New Financing for Iraqi Projects

By John Lee. GE, Trade Bank of Iraq (TBI) and Standard Chartered Bank (SCB) have reportedly signed a financing MoU to accelerate the development of power and infrastructure projects in Iraq. According to TradeArabia, a similar financing agreement with the three entities earlier this year facilitated the completion of the first phase of the ‘Power […]

Shell “Considering Selling” Iraq Oil Assets

By John Lee. Shell is reported to be considering selling its oil fields in Iraq, as part of a global $30-billion asset disposal program. The move follows the company’s $54-billion acquisition of gas company BG Group earlier this year. Industry sources told Reuters that Shell has found only limited financial benefits in recent years from […]

KRG opens new Oilfield Services Registration System

The Kurdistan Regional Government’s Ministry of Natural Resources (MNR) has announced that the new online Oilfield Services Company (OSC) registration and Approved Vendor List (AVL) listing system, hosted by the MNR Portal, is now open for applications. Having successfully completed an eight-week pilot, the MNR invites OSCs wishing to provide services to operators in the […]

Counter-ISIL Strikes Continue in Syria, Iraq

U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq yesterday, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, bomber, fighter and remotely […]

Currency Auction Results, 30th Nov

By John Lee. The Central Bank of Iraq (CBI) has reported that 34 banks and 14 remittance companies took part in its currency auction on Wednesday. A total of $148,438,556 sold at a price of 1182 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)

Lukoil updates on West Qurna-2

By John Lee. In its third-quarter and nine-month results announced on Monday, Russia’s Lukoil reports that its capital expenditures for the first nine months of 2016 were 19.1 percent lower than in the corresponding period of 2015. This decrease partly attributed to moving to the maintenance oil production stage at the West Qurna-2 project in […]

Counter-ISIL Strikes Hit Terrorists in Syria, Iraq

U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq yesterday, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, fighter and remotely piloted […]

Video: Parliament Legalises Shia Militias

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The Iraqi parliament has passed a bill to officially recognise Shia armed groups collectively known as the Popular Mobilisation Forces. The PMF are currently playing a vital role in the battle for the […]

Currency Auction Results, 29th Nov

By John Lee. The Central Bank of Iraq (CBI) has reported that 35 banks and 14 remittance companies took part in its currency auction on Tuesday. A total of $149,497,790 sold at a price of 1182 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)

UN Campaign to Combat Gender-Based Violence

Under the theme “From Peace in the Home to Peace in the World: Step Up for Freedom and Equality”, the United Nations in cooperation with the Government of Iraq and the Kurdistan Regional Government launched the 16 days of Activism campaign against gender-based violence in Iraq. The campaign was launched in Baghdad on 26 November […]