Iraq’s political row erupts over US "suspicious" business deals

Shafaq News/ Iraq’s recent energy and trade agreements with US companies have drawn political criticism, with concerns raised over their economic value and geopolitical implications.

Yasser al-Husseini, Deputy Chairman of the Parliamentary Committee on Economy and Industry, described the deals as “continuing a pattern of contracting with suspicious entities” and said they offered no clear technical or financial benefit to the Iraqi people.

“There are harmful agendas behind them,” al-Husseini told Shafaq News. “They reflect US pressure and could negatively impact Iraq’s economy and future generations.”

Al-Husseini added that the committee would formally request copies of the contracts from the Cabinet to assess their content and potential impact. He also claimed that some of the companies involved have financial links to Israel, calling the agreements a concession at the expense of Iraqi sovereignty.

On April 9, Iraqi Prime Minister Mohammed Shia al-Sudani oversaw the signing of three memoranda of understanding (MoUs) with American firms aimed at modernizing Iraq’s energy sector and expanding economic cooperation.

The first MoU was signed with GE Vernova to develop combined-cycle gas power plants with a capacity of up to 24,000 megawatts, the largest such initiative in Iraq’s history.

The second MoU, signed with UGT Renewables, covers a 3,000-megawatt solar project, a 500 megawatt-hour battery storage system, upgrades to power transmission lines, and a two-year maintenance and training package. The deal is backed by financing from the US Export-Import Bank, UK Export Finance, and JPMorgan Chase.

A third agreement between the Iraqi and US Chambers of Commerce aims to deepen commercial ties, particularly between small and medium-sized enterprises.

The deals coincided with a visit to Baghdad by a high-level US business delegation that included executives from major American companies.