Shafaq News/ Iraq's Minister of Electricity, Ihsan Abdul Jabbar Ismail, said on Tuesday that the sovereign fund for energy can cover the domestic needs at the lowest cost.

"The head of the Ministerial Council of Energy, Minister of Electricity Ihsan Abdul Jabbar Ismail, laid emphasis upon approving the sovereign energy fund to finance long-term investment projects in the energy sector in order to support the national economy and ultimately secure the rights of future generations," the Ministry of Electricity said in a statement earlier today.

"The Sovereign Energy Fund project was one of the most important projects discussed for its importance and vitality, which revolve around achieving justice in distributing the revenues of oil and gas, finding ways of invest develop those sectors, and devising clear plans to commensurate with the rapid global advance."

"One of the fund's objectives is to provide and cover the local need for electricity at the lowest cost while maintaining the sound environmental standards," the statement said.

"During its meeting, the Council discussed the renewable energy regulation bill, which is one of the most important projects, where the Cabinet Order 54 Committee was hosted," the statement said, "the law will work on a set of legislations and instructions that will regulate the country's renewable energy industry, highlighting the role of the relevant ministries (environment, electricity, science and technology)."