It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Amir Hossein Zamaninia, the deputy petroleum minister for international affairs in Iran, said that natural gas exports had begun on Wednesday night, according IRNA state media agency. Iran and Iraq signed a 2013 agreement regarding Iran's export of natural gas, but the pipeline wasn't completed until June 2016 because of security issues, and then Tehran was awaiting payments from Baghdad. The agreement included two contracts, one to send exports to the Iraqi capital of Baghdad and another contract to send exports to the southern city of Basra via pipeline.
Though Iraq is a major OPEC oil producer, the country has been incapable of meeting its residents' electricity consumption. Iraq's peak electricity demand was 21,000 megawatts in the summer and the grid is only able to supply about 13,000 megawatts, Reuters reported in April 2016.
The project is estimated to earn Iran $3.7 billion a year in revenues, Tasnim news agency reported.
The IOB is intended as an oil bourse for petroleum, petrochemicals and gas in various currencies other than the United States dollar, primarily the euro and Iranian rial and a basket of other major (non-US) currencies. The geographical location is at the Persian Gulf island of Kish which is designated by Iran as a free trade zone.
During 2007, Iran asked its petroleum customers to pay in non US dollar currencies. By December 8, 2007, Iran reported to have converted all of its oil export payments to non-dollar currencies. The Kish Bourse was officially opened in a videoconference ceremony on 17 February 2008, despite last minute disruptions to the internet services to the Persian Gulf regions.