PHOTO
Iraq is planning to invite bids for its first blue ammonia project as part of a strategy to diversify its sources of income and expand the renewable energy sources, the head of the country’s National Investment Commission (NIC) said on Thursday.
Haider Makkiya told a seminar in the southern Basra city that NIC has decided to open investment opportunities in the production of 'blue ammonia' in Basra Governorate, adding that the product is witnessing increasing demand, particularly in Europe.
Makkiya described blue ammonia as a global "fuel of the future", noting that NIC has submitted a proposal for this strategic investment opportunity, which will be located in the Al-Faw area in Basra.
He added that NIC has already selected a foreign consultant to oversee the execution of the project, the third of its kind in the region.
"Blue ammonia is the fuel of the future in Iraq, amidst the increasing global demand for energy…Iraq could be among the countries producing this material for export through its seaports in Basra, or overland through Syria and Lebanon,” he said.
“Iraq has entered a rapid race in the region to benefit from blue ammonia locally and globally within sustainable and long-term fuel plans.”
In August 2024, a report by Zawya Projects said NIC was working on an investment license for the project after the Ministry of Oil approved the gas supply necessary to operate the project.
(Writing by N Saeed; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
