Illegal Currency Network Dismantled as Dinar Weakens
By John Lee. An unlicensed currency exchange and money transfer network has been dismantled in Baghdad, with five suspects arrested and $240,000 seized. According to Iraq's Ministry of Interior, the operation was carried out by units of the Federal Intelligence and Investigations Agency (FIIA). The suspects were operating in several districts on the Rusafa side […]
Oil Sector Talks for Iraqi PM in New York
By John Lee. Iraqi Prime Minister Ali al-Zaidi met separately in New York with representatives of US oil companies HKN Energy and ExxonMobil, according to the Prime Minister's Office (PMO). In the meeting with HKN Energy, al-Zaidi urged the company to accelerate operations and increase working hours on its projects and contractual commitments in Iraq, […]
Iraqi MP Ordered to Repay $58m After Corruption Conviction
By John Lee. An Iraqi member of parliament has been sentenced to seven years in prison for illicit enrichment and ordered to repay more than IQD 61 billion (USD 46.6 million) in unlawful assets and equivalent financial penalties. According to the Federal Commission of Integrity, the Central Criminal Court for Anti-Corruption issued an in-person verdict […]
Iraq's Small Business Support Fund to Improve Loan Access
By John Lee. Iraq's Small Business Support Fund has held a board meeting to review procedures for issuing loans and improve support for small business owners. The meeting took place at the premises of the Department of Labour and Vocational Training, which falls under the Ministry of Labour and Social Affairs. According to the Ministry […]
Franchises as an Investment: Risks, Rewards and Returns
By Joel Bissitt. Franchises as an Investment: Risks, Rewards and Returns Investing in a franchise can be a very lucrative investment opportunity, but it can come with a hefty initial investment cost. On the other hand, franchises can prove to be fantastic investments for people who want to become business owners without having to reinvent […]
Gas Processing Unit Opens at East Baghdad South Field
By John Lee. A new gas processing unit with a capacity of 30 million standard cubic feet per day (mmscfd) has opened at the East Baghdad oil field (southern section). According to the Ministry of Oil, processed gas from the unit will be fed directly to the Bismaya power station via a pipeline constructed by […]
Fraud Network Hid Ownership of 170 Properties
By John Lee. A fraud network that purchased more than 170 properties in Babylon and Baghdad and registered them in the names of others has been dismantled, with all nine suspects arrested. The properties, which include state-owned and agricultural land, are estimated to be worth tens of billions of Iraqi dinars (hundreds of millions of […]
New Wave Offshore Energy Wins Contract for AGUP Phase 2
By John Lee. Sinopec (China Petroleum & Chemical Corporation) has awarded a Marine Warranty Survey (MWS) contract to New Wave Offshore Energy in support of the Associated Gas Upstream Project (AGUP) Phase 2 in southern Iraq, part of the Gas Growth Integrated Project (GGIP) operated by TotalEnergies alongside its partners Basra Oil Company (BOC) and […]
Private Banks League discusses Banking Reform with Parliament
By John Lee. Iraq's parliamentary Finance Committee has held a workshop with the Iraqi Private Banks League (IPBL) to discuss the state of the banking sector and mechanisms for its development. The session was chaired by MP Uday Awad and attended by Ali Tariq Mustafa, Executive Director of the IPBL, along with a delegation of […]
New Automotive Facility Opens in Erbil
By John Lee. A new automotive facility for the OMODA and JAECOO brands has opened in Erbil, bringing sales, after-sales, spare parts and customer support under one roof. The site is operated by Jameel Motors Iraq, the official distributor of both Chinese brands in the country. The facility occupies approximately 9,000 square metres and includes: […]
Oil Squeeze "Pushes Iraq Towards Toughest Budget in Decades"
By Nadim Kawach, for Arabian Gulf Business Insight (AGBI). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Oil Squeeze Pushes Iraq Towards Toughest Budget in Decades Iraq faces its toughest budget challenge in more than two decades as a sharp fall in oil […]
Gas Investment Plans Reviewed for Nahr Bin Umar Field
By John Lee. Plans to develop associated gas investment at the Nahr Bin Umar oil field in Basra province were reviewed at a meeting chaired by Dr. Izzat Sabir Ismail, Deputy Minister of Oil for Gas Affairs. According to the Ministry of Oil, the meeting was attended by representatives of South Gas Company, the Planning […]