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Iraq Owes Oil Companies $20bn Textron Wins $52m Drone Contract OFFTEC Opens First Branch in Iraq Iraq Stock Market Report
 
Iraq Owes Oil Companies $20bn

Iraq Owes Oil Companies $20bn

By John Lee. The Deputy Minister for gas refineries at the Ministry of Oil, Fayaz Hassan, has told reporters that Iraq owes almost $20 billion (24 trillion Iraqi dinars) to foreign oil companies working in the country. BasNews quotes him as saying that the Iraqi Oil Ministry has met with the Finance Ministry and Central […]

Textron Wins $52m Drone Contract

Textron Wins $52m Drone Contract

By John Lee. Maryland-based Textron Systems has been awarded a $51,762,329 conract for performance based logistics and operational support for Shadow tactical unmanned aircraft systems for the Army and Marine Corps. The Work will be performed in Maryland, Afghanistan, and Iraq, and the estimated completion date is 31st October, 2015. (Source: US Dept of Defense)

OFFTEC Opens First Branch in Iraq

OFFTEC Opens First Branch in Iraq

Jordanian-based OFFTEC, a subsidiary of OFFTEC Holding Group, announced the opening of its first branch in Iraq. Located in the city of Erbil, the new branch further builds on OFFTEC ‘s growing network, which encompasses multiple branches across Jordan, Palestine and Sudan, all of which specialize in the provision of innovative business and technology services […]

Iraq Stock Market Report

Iraq Stock Market Report

Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th March 2015). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,144 / $1,200 (-5.9%) (weekly change) ) (-17.9% and -19.0% YTD change, respectively). The number of week traded […]

Iraq Owes Oil Companies $20bn

Iraq Owes Oil Companies $20bn

30 March 2015

By John Lee. The Deputy Minister for gas refineries at the Ministry of Oil, Fayaz Hassan, has told reporters that Iraq owes almost $20 billion (24 trillion Iraqi dinars) to foreign oil companies working in the country. BasNews quotes him as saying that the Iraqi Oil Ministry has met with the...

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Posted in Oil & Gas4 Comments

Textron Wins $52m Drone Contract

Textron Wins $52m Drone Contract

30 March 2015

By John Lee. Maryland-based Textron Systems has been awarded a $51,762,329 conract for performance based logistics and operational support for Shadow tactical unmanned aircraft systems for the Army and Marine Corps. The Work will be performed in Maryland, Afghanistan, and Iraq, and the...

Read the full story

Posted in Security4 Comments

OFFTEC Opens First Branch in Iraq

OFFTEC Opens First Branch in Iraq

30 March 2015

Jordanian-based OFFTEC, a subsidiary of OFFTEC Holding Group, announced the opening of its first branch in Iraq. Located in the city of Erbil, the new branch further builds on OFFTEC 's growing network, which encompasses multiple branches across Jordan, Palestine and Sudan, all of which...

Read the full story

Posted in Industry & Trade3 Comments

Iraq Stock Market Report

Iraq Stock Market Report

30 March 2015

Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th March 2015). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,144 / $1,200 (-5.9%) (weekly change) ) (-17.9% and...

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Posted in Investment1 Comment

New School for Pilots in Baghdad

New School for Pilots in Baghdad

30 March 2015

Airways Aviation is opening its latest Aviation Theory School in Baghdad later this month, paving the way for aspiring Iraqi pilots to launch their flying careers. The new Iraqi school, equipped with modern teaching facilities including a flight simulator, is located in the education precinct...

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Posted in Education & Training, Transportation1 Comment

Luxemburg Pledges Support to Kurdistan

Luxemburg Pledges Support to Kurdistan

30 March 2015

On Saturday, the Head of KRG Foreign Relations, Minister Falah Mustafa, received Mr. Jean Asselborn, Minister of Foreign and European Affairs of Luxemburg and his accompanying delegation to discuss strengthening of bilateral relations as well as developments in the region. Minister Mustafa...

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Posted in Security0 Comments

Imported Goods Crowd Out Local Production

Imported Goods Crowd Out Local Production

29 March 2015

By Wassim Bassem for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Qasim al-Rubaie, a teacher from Babil province, told Al-Monitor in front of a grocery store, “You will not find any Iraqi grown vegetables and...

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Posted in Industry & Trade0 Comments

Contractor Pleads Guilty in Iraq Bribes Case

Contractor Pleads Guilty in Iraq Bribes Case

29 March 2015

By John Lee. A man extradited from Iraq to the United States has pleaded guilty to conspiracy to commit wire fraud, and to two charges related to leaving the country after his arrest. Metin Atilan, who has dual Turkish and U.S. citizenship, was charged with conspiring to pay bribes and...

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Posted in Security0 Comments

Is the Shiite Revival Here?

Is the Shiite Revival Here?

29 March 2015

By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. In the book "The Shia Revival: How Conflicts within Islam Will Shape the Future," Vali Nasr, an Iranian-American researcher on the crises in the Middle...

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Posted in Security0 Comments

3G Should Bolster Telco Revenues

3G Should Bolster Telco Revenues

28 March 2015

By John Lee. A telecommunications analyst has said that the recent launch of 3G services in Iraq should stabilize the revenue and profit of Iraq’s mobile phone operators this year, following the difficulties caused by the war against the Islamic State (IS, ISIS, ISIL). Omar Maher of EFG...

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Posted in Telecoms/Comms0 Comments

Cyprus to Open Office in Erbil

Cyprus to Open Office in Erbil

28 March 2015

Minister for Foreign Affairs of the Republic of Cyprus, Ioannis Kasoulides, received Minister Falah Mustafa on Thursday to discuss bilateral ties between the Kurdistan Region and the Republic of Cyprus as well as latest developments in the wider region. In welcoming Minister Mustafa and his...

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Posted in Industry & Trade, Politics, Security0 Comments

Profile: Qassem Suleimani

Profile: Qassem Suleimani

28 March 2015

Iraqi army and militia forces are fighting to take back Tikrit from the so-called Islamic State. Pulling the strings on the Iraqi side is an Iranian: Major-General Qassem Suleimani, the 'shadow commander' who has been described as the single most powerful operative in the Middle East. As the...

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Posted in Security0 Comments

EarthLink chooses Level 3

EarthLink chooses Level 3

28 March 2015

Level 3 Communications has announced it has been selected by internet and communication solutions provider, EarthLink Telecommunications -- the largest Internet Service Provider in Iraq -- to provide the secure global connectivity needed to support enterprise customers from EarthLink's Middle...

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Posted in Telecoms/Comms0 Comments

Turkey Confirms Iraqi Oil Exports Worth $3bn

Turkey Confirms Iraqi Oil Exports Worth $3bn

27 March 2015

By John Lee. Turkish Energy Minister Taner Yildiz (pictured) said on Thursday that oil shipments from Iraq via Turkey now amount to 47 million barrels since the beginning of last. He told a news conference that 57 tankers have loaded Iraqi crude at Ceyhan, bringing revenues of $3 billion (3.6...

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Posted in Oil & Gas7 Comments

Copperchase Wins Hyundai Contract

Copperchase Wins Hyundai Contract

27 March 2015

By John Lee. UK-based Copperchase has won a $6 million (7.2 billion Iraqi dinar) contract with Hyundai Engineering & Construction to build a new security fence at Karbala oil refinery. The company used a £200,000 loan from the Tees Valley Catalyst Fund loan, which is managed by FW...

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Posted in Construction & Engineering, Oil & Gas, Security4 Comments

Iraq Accepts Int’l Support Against IS

Iraq Accepts Int’l Support Against IS

27 March 2015

By Mustafa al-Kadhimi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Some Shiite circles in Iraq are unhappy about the US role in the war against the Islamic State (IS), and some politicians are saying that...

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Posted in Security6 Comments

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