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Iraq

Japan approves $100m loan for Iraq

IRAQQQQ

BAGHDAD: Japan has approved a loan of about $100 million to support humanitarian, counter-terrorism and infrastructure projects in Iraq, a Japanese embassy statement said on Tuesday. Japan last month agreed to lend Iraq up to 27.2 billion yen ($240 million) to rebuild damaged electricity infrastructure in areas recaptured from Islamic State. Iraq’s government income, which comes almost exclusively from oil ... Read More »

Iraq’s foreign reserves down to US$49b

IRAQ

BAGHDAD: Iraq’s foreign currency reserves recorded a drop to US$49 billion, a decline triggered by falling world oil prices, according to the central bank governor. Central bank governor Ali al-Allaq said in a press conference at the bank’s main office that the reserves rely on financial revenues from petroleum sales. “The central bank runs nearly 2000 money exchange offices, 30 ... Read More »

Iraq wants to resume land route trade relations with Egypt

Iraq wants to resume land route trade relations with Egypt

CAIRO: Iraq wants to resume trade relations with Egypt by reopening an overland route which connects the two countries via Jordan, the Egyptian Ministry of Commerce said. The ministry said that Iraq’s Minister of Trade and Planning, Salman Jumaili, made the announcement during talks with his counterparts in Cairo. Although there is no border between Egypt and Jordan, only the ... Read More »

Iraq’s crude oil exports rises in H1 of February

A ship is connected to the Basra Oil Terminal, 12 nautical miles off the Iraqi coast in the waters of the Northern Arabian Gulf, close to the port town of Umm Qasr August 8, 2006. REUTERS/Thaier Al-Sudani

BAGHDAD: Iraqi crude shipments rose 3 percent in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut that has put pressure on oil prices. Reportedly, exports increased to 3.93 million barrels a day in the first 15 days of the month, 122,000 barrels a day more than ... Read More »

Egyptian delegation to visit Iraq this month to finalize crude oil deal

Egyptian delegation to visit Iraq this month to finalize crude oil deal

CAIRO: Egypt is nearing a deal to import crude oil from Iraq and is looking to other countries to help secure supply, Egyptian General Petroleum Corporation’s chief Tarek al-Hadidi said. Reportedly, Cairo’s search for additional crude comes after Saudi Arabia’s state oil firm Saudi Aramco halted shipments of oil products to Egypt last year. The $23 billion Saudi aid deal ... Read More »

Iraq to issue $1b bond by March 2017

Iraq to issue $1b bond by March 2017

BAGHDAD: In January Iraq successfully closed a $1 billion issuance guaranteed by the USA. Sources told that a second tranche of a further $1 billion sovereign issuance by Iraq is likely to come to market before the end of the first quarter of 2017. The five-year bond issued in January had a coupon of 2.149 per cent. The Iraqi government ... Read More »

Iraq to cut March Basra oil exports to lowest since August

IRAQ

BAGHDAD: Iraq, OPEC’s second-largest producer, plans to cut crude exports from its southern port of Basra to 3.013 million barrels per day (bpd) in March, the lowest since August, a loading program obtained by Reuters showed. Basra Light exports in March will drop to 2.207 million bpd and exports for Basra Heavy will fall slightly to 806,000 bpd, according to ... Read More »

Iraq’s southern oil exports reduces in January

IRAQ RAISES

BASRA: Crude exports have gone down to 3.275 million barrels per day (bpd) whereas in December southern Iraq exported 3.51 million bpd. Iraq’s oil ministers settled on an agreement with oil producers to reduce overall output in accordance with the OPEC agreement. In December, Iraq reported record crude production in its southern region. After Saudi Arabia, Iraq is OPEC’s largest ... Read More »

Japan approves $100m support for Iraq

Japan approves $100m support for Iraq

BAGHDAD: Japan approved a loan of about $100 million to support humanitarian, counter-terrorism and infrastructure projects in Iraq, a Japanese embassy statement said. According to details, last month Japan agreed to lend Iraq up to 27.2 billion yen ($240 million) to rebuild damaged electricity infrastructure in areas recaptured from Islamic State. Iraq’s government income, which comes almost exclusively from oil ... Read More »

Najaf Police seizes 35 ancient artifacts hidden in vehicle

Najaf Police seizes 35 ancient artifacts hidden in vehicle

NAJAF: Najaf Police Directorate said that it confiscated 35 ancient artifacts belong to different eras, hidden inside a vehicle. According to details, the directorate said that the province’s police confiscated 35 different artifacts hidden inside a vehicle coming from al-Muthanna Province adding that these artifacts belong to various historic eras. “The artifacts will be sent to the Inspectorate of Antiquities ... Read More »

Iraq’s debts exceed US$100b: finance committee

public debt

BAGHDAD: Iraq’s foreign and domestic debts have surpassed US$100 billion, the parliament’s finance committee has revealed, ruling out changes to the budget. Jabbar al-Abbadi, a member of the committee, said in press statements that the government, however, remains capable of secure employee salaries, pensions and to maintain the social security benefits based on current petroleum prices. In December, the Iraqi ... Read More »

Iraq’s south oil exports said to fall from record on OPEC cuts

Iraq-crude-oil

BAGHDAD: Iraq’s southern crude oil exports dropped in January from a record high a month before as the country implements output cuts agreed by OPEC and other major producers to curb the global glut. The nation’s exports decreased 187,000 barrels a day to 3.323 million barrels a day in January from the previous month, according to a person familiar with ... Read More »

Iraq-Egypt oil deal to be finalized in February: EGPC head

EGPC logo

CAIRO: Head of Egypt’s state oil company EGPC Tarek El-Hadidi said an Egyptian delegation will visit Iraq this month to finalize a crude oil import deal, Egyptian news agency MENA reported. Reportedly, the deal would see Egypt import Iraqi oil under a one-year agreement, which could be renewed, according to El-Hadidi. In December, Egypt’s Petroleum Minister Tarek El-Molla announced the ... Read More »

Iraq oil exports decline as OPEC agreement

iraq oil export - iraq - Basra

BAGHDAD: Iraq’s rate of oil exports in January fell month-on-month by roughly 161,000 barrels per day (bpd) as the country began making efforts to comply with an OPEC agreement to cut production. Reportedly, early estimates are based on analysis of independently gathered tanker loading data, and not official Iraqi export figures. According to analysis report, Iraq exported a total of ... Read More »

Egyptian delegation to visit Iraq to finalize crude imports agreement

Iraq-crude-oil

CAIRO: A delegation from the Petroleum Ministry will visit Iraq in February to finalize the draft agreement to import crude oil, Egyptian minister Tarek el-Molla said. Egypt aims to import 1-2 million barrels per month from Iraq. “It’s expected the deal will be concluded during the first quarter [of the year],” Molla said. The move follows Saudi Arabia informing Egypt ... Read More »

Iraq vegetable export value fell by 9% in 2016

vegetable export

BAGHDAD: Agricultural exports from Iraq decreased seven percent to reach $200 million last year. The value of vegetable exports in tons decreased nine percent from 445,054 to 405,000 tons. Agricultural exports decreased 13 percent compared to 2014. Real exports decreased by 14% last year in Iraq, compared to 2015, registering $2.1 billion, according to figures published by customs. This fall ... Read More »

Iraq inks $1.05bn power plant deal with US General Electrical

General-Electric

BAGHDAD: Iraq signed a major deal with US firm General Electric for the construction of two power plants aimed at easing the country’s long-running electricity woes, the premier’s office said. Reportedly, under the deal, the power plants, each with a capacity of 750 megawatts, will be built in the provinces of Dhi Qar and Muthannah at a total cost of ... Read More »

Iraq to double crude oil export capacity at terminal

Crude-oil-exports

BASRA: Iraq started work to double the crude oil loading capacity at one of its two southern offshore oil export terminals to 1.2 million barrels per day, state-run South Oil Company (SOC) said. Dredging operations have started to deepen the sea bed at the Khor al-Amaya terminal, to enable the loading by Suezmax vessels, tankers that can carry up to ... Read More »

Iraq-Iran gas pipeline project: second pipeline construction

iraq iran gas pipeline project

BAGHDAD: An official announced that Iran has launched construction of the second pipeline for exports of natural gas to Iraq. According to details, on latest construction status of Iran-Iraq gas export pipeline, Planning Director of the National Iranian Gas Company Hassan Montazer Torbati said phase one of the project has been accomplished and will be officially inaugurated in the week ... Read More »

Iraq reduces oil production by 180000bpd

Iraq Crude Oil Procession Plant

BAGHDAD: Iraq reduced its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month, the OPEC member’s oil minister said. The cut came from a 4.75 million bpd level, Jabar Ali al-Luaibi told reporters at an industry event at Chatham House in London. “We are abiding by OPEC ... Read More »