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Iraq

Iraq gets new Sanctions Waiver to buy Iranian Energy

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The Trump administration has reportedly granted Iraq a further 90-day extension to the waiver exempting it from US sanctions on Iran. CNBC quotes a senior State Department official as saying on condition of anonymity: “While this waiver is intended to help Iraq mitigate energy shortages, we continue to discuss our Iran-related sanctions with our partners in Iraq.” According to some ... Read More »

Iran, Iraq “to Meet $20bn Trade Target in 2 Yrs”

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Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within the next two years. Speaking at a TV program on Wednesday, Rahmani stressed the need to exploit the potential of Iran and Iraq for industrial and trade cooperation. He ... Read More »

Iran’s Rouhani signs trade pacts in Iraq to help offset US sanctions

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BAGHDAD: Iraq and Iran signed several preliminary trade deals on Monday, Iraqi officials said, as Iranian President Hassan Rouhani began his first visit seeking to bolster Tehran’s influence and expand commercial ties to help offset renewed U.S. sanctions. The deals, among them a plan to build a railway linking the neighbors, emerged soon after the start of Rouhani’s visit, meant ... Read More »

Oil Police interdict Kirkuk-area smuggling operation

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SULAIMANIYA/KIRKUK: Iraqi Oil Police fought a two-hour gun battle with smugglers tapping a remote well in the Jambur oil field this week, the latest incident in an uphill battle the Iraqi state is waging against oil thieves operating throughout northern Iraq. The various smuggling operations involve several thousand barrels of oil per day — a small fraction of Iraq’s overall ... Read More »

Denmark gives additional $4 million for Iraq Security Reform

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The Government of Denmark will contribute an additional 27 million Danish Kroner (approx. USD 4 million) to advance Security and Justice Sector Reform in Iraq in the coming years. This support will be managed and facilitated by United Nations Development Programme (UNDP). UNDP Security Sector Reform/ Rule of Law Programme provides advice to Government of Iraq’s Security Sector Reform Programme ... Read More »

Iraq Oil Exports Down Slightly in February

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Iraq’s Ministry of Oil has announced interim oil exports for February of 101,387,615 barrels, giving an average for the month of 3.621 million barrels per day (bpd), down from the 3.649 bpd exported in January. These exports from the oilfields in central and southern Iraq amounted to 99,120,006 barrels, while exports from Kirkuk amounted to 1,753,373 barrels, and from Qayara ... Read More »

Oil Smugglers can count on Corruption in Iraq

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Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Accusations are flying about oil smuggling in Iraq’s Ninevah province, and many accusers say government officials, armed factions and other powerful parties are involved. Representatives of the province, including parliament member Ahmed al-Jubouri, have said recently that oil is being ... Read More »

EU announces additional EUR 50 million for Iraq

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The EU has announced an additional €30 million in humanitarian assistance. Another €20 million in development funding will contribute to the reconstruction of the country’s cultural heritage, as well as the creation of jobs and opportunities for vulnerable youth. The announcement was made by Commissioner for Humanitarian Aid and Crisis Management Christos Stylianides (pictured), on the occasion of his sixth ... Read More »

Riyadh woos Iraqis with Security Talks, Economic Projects

Saudi Arabia's King Salman bin Abdulaziz Al Saud shake hands with Iraq's President Barham Salih during his visit in Riyadh, Saudi Arabia, November 18, 2018. The Presidency of the Republic of Iraq Office/Handout via REUTERS   ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. - RC1650B939B0

Falih al-Fayadh, head of the Popular Mobilization Units and Iraq’s national security adviser, visited Saudi Arabia Jan. 31 in a sign of the new and improved ties between the two countries. As Fayadh is close to Iran and widely viewed as a pro-Iran candidate for interior minister in the government of Prime Minister Adel Abdul Mahdi, his visit aimed to ... Read More »

Oil Smugglers can count on Corruption in Iraq

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Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Accusations are flying about oil smuggling in Iraq’s Ninevah province, and many accusers say government officials, armed factions and other powerful parties are involved. Representatives of the province, including parliament member Ahmed al-Jubouri, have said recently that oil is being ... Read More »

Iraq’s 2019 Budget busts IMF Deal

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Iraqi President Barham Salih (pictured) approved the controversial 2019 budget. The budget passed the parliament Jan. 23 after long debates over allocations for the Kurdistan Region and southern provinces and amendments that ignored Iraq’s obligations under an agreement with the International Monetary Fund (IMF) mandating austerity measures until 2021. The Iraqi parliament approved draft legislation for the 2019 budget amid ... Read More »

Eni eyes New Opportunities in Iraq

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Oil Minister Thamir A. Al-Ghadhban met Eni’s CEO Claudio Descalzi in Baghdad. Eni’s CEO outlined the Company’s current activities in the country in light of the recent achievements of the Zubair field development. Mr. Al-Ghadhban and Mr. Descalzi also discussed future opportunities and development investments that will further strengthen Eni’s relationship with the country. At Zubair oil production has grown ... Read More »

Iraq “must not be Reliant on Iran”

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The UK’s foreign office minister for the Middle East has reportedly said that Iraq must wean itself off economic reliance on Iran and become more energy self-sufficient. On a visit to Iraq on Sunday. “To expect Iran to have no influence in Iraq is fanciful … What is important is that Iraq finds the opportunity to follow its own future ... Read More »

TBI wins at International Finance Awards

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The state-owned Trade Bank of Iraq (TBI) has been recognised for its outstanding performance and service, taking home two awards at the International Finance Awards 2018. London based ‘International Finance’ magazine rewarded TBI’s continued commitment towards providing modern banking services in Iraq, presenting the ‘Best Retail Bank’ and ‘Best Priority Bank’ awards during a special ceremony held at the Jumeirah ... Read More »

MAN Energy Solutions Cements Iraqi Deals

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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

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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

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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

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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

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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

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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 »