On the eve of the First World War, Britain's foreign secretary Sir Edward Grey mused that the "lamps were going out all over Europe", adding that "we shall not see them lit again in our time". Many ordinary Iraqis will feel his observation applies to them, too.
Since the official end of the second Iraq war in 2003, life for the people residing in the cradle of civilisation, the lands bounded by the rivers Euphrates and Tigris, has been a throwback to bygone times.
With electricity supply vastly overstretched, Iraqis have had to endure power outages for years. In a country that can draw on some of the world's biggest oil reserves, and that only a few decades back was regarded as the most advanced in the Gulf, this is hard to swallow, and the population took to the streets this year in protest at this failure to supply basic needs.
The causes behind the power shortage are twofold: an insufficient amount of plants needed to produce electricity, and a lack of available feedstock for these plants.
The government has not been oblivious to the problem, and in 2008 bought large-scale power-generation turbines from Germany's Siemens and America's General Electric worth up to US$8 billion (Dh29.38bn). In the same year, Iraq turned its attention to its vast reserves of natural gas, entering negotiations with Royal Dutch Shell over a scheme to process the gas from three major oil developments in southern Iraq - the Rumaila, West Qurna-1 and Zubair fields.
Critics have been vocal. Politicians and bureaucrats fear the deal will give Shell access to gas from future oilfield developments in the south, and say the deal was never subject to a competitive tender.
Pricing has also been a sticking point, and a source of confusion.
The project would initially process 700 million cubic feet of gas a day (cfd), which could rise to as much as 2 billion cfd as oil production rises. There are conflicting estimates on how much the government will be paying the Anglo Dutch company for its gas.
Some reports suggest Basrah Gas Company (BGC), a joint venture between Shell, the Iraqi state and Japan's Mitsubishi, will receive about $5.70 per million British thermal units (mbtu) of gas, while other calculations estimate $2 per mbtu.
A price above the current market rate of about $4mbtu seems unlikely. If the price turns out to be at the lower end of the reported range, the government would still be making a loss as it sells gas to domestic users at $1.04mbtu. To compensate the government for the losses on domestic gas sales, the project could also produce 3,000 tonnes a day of liquefied petroleum gas for export.
To offset investment costs of about $17bn, the contract stipulates the construction of a liquefied natural gas (LNG) terminal for export by the end of the decade. This has also attracted criticism, with fears the terminal will strip Iraq of gas needed for domestic use. Proponents of the project point out that the domestic gas market and the LNG market are complementary, as Iraq uses most electricity in the hot summer months, while the international gas market peaks in winter months.
They also counter the critics by pointing to the expertise that Europe's largest company brings with it, and the need to make the deal appealing to the oil major.
"Shell is a renowned company that came up with the solution to a very important problem," says Leila Benali, the Middle East and Africa director at IHS Cambridge Energy Research Associates.
"Iraq has a company come to the table that already has a strong profile in the region.
They need something to recoup their investment, hence the proposal to sell part of the gas internationally. That is the counter argument." Despite vigorous opposition from within the government, many observers expect the deal to get cabinet approval, as the need to make use of the gas as feedstock for power generation is simply too great.
If the government is serious about switching the lights back on, and fuelling the country's industrialisation drive, gas from the southern fields is indispensable.
"Iraq is desperate for power, there is a very ambitious power generation programme that is waiting for approval and feedstock confirmation, so the capture of the gas will be a very welcome development for that programme, says Hakim Darbouche, a research fellow at the Oxford Institute for Energy Studies. "But not just power generation, there is also the issue of industrial reconstruction."
Demand for electricity in Iraq averaged 11,484 megawatts in the second quarter of this year,compared with an average of only 6,574MW of supply. Over the past two years, supply has increased only 6 per cent. It is estimated that demand could rise as high as 21,000MW by 2015.
To counter this surge in demand, Iraq's electricity masterplan calls for the investment of almost $77bn in power-generation infrastructure over the next 20 years.
Apart from failing to push ahead with the construction of power plants, the shortage of feedstock has become a national embarrassment. In spite of the abundance of natural gas, the government in June signed a $365 million deal with Iran for a cross-border pipeline that will deliver 25 million cubic metres of gas per day over the next five years.
But deals with Iran do not sit well with the Iraqi government.
business@thenational.ae
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
Transmission: 8-speed automatic
Power: 444bhp
Torque: 600Nm
Price: AED 356,580 incl VAT
On sale: now.
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Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
RACECARD
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How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
CRICKET%20WORLD%20CUP%20LEAGUE%202
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UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
