Gulf Keystone and ShaMaran to Merge in $1bn-Plus Deal
By John Lee. Gulf Keystone Petroleum (GKP) and ShaMaran Petroleum have agreed to merge in a transaction valuing ShaMaran's entire issued share capital at approximately $601 million. The deal will create a combined company with a pro-forma market capitalisation of more than $1 billion, focused on oil production in the Kurdistan Region of Iraq and […]
Rafidain Bank to Expand Loans and Private Sector Financing
By John Lee. Rafidain Bank has been directed to launch employee loans, streamline application procedures, and expand financing for the private sector. Finance Minister Faleh Sari issued the instructions during a visit to the bank on Monday, where he chaired a meeting with Director General Dr. Ali Karim and senior officials. During the visit, Sari […]
Iraq's Oil Exports "Rise to 3.4m bpd"
By John Lee. Iraq's oil export rate has reportedly risen to more than 3.4 million barrels per day (bpd) in the current month, up from an average of 3 million bpd recorded in September. Exports are being routed via the Strait of Hormuz, the Turkish port of Ceyhan, and through pipeline infrastructure via Syria. Minister […]
Leadership Change at Iraq Securities Commission
By John Lee. Dr Mazen Sabah Ahmed has taken over as chairman of the Iraq Securities Commission (ISC), replacing Faisal Al-Haimas following a formal handover ceremony. Al-Haimas congratulated his successor and commended his banking experience and professional qualifications. (Source: Iraq Securities Commission)
Iraq Plans 16 New LPG Storage Tanks
By John Lee. Iraq is planning to build 16 new liquefied petroleum gas (LPG) storage tanks with a combined capacity of 48,000 cubic metres, as part of efforts to expand strategic reserves and improve supply stability. According to the Ministry of Oil, a senior review meeting was chaired by Dr Izzat Sabir Ismail, Deputy Minister […]
Banking Sector Support for SMEs and Community Development
By John Lee. Iraq's banking sector has been playing an active role in supporting small and medium-sized enterprises (SMEs) through direct lending and backing for entrepreneurship platforms, according to the Iraqi Private Banks League (IPBL). Ahmed Al-Hashimi, Deputy Executive Director of the IPBL, made the remarks at a workshop titled "Programme for Creating Long-Term Opportunities […]
Iraq's First Satellite Ground Station Opens in Baghdad
By John Lee. Iraq has launched its first satellite ground station in Baghdad, dedicated to communications with satellites in geostationary orbit. The facility, known as the Teleport-IGWS (International Gateway Stations) project, is described by the Ministry of Communications as a step towards Iraqi digital sovereignty. Minister of Communications Mustafa Jabbar Sanad has called on all […]
Consultations Under Way on Iraq Companies Law Reform
By John Lee. Proposed amendments to Iraq's Companies Law No. 21 of 1997 have been discussed at a meeting convened by the Ministry of Trade, with participation from representatives of economic federations and organisations, the Private Sector Development Council, the Iraq Securities Commission (ISC), and the Company Registration Directorate. According to the Ministry of Trade, […]
Iraqi Truck Makes First Round Trip to Turkey Under TIR Agreement
By John Lee. An Iraqi-registered truck has completed a round trip to Mardin in Turkey under the TIR international road transport convention, loading goods there before returning through Iraq to Amman, Jordan. According to the Ministry of Transport, this is the first time an Iraqi truck has made such a journey under the agreement. The […]
BP Takes Over Kirkuk Oil and Gas Operations
By John Lee. Operations at four Kirkuk oil and gas fields have been transferred from North Oil Company (NOC) and North Gas Company (NGC) to a joint operating authority established to manage the fields. The transfer covers the Kirkuk oil field, Bai Hassan oil field, and the Khabbaz and Jambur fields. The ceremony was held […]
The Kurdistan Region of Iraq's Catch-22
By Ahmed Tabaqchali, for the London School of Economics (LSE) Middle East Centre. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The Kurdistan region of Iraq's Catch-22: structural contradictions of independent revenues and federal budget allocations The Kurdistan Regional Government's relationship with the federal […]
Iraq's Central Bank Launches Currency Replacement Service
By John Lee. A new electronic system for replacing damaged banknotes has been introduced by the Central Bank of Iraq (CBI), allowing citizens to submit replacement requests online through the Ur portal According to the CBI, users can enter the required data and submit their applications via the platform at currency.app.cbi.iq, after which the bank's […]