Iraq keen to join China’s Belt and Road Initiative

By John Lee. Iraq’s Minister of Transport, Abdullah Luaibi [Abdul Allah al-Leibi], has said that Iraq is actively seeking to join China’s Belt and Road Initiative [“One Belt, One Road (OBOR)“]. In statements on Monday, the Ministry confirmed that the Minister met with China’s Ambassador to Iraq, Zhang Tao, to discuss the plan. It added […]

Exxon Increases Production at West Qurna 1

By John Lee. Production at the West Qurna 1 oilfield has reportedly reached 465,000 barrels per day (bpd), following the completion of new crude processing facilities and oil storage tanks. Officials told Reuters on Monday that the field was previously producing about 440,000 bpd. Exxon‘s foreign staff were present at a ceremony to launch the […]

Russia’s Gazprom Neft interested in Expanding in Iraq

By John Lee. Russia’s Gazprom Neft is reported to be interested in expanding its operations in Iraq. Reuters says boss Alexander Dyukov told the annual general meeting on Friday that the company, which is already developing the Badra oilfield, is also “looking at” the Mansuriyah gas field near the Iranian border. It says that Iraqi […]

$1bn Japanese Financing for Basrah Refinery

JICA to Support Iraq’s Reconstruction and Revitalization through Upgrade of Basrah Refinery Signing of Japanese ODA Loan Agreement for Iraq On 16 June, 2019, the Japan International Cooperation Agency (JICA) and the Iraqi Government signed a loan agreement at Ministry of Finance in Baghdad. The ODA (Official Development Assistance) loan amounting to JPY 110,000 million […]

Stabilisation of Mosul Dam “Successfully Completed”

By John Lee. The US Ambassador to Iraq, Matthew H. Tueller, joined Minister of Water Resources Jamal al-Adili and Italian Ambassador Pasquino to celebrate the successful completion of emergency efforts to stabilize Mosul Dam. The United States provided $124 million for the U.S. Army Corps of Engineers (USACE) to serve as the “Engineer” for the […]

US Grants Iraq Waiver to Buy Iranian Electricity

By John Lee. The Trump administration has reportedly granted Iraq a 120-day waiver from its sanctions against Iran, to allow it to continue importing electricity from the country during the hottest of the summer weather. The decision followed a phone call on Friday between Secretary of State Michael Pompeo (pictured) and Iraqi Prime Minister Adel […]

KNM Wins Contract at Khor Al Zubair

By John Lee. 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 […]

Is Abadi looking to return as PM?

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Is Abadi looking to return to prime minister’s post? Former Iraqi Prime Minister Haider al-Abadi announced May 31 his resignation from all his positions in the Islamic Dawa […]

GardaWorld Weekly Security Report

GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments […]

Rosneft and the Future of Iraqi Kurdistan Gas

Rosneft’s money might help Iraqi Kurdistan meet its domestic gas demand, but it could also cripple its long-term export ambitions, according to an oil analyst. In an opinion piece for Energy Reporters, Nick Augusteijn argues that Rosneft’s deals are vehicles for Russia’s “increasingly assertive foreign policy“. Click here to read the full story. (Source: Energy […]