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Survey Results – State of Iraq 2014 Oil Exports Up Despite Unrest Karbala, Najaf Plan Rail Link Lukoil to Increase Output at West Qurna-2
 
Survey Results – State of Iraq 2014

Survey Results – State of Iraq 2014

Throughout August 2014, Iraq Business News polled readers for their opinions on the state of Iraq. As expected, the results indicate a more challenging environment in the country over the preceding year. But while the sample size and methodology do not allow us to claim statistical significance, the results tend to show a long-term commitment […]

Oil Exports Up Despite Unrest

Oil Exports Up Despite Unrest

By John Lee. Reuters reports that oil exports from Iraq’s southern terminals are “close to a record high” in October. Kurdish shipments are also reported to be increasing, despite the continuing unrest in the country. Exports from the southern terminals have averaged 2.55 million bpd for the first 23 days of October, slightly up from […]

Karbala, Najaf Plan Rail Link

Karbala, Najaf Plan Rail Link

By John Lee. The provincial councils of Karbala [Karbala] and Najaf have agreed to connect the two cities by rail. According to a report from Aswat Al Iraq, it is expected that Chinese or South Korean companies will implement the project. The intention is to facilitate the transport between the two holy cities, particularly during […]

Lukoil to Increase Output at West Qurna-2

Lukoil to Increase Output at West Qurna-2

By Patrick M Schmidt. The Dubai-based division of the Russian oil company, Lukoil announced revise production figures for the West Qurna-2 fields. The company began production in March 2014 with an output of approximately 120,000 barrels of oil per day. Current production levels are now at 300,000 barrels of oil per day. It is expected […]

Currency Auction Results, 22nd Oct

Currency Auction Results, 22nd Oct

22 October 2014

By John Lee. The Central Bank of Iraq (CBI) has reported that 21 banks took part in its currency auction on Wednesday. A total of $267,318,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of...

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US Approves $600m Ammunition Deal

US Approves $600m Ammunition Deal

21 October 2014

By John Lee. The US State Department has approved a possible sale to Iraq for M1A1 Abrams tank ammunition and associated equipment, parts and logistical support for an estimated cost of $600 million (700 billion Iraqi dinars). The Defense Security Cooperation Agency delivered the required...

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Iraq Approves $278m Halliburton Deal

Iraq Approves $278m Halliburton Deal

21 October 2014

By John Lee. The Iraqi cabinet has approved a drilling deal with Halliburton value at $278.5 million (324 billion Iraqi dinars). Reuters reports that under the 30-month contract, Halliburton will drill 30 oil wells in the 8.7-billion-barrel West Qurna-I field, operated by U.S. major...

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Warwick International Opens First Iraq Hotel

Warwick International Opens First Iraq Hotel

21 October 2014

By John Lee. Warwick International Hotels Group (WIH) has opened its portfolio new 300-room Babylon Warwick Hotel in Baghdad. The company has entered into a contract with Al Ebaa Company to manage the propertly, located on the edge of the Tigris River opposite of the USA Embassy. According...

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Over 1.8 Million Iraqis Displaced

Over 1.8 Million Iraqis Displaced

21 October 2014

From January through 5 October, 2014 the International Organization for Migration (IOM)’s Displacement Tracking Matrix (DTM) identified an estimated 1,814,862 displaced people (302,477 families) in Iraq. This figure represents an increase of more than 61,000 displaced people since late...

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Currency Auction Results, 21st Oct

Currency Auction Results, 21st Oct

21 October 2014

By John Lee. The Central Bank of Iraq (CBI) has reported that 17 banks took part in its currency auction on Tuesday. A total of $247,265,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of...

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Weekly Security Update, 14 – 20 October 2014

Weekly Security Update, 14 – 20 October 2014

21 October 2014

By Anne-Laure Barbosa at Constellis Consulting The Iraqi parliament’s approval of Sunni MP Khaled al-Obeidi as defense minister, and Mohammed al-Ghabban, a Shia member of the Badr Organisation, as interior minister, will provide a stronger political foundation for Abadi to counter the ISIS...

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Basra Light Crude may Split into 2 Grades

Basra Light Crude may Split into 2 Grades

20 October 2014

By John Lee. The Iraqi State Oil Marketing Organization (SOMO) has proposed splitting its Basra Light crude supply into two grades. Reuters cites trade sources as saying that SOMO and has requested feedback on the proposal by the end of the week from buyers in Asia. Iraq now plans to offer...

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Hanwha Receives Further Payment for Bismaya

Hanwha Receives Further Payment for Bismaya

20 October 2014

By John Lee. Hanwha E&C has announced that the company received the fourth deposit of US$387.5 million (452 billion Iraqi dinars) for the construction of the Bismayah New City (pictured) outside Baghdad. This sum brings Hanwha receipts from the project to $1.9375 billion, 25 percent of the...

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Iraq Seeks to Increase Electricity Imports

Iraq Seeks to Increase Electricity Imports

20 October 2014

By John Lee. Iraq's new Minister of Electricity, Qasim Mohammad Abid Hammadi al-Fahadawi [Qassim al-Fahdawi] (pictured), is to travel to Iran on Tuesday to hold talks on electricity imports. At a meeting with his Iranian counterpart, Hamid Chitchian, the Minister will also discuss the...

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Non-Members Welcomed at IBBC Conference

Non-Members Welcomed at IBBC Conference

20 October 2014

Iraqi and British politicians will be joining senior business leaders from both countries at the Iraq Britain Business Council’s (IBBC) eighth London conference in early November. Entitled “Iraq – Accentuating the Positive”, the event is being held at the spectacular Institution for Civil...

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UN sees Improvements in KRI Human Rights

UN sees Improvements in KRI Human Rights

20 October 2014

Prime Minister Nechirvan Barzani today received Ivan Šimonović, the United Nations Assistant Secretary-General for Human Rights, and his accompanying delegation. The delegation said that compared to their previous visit back in 2011, they noticed sound improvements made by the Kurdistan Region...

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Rains Causes Flooding in Refugee Camps

Rains Causes Flooding in Refugee Camps

20 October 2014

By John Lee. Heavy rains have reportedly flooded refugee camps in Dohuk, where an estimated 100,000 Iraqis,  mostly Assyrians and Yazidis, are living having fled from the Islamic State. According to a report from AINA, hundreds of refugees held protests to call attention to their miserable...

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Video: Minorities join Fight Against ISIL

Video: Minorities join Fight Against ISIL

20 October 2014

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Several minority ethnic groups are trying defend their towns from the Islamic State of Iraq and the Levant. They say they've lost confidence in the Iraqi army, and...

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Refugee Crisis Strikes Anbar

Refugee Crisis Strikes Anbar

20 October 2014

By Patrick M Schmidt. The United Nations (UN) has estimated that nearly 180,000 civilians have been displaced from Anbar province following the advance of the Islamic State (IS) into the province. These individuals add to the nearly 1.8 million Iraqis who have been displaced since the initial...

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Islamic State Fighter Jet Concerns

Islamic State Fighter Jet Concerns

20 October 2014

By Patrick M Schmidt. Concerns are now mounting with Western defense agencies that the Islamic State (IS) has gained control of Syrian fighter jets. It is believed the captured at least three jets during their assault of the Syrian air force base, al-Jarrah. The fighters may be receiving...

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