Shafaq News / The head of Iran-Iraq Chamber of Commerce Yahya Al-Ishaq announced on Tuesday that he is seeking to establish a timetable for Iraq repay debts estimated by three billion dollars for importing energy from Iran.

Al Ishaq said in statements reported by Iranian media today, "economic issues and following up on the agreements of the previous official visit will be a priority for both countries."

He added, "preparing the ground and planning to raise commercial exchange to reach 20 billion dollars between Iran and Iraq are among the topics the Prime Minister of Iraq will discuss in Tehran."

With the United States tightening economic sanctions on Iran and for many years, Iranian officials have mentioned increasing the commercial exchange to 20 billion dollars.

Al Ishaq's stated that due to the spread of the COVID-19 and closing the borders between the two countries, this visit would speed up its reopening for commercial exchange.

The Iranian Energy Minister, Reza Ardakanian, had signed a two-year contract to export electricity to Iraq in June.

Tehran supplies 1,200 megawatts of electricity to Iraq via four lines; It is the Khorramshahr - Basra line, Karkhah – Al-Amarah, Kermanshah - Diyala and Sarbel Zahab - Khanaqin.

The gas imported from Iran also contributes to operating Iraqi electrical stations that supply the system with approximately 3,300 megawatts.

Signing the two-year electricity export contract comes after the United States announced last month a 120-day exemption for importing electricity from Iran to Iraq, following the formation of the government of Prime Minister Mustafa al-Kadhimi.

Washington is exempting Iraq from sanctions for importing gas and electricity from Iran, due to Baghdad's inability to meet the domestic need for electrical energy.

According to the Ministry of Electricity, Iraq's production of electrical energy is 13,500 megawatts, and it plans to add 3,500 megawatts during the current year, by introducing new generating units into service. However, it is estimated that the country requirements exceed 20 thousand megawatts.

A document appended by the signature of the director of Diyala Electricity directorate, Tariq Khalil Ibrahim, last June showed that the electricity imported from Iran was unstable, despite previous commitments.