Wednesday , November 13 2019
Breaking News


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 »

Zain Iraq Revenues up 14%

Zain Iraq‘s revenues for the first half of 2019 were up 14 percent on the same period last year. In its results for first six months of 2019, the company said: “Zain Iraq performed exceptionally well in H1 2019 when compared to H1 2018 with revenue reaching USD 522 million and EBITDA reached USD 220 million, up 14% reflecting an ... Read More »

Oil Ministry Finalises Export Figures for June

Iraq’s Ministry of Oil has announced finalised oil exports for June of 105,603,325 barrels, giving an average for the month of 3.520 million barrels per day (bpd), down from the 3.572 million bpd exported in May. These exports from the oilfields in central and southern Iraq amounted to 101,705,000 barrels, while exports from Kirkuk amounted to 3,162,559 barrels, and from ... Read More »

Iraq, Lebanon, keen to Cooperate in Banking

The Lebanese President, General Michel Aoun, welcomed the Vice President of Iraq, former Iraqi Prime Minister, Dr. Iyad Allawi, with whom he discussed the bolstering of Lebanese-Iraqi relations in all areas, especially on economic matters. Following his meeting with President Aoun, Xinhua quotes Vice President Allawi as saying: “We have discussed with Lebanese President Michel Aoun the possibility of creating ... Read More »

KNM Wins Contract at Khor Al Zubair

FBM-KNM FZCO, an indirect wholly-owned subsidiary of Malaysia’s KNM Group, has been awarded a contract for the supply and delivery of replacement heat exchangers to the Khor Al Zubair’s gas processing plant in Basrah Province. According to a regulatory statement, the contract from Basra Gas Company (BGC) is worth USD 2.096 million (equivalent to approximately RM8.739 million based on the ... Read More »

Iraqi Stock Market wakes up from its Slumber

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The market finally woke up from its multi-month slumber, increasing by +14.7% for the month as measured by the Rabee Securities RSISUSD Index, in the process turning the year’s loss of -11.8% as the end of April into a gain of ... Read More »

Iraq’s foreign reserves at USD55.7 billion: official source

Baghdad: Iraq’s foreign reserves have stood at USD55.7 billion, an official source at the Iraqi central bank was quoted saying. Alsumaria News quoted the source saying that this is the amount recorded until the end of last June, noting that while the net amount of foreign currency stands at USD48.3 billion, the remainder represents the finance ministry’s deposit at the ... Read More »

Rumaila hits 30-yr High in Oil Production

The Rumaila oilfield produced 1.467 million barrels per day (bpd) in 2018 – the oilfield’s highest annual rate of production for 30 years. 2018 also saw the milestone of four billion barrels of oil produced since the Rumaila Operating Organisation [ROO] began operating in June 2010. The results were reported in the 2018 Rumaila Annual Report, submitted by the Basra ... Read More »

Oil Minister slams Exxon decision to Evacuate Staff

Oil Minister Thamer al-Ghadban has criticised ExxonMobil‘s decision to temporarily evacuate staff from the West Qurna oil field as “unacceptable and unjustified”. In a statement on Sunday, he said the move was “political“, and pointed out that other international oil companies are continuing to work freely. According to CNN, the company evacuated about 30 foreign engineers from Basra as a ... Read More »

Iran Boosting Gas Exports to Iraq

An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer. Managing director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati told Tasnim that Iran’s gas exports to Iraq are constantly increasing and nearing a ceiling set on the contract ... Read More »