister of Energy Ihsan Abdul Jabbar Ismail, stressed the importance of approving the sovereign energy fund project in financing long-term investment projects in the energy sector, in support of the national economy and in order to guarantee the rights of future generations," said a ministry statement received by the Iraqi News Agency (INA).
 
"The Sovereign Energy Fund project was one of the most important projects discussed for its importance and objectives, which revolve around achieving justice in the distribution of revenues from oil and gas, and how to invest and develop it, through promising programs and projects, and clear plans commensurate with the great development of the world, including support for electric and renewable energy projects, and investment projects aimed at creating clean, sustainable and environmentally friendly energy," the statement said.
 
"One of the fund's objectives is also to provide and cover the local need for electricity at the lowest cost, in accordance with sound environmental standards," the statement said.

"During its meeting, the Council also discussed the renewable energy regulation bill, which is one of the most important projects, where the Diwani Order Committee 54 was hosted," the statement said, adding that "the law will work on a set of legislation and instructions that will regulate the country's renewable energy industry while emphasizing the role of the relevant ministries (environment, electricity, science and technology)."