The Saudi-Iraqi interconnection project will improve reliability of the electrical networks in the two countries, achieve economic savings, enhance optimal energy exchange for electricity production, and attract investment in electricity generation projects.

The meeting also explored opportunities for cooperation between the Kingdom and Iraq in renewable energy, while benefiting from the capabilities of ACWA Power and its contribution to the development of future projects in Iraq.

The two ministers also discussed sharing the Kingdom’s expertise in the field of smart meters, as well as opportunities for Saudi companies to participate, alongside Iraqi companies, as contractors and manufacturers in developing infrastructure for smart meters.

The Iraqi delegation was briefed on the financial and regulatory reforms witnessed by the electricity sector in the Kingdom during the past three years.

In June 2022, the Saudi energy minister met with Iraqi Minister of Oil Ihsan Ismail to discuss connecting the two countries’ electricity grids, as well as ways to strengthen cooperation in the energy fields through the Saudi-Iraqi Coordination Council.

Saudi Arabia and Iraq signed a memorandum of understanding in January last year to connect their electricity grids.

The agreement aims to share power-generating reserves and exchange electricity for emergency use in case of power cuts.

Saudi Arabia’s economic ties with Iraq have improved dramatically recently.

During a visit to Baghdad in February, Prince Faisal bin Farhan, the Kingdom’s foreign minister, said that Iraq plays an essential role in strengthening stability in the region.

Prince Faisal also highlighted the depth of relations with Iraq, saying that ties between the two countries have recently witnessed “great momentum.”