Thursday , August 13 2020
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Iraq

Canada contributes $15m for Iraqi Women

The Canadian Department of Foreign Affairs, Trade and Development (DFATD) has contributed CAD 20 million ($15 million) in support of UNFPA’s humanitarian response focusing on life-saving assistance aimed at alleviating the suffering of women and girls across Iraq. The three-year contribution will support UNFPA works in providing emergency obstetric care, and sexual and reproductive health services, in ensuring protection from ... Read More »

Iraq a “Potentially Vulnerable” Energy Supplier

The International Energy Agency (IEA) has warned that Iraq is a “potentially vulnerable” energy supplier. In its Oil Market Report, it says that in the medium term, “heightened security concerns might make it more difficult for Iraq to build production capacity“. Read More »

Iraq Risks Losing Access to Key Bank Account

The Trump administration has reportedly threatened to block Iraq’s access to its funds in the Federal Reserve Bank of New York if Iraq expels US troops from the country. The Wall Street Journal quoted unnamed Iraqi officials as saying that the US State Department warning came after the Iraqi parliament voted in favor of a resolution demanding the removal of ... Read More »

Iraq Repays more than $20bn in Foreign Debt

Iraq has paid back more than $20 billion in foreign debt, the head of the parliamentary finance committee Haitham Al-Jubouri has said. “Iraq’s foreign debt amounted to more than $50 billion. More than $20 billion was paid back over the last period,” Al-Jubouri told the Iraqi news agency. According to the official, Iraq still owes $27 billion to foreign countries, ... Read More »

Scheme to Smuggle Luxury Cars into Iraq

Three men and a woman have reportedly been charged in Canada in connection with a scheme to smuggle stolen high-end cars and pickup trucks into Iraq. According to CP24, the gang stole 39 cars, including a BMW X6, usually from car rental agencies. The accused are named as Yehia al-Jbouri, Amer al-Ogaili, Zeyad al-Khafaji and Nahla Khayon. Read More »

China Wins $121m West Qurna-1 Contract

China Petroleum Engineering & Construction Corp (CPECC) has reportedly won a $121-million contract to upgrade gas capture facilities at West Qurna-1 oilfield. According to Reuters, the project is due to be completed within 27 months. Read More »

Umm Qasr Port Reopened

The entrance to Umm Qasr port has reportedly been reopened after security forces dispersed protesters. According to Reuters, the port had been blockaded since Monday. Read More »

Iraq Falls in Doing Business Index

Iraq has been ranked 172nd out of 190 countries in the World Bank‘s recent Doing Business 2020 report, down from 171st place the previous year. Top of the list were New Zealand, Singapore and Hong Kong, with last place going to Somalia, just behind Eritrea and Venezuela. Iran ranked 127th, with Libya 186th. Doing Business 2020 is the 17th in ... Read More »

Taiwan signs MOU with Sulaimaniyah Chamber

The government-sponsored Taiwan External Trade Development Council (TAITRA) has reportedly signed a memorandum of understanding (MOU) with the Sulaimaniyah Chamber of Commerce & Industry (SCCI) in a bid to promote bilateral trade. Taiwan News says the document was signed by SCCI President Sirwan Mohammed Mahmood and TAITRA Executive Vice President Leonor F. M. Lin (林芳苗), during the visit of a ... Read More »

Conference: Find Out What’s Happening in Iraqi Business

The Iraq Britain Business Council (IBBC) Autumn Conference in Dubai on December 8th is set against a backdrop of relative peace and security in Iraq, and the prospect of oil revenues surging through the economy is driving a wider range of business opportunities and a prospective 8% increase in GDP. Peace is enabling the economy to diversify through the revenues ... Read More »

Oil Exports Down in October

Iraq’s Ministry of Oil has announced preliminary oil exports for October of 106,859,470 barrels, giving an average for the month of 3.447 million barrels per day (bpd), down from the 3.576 million bpd exported in September. These exports from the oilfields in central and southern Iraq amounted to 103,540,855 barrels, while exports from Kirkuk amounted to 2,579,837 barrels, and from ... Read More »

Iran Electricity Export to Iraq Hits Record

Iranian Energy Minister Reza Ardakanian (pictured) has said the export of electricity to neighboring countries has reached a record high in the past year. Addressing a Sunday session of Tehran’s City Council, Ardakanian said management of the situation over the past two water years has helped the country break the record in three sectors of the power industry. The minister ... Read More »

US Extends Iran Sanctions Waiver for Iraq Energy Imports

The US has granted Iraq another 120-day waiver from its sanctions on Iran. According to S&P Global, a State Department spokesman said the waiver ensures that Iraq is able to meet its short-term energy needs while it takes steps to reduce its dependence on Iranian energy imports. Read More »

Iraqi Chief Justice to examine Barriers to Investment

Iraq Britain Business Council (IBBC) was pleased to host a roundtable discussion chaired by IBBC President Baroness Nicholson with His Excellency, Chief Justice Faiq Zidan, who was visiting the United Kingdom as guest of the Foreign and Commonwealth Office. The meeting was attended by several IBBC member representatives including from Constellis, G4S Secure Solutions, Harcus Sinclair, Mosul University, Protechnique, PWC ... Read More »

Iranian Bank Opening 7 Branches in Iraq

An Iranian private bank has been authorized by the Central Bank of Iraq (CBI) to open seven branches in the Arab country, an official said. According to the Chairman of the Iranian Private Banks Institute, Koorosh Parvizian, the Iranian private bank has already opened two of the seven branches in Iraq. He noted that opening of the new banks in ... Read More »

$20 million Order for US Trucks in Iraq

Navistar Defense has been awarded a $19,847,322 firm-fixed-price Foreign Military Sales (Iraq) contract for cargo trucks (6×6 General Transport Trucks, 6×6 Ton Recovery Wrecker and GTT spares). Bids were solicited via the internet with one received. Work will be performed in Lisle, Illinois, with an estimated completion date of May 15, 2020. Read More »

Saudi-Iraq Border Crossing to reopen in weeks

Commercial operations at the new Saudi-Iraq Arar Crossing will begin on a trial basis on 15th October. Saudi Arabia’s Ambassador to Iraq, Abdul Aziz Al-Shammari, and Iraqi Ambassador to Riyadh, Qahtan Al-Janabi, made the announcement during a visit to the crossing point. The Saudi town of Arar is 70 kilometers from the Iraqi border. Read More »

Contractor Ruling Against Iraq could top $140m

A US military contractor has won a judgment estimated at $140 million against Iraq to reimburse it for unpaid invoices relating to work done for the Iraqi Ministry of Defense. Dale Stoffel, the President of Wye Oak Technology, was killed in mysterious circumstances fifteen years ago while attempting to recover the debt. In its ruling, the District Court of the ... Read More »

Govt of Iraq contributes $33m for Stabilization

The Government of Iraq has today signed an historic agreement with the United Nations Development Program (UNDP), committing USD 33 million for stabilization activities across the country. Administered through UNDP’s Funding Facility for Stabilization (FFS), the contribution will be used to rehabilitate essential infrastructure and services like water, electricity, healthcare, housing and education in key areas of Ninewa, Anbar, Salah ... Read More »

US Firm wins $31m Iraq Training Deal

Irving, Texas, has been awarded a $31,477,060 task order, against indefinite-delivery/indefinite-quantity contract for continued Air Academy training in support of the Iraqi Air Force. Work will be performed at Balad Air Base, Iraq, and is expected to be completed by July 8, 2020. This award is the result of a country-directed sole-source acquisition. Read More »