Wednesday , September 18 2019
Breaking News


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

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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

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

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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

A worker walks through   pipe infrastructure at Yablunivka Gas production plant of Joint Stock Company UGV ( Naftogas group) on Oct, 26, 2018 in Poltava oblast.

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 »

Iraq’s Energy Sector: Roadmap to a Brighter Future


Iraq, one of the world’s biggest energy producers, can address its current electricity shortfall and growing power needs through immediate action to relieve pressure on the system, according to an in-depth report by the International Energy Agency. It also provides a medium-term strategy that makes the best use of the country’s abundant oil and natural gas resources and solar potential. ... Read More »

Investment Opportunities: 7 Solar Energy Projects


The National Investment Commission (NIC) has published details of a new round of solar energy projects: The Ministry of Electricity is please to invite local, regional and international Independent Power Producers (IPP) to submit Expressions of interest (EOI) to embark into a proposed reverse auctioning round for SEVEN (7) Green field solar PV IPP projects (each a “project”) with a ... Read More »

Market Review: “Economy continues to Recover”

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The market, as measured by the Rabee Securities RSISUSD Index, increased by +2.5% in April, bringing the YTD decline to -11.8%. Average daily turnover, excluding block transactions, declined -32% from the prior month, and at 60% of the average turnover for the last 12 months, is the second lowest for the period. Foreign selling, the cause of the last few ... Read More »

Iraq, Germany’s Siemens sign power agreement


Iraq’s government and German industrial conglomerate Siemens have signed a framework agreement to upgrade the electricity grid of the power-strapped country. Siemens chief executive Joe Kaeser and Iraqi Electricity Minister Luay al-Khatteeb “signed an implementation agreement to kick off the actual execution of the roadmap” agreed to last year, the company said in a statement. “This includes the addition of ... Read More »

Iraq, Russia sign New Agreements


Foreign Minister Mr. Mohamad A. Alhakim Head of the Iraqi side and Russian Deputy Prime Minister Mr. Yury Borisov Head of the Russian side, signed the joint meeting minutes of the eighth session of the joint Iraqi-Russian committee. They agreed to develop and enhance mutual cooperation in various productive and service sectors, as well as taking all measures to remove ... Read More »

Possible Iraq-Iran-Syria Rail Line


Iraq, Iran and Syria are reportedly planning to build a railway connecting the three countries. According to media reports, Salib al-Hussaini, the head of the Iraqi Railway Company, has announced a tripartite summit to discuss the project. Read More »

ICTSI to Increase Capacity at Umm Qasr Port


International Terminal Container Services Inc. (ICTSI) has reportedly allocated additional funds for capacity expansion at its Basra Gateway Terminal (BGT) at the Port of Umm Qasr. Rafael Consing, ICTSI chief financial officer, is quoted by the Philippine Daily Inquirer as saying that this year’s capex budget of $380 million will be invested at its four ports in Manila, Mexico, Honduras, ... Read More »