| | NOVEMBER 20239IN FOCUSSFD INKS $100 MILLION LOAN AGREEMENT TO DEVELOP CLIMATE PROJECTIRAQ INKS THREE ENERGY DEALS TO DEVELOP OIL & GAS FIELDSIraq has signed three energy contracts with the UAE-based Crescent Petroleum to develop three oil and gas fields in the country, according to the oil ministry. Crescent Petroleum, located in the United Arab Emirates, secured three 20-year contracts in February to develop oil and natural gas reserves in Iraq's Basra and Diyala provinces in northern Baghdad.The Crescent Petroleum contracts are expected to begin producing 400 million standard cubic feet per day of natural gas within 18 months, the oil ministry statement quoted Iraq's oil minister Hayan Abdel-Ghani as saying. Abdel-Ghani, who attended the launch at the oil ministry headquarters in Baghdad, said starting operations by Crescent Petroleum will help Iraq to stop gas flaring and use the processed gas to generate electricity, as per reuters.The OPEC producer's electricity grid is mainly reliant on Iranian gas supplies. However, the US has pressed Iraq to minimize its reliance on Iranian gas. Iraq continues to burn part of the gas extracted with crude oil because it lacks the infrastructure to convert it into fuel for domestic use or export.Crescent Petroleum is the first and largest private upstream oil and gas company in the Middle East. Crescent Petroleum was created in 1971 and is headquartered in Sharjah, United Arab Emirates (UAE), with current operations in the UAE and Iraq's Kurdistan Region. Crescent Petroleum and the Iraqi Ministry of Oil have signed three twenty-year contracts as the company focuses on supporting Iraq's recovery. The $100 million loan deal was signed by H.E. Sultan Al-Marshad, Chief Executive Officer of SFD, and Hon. Dennis Cornwall, Minister of Finance of Grenada. The grant will be utilized to build the "Climate Smart Infrastructure Project," making it the 91st country to receive SFD funds for development initiatives. The agreement was signed on the margins of the 2023 World Bank Group and IMF Annual Meetings in Marrakech, Morocco.The development loan will help to develop climate smart infrastructure in the towns of St. George, Greenville, and their neighboring areas. The project will include constructing breakwaters, developing water and sewage networks, modernizing and developing the sewage treatment system, and using remote sensors to monitor air pollution. These measures will help to make Grenada more climate-smart and environmentally friendly, while contributing towards improving both the quality of life and the health of the local population, as per gccbusinessnews.Furthermore, the initiative will contribute to the achievement of the United Nations' Sustainable Development Goals (SDGs), notably SDG 11, Sustainable Cities and Communities, and SDG 13, Climate Action.The financed project in climate-smart infrastructure will benefit the local population's health and well-being, as well as generate direct and indirect job opportunities that will contribute to the country's socioeconomic progress. The initiative also demonstrates SFD's commitment to reducing climate change through innovative and ecologically responsible solutions.The inked agreement is part of SFD's global efforts to assist environmental sustainability and development in Grenada, underdeveloped nations, and Small Island underdeveloped States (SIDS). SFD has undertaken over 700 development projects and programs in over 90 countries since its inception in 1974. THE CRESCENT PETROLEUM CONTRACTS ARE EXPECTED TO BEGIN PRODUCING 400 MILLION STANDARD CUBIC FEET PER DAY OF NATURAL GAS WITHIN 18 MONTHS, THE OIL MINISTRY STATEMENT QUOTED
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