Monday , July 22 2019
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Iraq

Iraq, Lebanon, keen to Cooperate in Banking

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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

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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

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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 »

Rumaila hits 30-yr High in Oil Production

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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

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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

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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

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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

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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

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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

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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 »

Textron Wins $15m Iraq Contract

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US-based Textron Aviation Defense has been awarded a $15,350,000 contract for continued support for the completion of the reconstitution of 15 T-6A aircraft. This modification provides for a schedule extension to complete the reconstitution of 15 T-6A aircraft and procure cartridge actuated devices and propellant actuated devices. Work will be performed at Imam Ali Air Base, Iraq, and is expected ... Read More »

Rouhani says Iran ready to expand gas, power trade with Iraq

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President Hassan Rouhani called for Iran and neighboring Iraq to expand their gas and electricity dealings and boost bilateral trade to $20 billion, state TV reported, despite difficulties caused by U.S. sanctions against Tehran. “The plans to export electricity and gas and hopefully oil continue and we are ready to expand these contacts not only for the two countries but ... Read More »

Iraq GDP Growth to Hit 8.1%

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A new report from the World Bank Group forecasts real GDP growth (at constant market prices) of 2.8 percent this year in Iraq, increasing to 8.1 percent next year: Iraq’s economy is gradually picking up following the deep economic strains of the last four years. Real GDP is estimated to have grown by 0.6 percent in 2018, thanks to a ... Read More »

New Iraq-Saudi Border Crossing to be Hi-Tech

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The General Company for Land Transport (GCLT) has held a meeting with its Saudi Arabian counterpart to discuss the opening of the Arar border crossing between the two countries. According to a statement from Iraq’s Ministry of Transport, the participants stressed the importance of the new border facility for commercial trade and religious tourism. A report this week from Asharq ... Read More »

Qatar-Iraq Trade Jumps 52 Percent

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Trade between Qatar and Iraq rose by 52 percent last year to reach QR473 million compared to QR310 million in 2017, according to a report from Al Bawaba. Al Bawaba quotes Sheikh Khalifa bin Jassim bin Mohammed al Thani, the Chairman of Qatar Chamber, as saying that the most important Qatari imports from Iraq are vegetables, fruits and some electrical ... Read More »

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 »