In implementation of the directions of the wise leadership, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, and His Excellency Iraq's Minister of Oil signed the executive protocol containing the principles of the cooperation agreement on the electricity interconnection between the Kingdom of Saudi Arabia and the Republic of Iraq, in fulfilment of the MoU signed by the two sides in the beginning of 2020.
HRH Prince Abdulaziz noted the role played by HRH Prince Mohammed bin Salman, Crown Prince, Deputy Prime Minister and Minister of Defense in expediting the power interconnection with Iraq, in an effort to mitigate the suffering of Iraqis due to the existing shortage of energy production, attesting to the consistent cooperation between the two countries in all aspects, especially in the technical aspects. HRH expressed the desire of the two countries to foster the economic relations represented here in electricity, realizing the aspirations of their leaderships and peoples, and their keenness on implementing the project on the ground. Furthermore, HRH said that the completion of this project lies within the framework of the Saudi Vision 2030 and its executive programs, which focus on investing in Saudi Arabia's strategic location and the Saudi power grid, the largest in Middle East and Arab World to make the Kingdom a regional hub for electricity interconnection grids.
The signed MoU and the electricity interconnection project are a result of a comprehensive and detailed study conducted by the joint technical team of the two countries. The study demonstrated that the Saudi-Iraqi electricity interconnection grid will enhance the reliability of the two countries' power grids, boost their economies, contribute to optimizing the energy mix used to produce electricity, support the capacity of electrical grids to include renewable energy and attract optimal investments in power generation projects. In addition to the project's benefits reaped by both countries, the Saudi-Iraqi electricity interconnection will constitute a step towards strengthening the opportunity to establish a regional market for electricity trade and support the participation of the two countries in such a market.
It is worth noting that the signing of the executive protocol is in implementation of the MoU's power interconnection stipulations. The necessary procedures to enter into power interconnection agreements have been concluded between the Saudi Electricity Company and the Ministry of Electricity of Iraq represented by the General Company for Electric Power Transmission at the central region in Iraq. The signed executive protocol contains the principles of the electricity interconnection agreement, which will connect Arar and Yusufiyah, near Baghdad, with a capacity of 1,000 megawatts and a voltage of 400 kilovolt, and for a distance of around 435 kilometers.
