Saturday , January 19 2019
Breaking News


MAN Energy Solutions Cements Iraqi Deals


MAN Energy Solutions has successfully commissioned six MAN 18V32/40 engines in a cement factory in Samawa, Iraq, and delivered five more engines of the same type to a freshwater-treatment plant in Basra. “The country’s infrastructure has suffered greatly from armed conflict in the past and the re-electrification of Iraq is pivotal for further growth and new prosperity. We are very ... Read More »

$2m to Launch of Mosul Heritage Stabilization Program


Cultural Property Consultants (CPC) and the University of Pennsylvania Department of Near Eastern Languages and Civilizations (NELC) have been awarded a $2 million grant to launch the Mosul Heritage Stabilization Program (MHSP). MHSP seeks to assist Iraqis in the preservation and protection of cultural heritage by contributing to the maintenance and promotion of cultural memory, identity, diversity, and freedom of ... Read More »

Alliant wins $36m Iraqi Defense Deal


Alliant Techsystems Inc. has been awarded a $36,570,512 firm-fixed-price modification (P00045) to contract FA8106-16-C-0004 that exercises Option Year Three for contractor logistic support. This contract provides the Iraqi Air Force’s Cessna 208 fleet and the 208/172 Trainer fleet with contractor logistic support. Work will be performed in Iraq and is expected to be completed Dec. 31, 2019. This contract involves ... Read More »

Kurdish Companies “moving South” to Avoid Tax


Companies are reportedly relocating from the Kurdistan Region to rest of Iraq in an effort to avoid taxes and customs duties which the Iraqi government charges on goods exported to southern Iraq. According to Kurdish media network Rudaw, the Baghdad government considers goods produced in Iraqi Kurdistan to be foreign, and subject to import duties. Mustafah Zubeir, of the KRG ... Read More »

Iran, Iraq in Talks for Trade in Own Currencies


The central banks of Iran and Iraq are finalizing negotiations to begin trade in their own currencies, chairman of Iran-Iraq Chamber of Commerce said. Speaking to Tasnim, Yahya Ale-Eshaq said negotiations between the central banks of Iran and Iraq are under way to reach an agreement on using rial and dinar in bilateral trade. Once finalized, the agreement would allow ... Read More »

US energy secretary urges Iraq to quit dependency on Iran


BAGHDAD: US Energy Secretary Rick Perry arrived in Baghdad on a trade mission Tuesday urging Iraq to reduce its energy dependence on Iran and open its own energy sector to American investment. The visit comes as the US tries to isolate Iran through sanctions targeting its business and finance sectors. US President Donald Trump says Iran is not in compliance ... Read More »

Nineveh-Duhok Customs Post Removed


The Iraqi government has reportedly removed the Fayida customs post between Mosul and Duhok province, following a parliamentary vote that deemed the customs points illegal and ordered their removal. According to Rudaw, the checkpoint, along with two others established by former Iraqi PM Haider al-Abadi between Sulaimani and Kirkuk and Kirkuk and Erbil, were a heavy burden on traders. It ... Read More »

Oil Exports Revenues Fall in November

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Iraq’s Ministry of Oil has announced interim oil exports for November of 101,156,808 barrels, giving an average for the month of 3.372 million barrels per day (bpd), a decrease from the 3.478 bpd exported in October. These exports from the oilfields in central and southern Iraq amounted to 100,895,342 barrels, while exports by the North Oil Company amounted to 261,466 ... Read More »

Iraq to unify customs procedures with Kurdistan, PM says


BAGHDAD: Iraq will unify customs procedures in all of its border areas, including within semi-autonomous Kurdistan, the prime minister said, signaling a further thaw in ties between Baghdad and Erbil after a resumption of Kirkuk oil flows. The decision will be implemented after the federal government in Baghdad reaches an agreement on the move with the Kurdistan Regional Government (KRG), ... Read More »

Convictions in $600 million Dinar Fraud


The co-owners and chief operating officer of one of the largest Iraqi dinar exchangers in the United States were convicted last month by a federal jury following a five-week trial. Tyson Rhame, James Shaw, and Frank Bell were each convicted of mail and wire fraud conspiracy, as well as multiple counts of mail and wire fraud. Rhame and Bell were ... Read More »

Kurdish Companies “moving South” to Avoid Tax


Companies are reportedly relocating from the Kurdistan Region to rest of Iraq in an effort to avoid taxes and customs duties which the Iraqi government charges on goods exported to southern Iraq. According to Kurdish media network Rudaw, the Baghdad government considers goods produced in Iraqi Kurdistan to be foreign, and subject to import duties. Mustafah Zubeir, of the KRG ... Read More »

ABB to complete Iraq Projects by 2024


ABB is reportedly targeting 2024 for the completion of energy projects in Iraq. Its managing director for the Middle East, Mostafa Al Guezeri, told The National that the Swiss-Swedish company is in the planning stage for its $1.2-billion work in the country. He added that the company was committed to spending more on Iraq by helping the country access finance, ... Read More »

Iraq’s Foreign Reserves top $60 billion


The Central Bank of Iraq (CBI) has announced that the county has foreign reserves exceding 60 billion dollars. In a statement, the bank said the reserves are “a result of the fiscal and monetary policies adopted by the Central Bank over the past years to stabilize the general financial situation, especially in 2014 and the years that followed, with financial ... Read More »

Iraq to buy 90,000 tons of US Rice


Iraq has agreed to buy 90,000 metric tons of rice from the United States. US Congressman Ralph Abraham, M.D., R-Alto, a member of the House Agriculture Committee, said in a statement: “Iraq is buying three times more rice than we requested in our letter, so I’m thrilled that this resulted in such a successful sale. A purchase of this great ... Read More »

‘Iraq’s foreign reserves at USD55.7 billion’

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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 »

US Approves Helicopter Sales to Iraq


The US State Department has made a determination approving a possible Foreign Military Sale to Iraq of five (5) Armed Bell 407GX helicopters configured with M240 7.62mm Machine Guns for an estimated cost of $82.5 million. The Defense Security Cooperation Agency delivered the required certification notifying Congress of this possible sale. The Government of Iraq has requested to buy five ... Read More »

Corruption Blamed for Imports of Bad Food and Medicine


Iraq’s parliament is investigating allegations that corruption and fraud at border crossings involving “influential entities” have led to an influx of contaminated food supplies and expired or counterfeit medications into the country. “Spoiled medications and food supplies come into Iraq. Large quantities have been confiscated. This [scheme] is backed by influential entities,” Noura al-Bajari, a member of the parliamentary Economy ... Read More »

Aggreko signs Contract with North Refineries Company


UK-based Aggreko (Middle East) and Iraq’s North Refineries Company have signed a contract for rental of temporary power generators to supply 15MW of power to Baiji Refinery as a first stage. For Aggreko, the world’s largest supplier of temporary power, which also supplies South Refineries Company with 25MW, This contract will help broaden the partnership between Aggreko, the world’s largest ... Read More »

IOCs discuss Basra’s Oil and Gas Megaprojects


The 5th annual CWC Basra Megaprojects Conference – Oil, Gas & Environment will be held from 9-10 October in Istanbul, Turkey chaired by the EU Ambassador to Baghdad, Ramon Blecau. In a show of support for the rebuilding of Iraq, Ambassador Blecau and industry experts will highlight the business opportunities available in the resource-rich South of Iraq with the aim ... Read More »

Three held over Iraq to UK ‘people-smuggling ring’


Three men have been arrested in an operation to tackle a people-smuggling network suspected of illegally bringing almost 3,000 migrants into Europe. A 41-year-old from Oldham, suspected of leading the network, was later bailed after being questioned on suspicion of immigration offences. A 35-year-old from Manchester and a 38-year-old from Stoke-on-Trent had been released on bail before the older man. ... Read More »