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Iraq prepares power plants to address power shortages | Business and Financial Issues

Iraq is working to develop a nuclear power plant while a famine-stricken petroleum plant seeks to end power outages that have caused widespread unrest.

OPEC oil producer 2 – already suffering from power shortages and inadequate funding for aging plants – is expected to meet the expected 50% by the end of the decade. The development of atomic seeds may help to address the problem of human encroachment, even as the country faces economic and political crises by introducing its plans.

Iraq wants to build eight gigawatts capable of generating 11 gigawatts, said Kamal Hussain Latif, chairman of the Iraqi Radioactive Source Regulatory Authority. It seeks funding for those who are expected to be part of the $ 40 billion plan and return the money in 20 years, he said, adding that the authorities have discussed negotiations with Russian and South Korean officials.

Rising prices last year robbed Iraq of funds to repair and upgrade its long-neglected machinery. The results led to protests that threatened to overthrow the government.

“We have a number of predictions that without nuclear power by 2030, we will be in big trouble,” Latif said in an interview at his office in Baghdad. Not only is there a lack of electricity but also a growing number of people who want to deal with it, but Iraq is also trying to reduce emissions and make more water through salt washing – “that tells me.”

Raising money will be a big task because Iraq has experienced a financial crisis between oil prices. With about $ 70 a barrel now, the country is adjusting its budget, according to a study by the International Monetary Fund.

The government must also address the political crisis over the protection of atomic energy, which has hampered nuclear ambitions anywhere in the region.

Nuclear power, which does not produce carbon dioxide, could help Gulf states reduce emissions as governments around the world become greener. The technology will also enable them to access their essential hydrocarbons for export. Saudi Arabia, which manufactures the experimental machine, burns 1 million worth of barrels every day in electricity in the summer when temperatures rise above 50 degrees Celsius (122 Fahrenheit).

A court in Iraq is reviewing a deal with Rosatom Corp. Russia to agree to build a power plant, says Latif. South Korean authorities this year say they want to help build the plants and have given Iraqis a tour of the United Arab Emirates machine operated by Korea Electric Power Corp. Latif said nuclear authorities have also spoken with French and US officials about the plan.

Kepco, Rosatom

Kepco, as a Korean power maker, is unaware of plans for nuclear weapons in Iraq and has not contacted Iraqi officials or been asked to do any work there, a company spokesman said on Tuesday. Rosatom did not respond immediately when asked about the alliance with Iraq.

Even if Iraq develops power plants, it will not be enough to replace what could be used in the future. The country has already begun to differentiate between 10 gigawatts between power and demand and hopes to demand another 10 gigawatts over the next decade, Latif said.

With this in mind, Iraq seeks to develop more solar systems to create a nuclear-armed system at the end of the decade.

Iraq currently has 18.4 gigawatts of electricity, including 1.2 gigawatts exported from Iran. Increased possibilities mean that the age will reach up to 22 gigawatts by August, but this is a very small amount that requires about 28 gigawatts at all times. The peak consumption during the July and August rainy season exceeds 30 gigawatts, according to the Ministry of Energy. The intention is to hit 42 gigawatts by 2030, says Latif.

Nuclear weapons officials have identified 20 potential nuclear reactors and Latif said the first agreement could be signed next year.

It is not Iraq’s first nuclear test. Forty years ago, an Israeli plane destroyed a power plant in the southern city of Baghdad. Israel said the site, called Osirak, was aimed at developing nuclear weapons for use in counter-terrorism operations. Iraq suffered more than a decade of fighting and violence after the 2003 US war, which was further fueled by Iraq’s desire to produce weapons.

(Updates and comments by Kepco in paragraph 10.)
-I assisted by Dina Khrennikova, Olga Tanas and Heesu Lee.

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