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Iraqi PM lays Foundation Stone for $4bn Refinery Project
By John Lee. Prime Minister Mustafa Al-Kadhimi has laid the foundation stone for the South ...
Iraqi PM lays Foundation Stone for $4bn Refinery Project
By John Lee. Prime Minister Mustafa Al-Kadhimi has laid the foundation stone for the South Refineries Company (SRC)'s new Fluid Catalytic Cracking (FCC) complex at Basrah Refinery. The project will be built by Japan's JGC Corporation, and will increase refinery capacity by 55,000 barrels per day (bpd). It will be funded by a loan from […]
Iraqi Govt Relaxes Monetary Policy
By John Lee. The Iraqi government has said it is relaxing monetary policy to help businesses and people on low incomes. Ammar Mohammed (pictured), the Deputy Governor of the Central Bank of Iraq (CBI), said the measures include the provision of "soft" loans up to a value of 15 million Iraqi dinars (IQD) [$10,250], with […]
DNO announces Ramp-Up of Oil Production in Iraq
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 54.0 million net to the Company from the Kurdistan Regional Government (KRG), of which USD 35.2 million represents DNO's entitlement share of February 2021 crude oil deliveries to the export market from the Tawke license in Kurdistan. Of the balance, USD 4.6 million is […]
Central Bank says No Further Devaluation of Iraqi Dinar
By John Lee. The Deputy Governor of the Central Bank of Iraq (CBI) has reassured the markets that there will be no further devaluation of the Iraqi dinar. Ammar Mohammed said: "It was important to change the exchange rate before approving the budget in order to know the income and budget in dinars ... to […]
Iraq Receives First Shipment of Pfizer Vaccine
By John Lee. On Saturday, the Iraqi Ministry of Health announced the arrival of the first batch of the Pfizer-BioNTech vaccine for COVID-19 (coronavirus). It also received another new batch of the Chinese Sinopharm vaccine. The Ministry said it plans to vaccinate 12 million citizens this year. (Source: Govt of Iraq)
The Economist: "Getting into Iraq may soon be Much Easier"
From The Economist. Getting into Iraq may soon be much easier Visa-free travel is supposed to woo expats and tourists. Read the full article here (subscription needed).
Invitation to IBBC Members' Introduction Webinar
Dar Al Handasah has provided consultancy services to more than 950 clients in 60 countries, and has handled projects involving a total investment cost of over US$ 300 billion. Through these projects, we participate actively in the development of our societies. With a permanent staff of 9,850 and over 4,000 successfully completed projects, DAR has in-house […]
New Contracts for Iraqi Drilling Company (IDC)
By John Lee. The Iraqi Drilling Company (IDC) has announced its intention to conclude contracts with Chinese and American companies operating in Iraq to drill and rehabilitate dozens of oil wells in the country. The company indicated it is about to start drilling 20 wells in the Nasiriyah field in Dhi Qar, which are included […]
Completion of ME's first Refuse-Derived Fuel Project
By John Lee. Germany's Eggersmann Group has reportedly completed the commissioning of the Middle East's first RDF (Refuse Derived Fuel) bio-drying project in Sulaymaniyah. According to Cemnet, the client, "a local cement producer, negotiated a 20-year agreement for receiving waste from the municipality at the agreed tipping fee per tonne". Eggersmann's website says that contracts […]
Mosul Properties being Snapped Up
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Mosul old city properties rapidly being bought up: residents Locals in Mosul say people from Iraq's southern provinces are buying up historical houses and property in the war-devastated old city at an alarming rate. […]
Shamaran Buys Up Bonds
By John Lee. ShaMaran Petroleum has reported in connection with the Company's 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) that the Company has purchased Bonds in the market at commercially attractive rates. As a result, Bonds in the principal amount of $4.95 million have been retired. The Company's Bond amortization payment due in […]
Video: Iraq Govt Bans Imports to Support Farmers
From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq is banning some food imports in an attempt to support its own farmers. But there are doubts over whether the move will help local production. Simona Foltyn reports from Baghdad: