By John Lee. Lebanese banks intend to expand their operations in Iraq, the president of the Association of Banks in Lebanon said on Friday. Addressing a Lebanese-Iraqi banking conference in Beirut, Francois Bassil said: “The size of the Lebanese banks in Iraq may be too small compared to the huge Iraqi market. "Iraq’s seven state-owned […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Attacks on oil pipelines are expected to be an important issue in Iraq's upcoming parliamentary elections. The country loses millions in lost revenue and damages due to frequent attempts by armed groups, including […]
By John Lee. The United Nations Compensation Commission has paid $990 million to Kuwait resulting from Iraq's 1990 invasion of the country. The payment brings the total paid so far to $45.5 billion, leaving approximately $6.9 billion remaining to be paid. (Source: United Nations Compensation Commission) (Dollars image via Shutterstock)
By John Lee. Russia's Lukoil is considering joining a joint venture with Russian state-owned exploration and production company Zarubezhneft to develop the Nassiriya oil field and help build an associated refinery. The next round of talks on the project with the Iraqi government is expected this summer, LUKoil CEO Vagit Alekperov (pictured) stated earlier, according […]
By John Lee. Oil Search Limited has reported that the Taza 2 well in Kurdistan was drilled to a depth of 10,679 feet (3,255 meters), and the company was preparing to drill ahead in an 8.5 inch hole. During the week, the well penetrated the Jeribe Formation, encountering hydrocarbon shows in line with prognosis, and […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. While the United Nations is warning that Lebanon could buckle under the pressure of hosting more than a million Syrian refugees, the situation in northern Iraq is a different story. Here, refugees forced […]
By John Lee. The Minister of Construction and Housing, Mohamed Sahib al-Daraji [Mohammed Al-Deraji], has laid the foundation stone for the new AlGriat (Jawadain) suspension bridge project in Baghdad. The bridge will connect the holy city of Kadhimiya with AlGriat across the Tigris River. The Minister said that the project also includes setting up entertainment areas […]
In partnership with the Swedish Institute in Alexandria and Casa Árabe in Cordoba, Wilton Park held a conference entited Women in the private sector in the Middle East and North Africa recently in Spain. The conference identified the opportunities and constraints in women’s economic involvement and economic empowerment in the private sector in the MENA […]
The U.S. Embassy in Baghdad would like to remind U.S. citizens of upcoming Iraqi National Elections on April 30, 2014. The U.S. government fully supports these elections and encourages all Iraqis to participate in the democratic process by casting their votes. In order to secure the elections, the Government of Iraq may take steps that […]
With Iraq's parliamentary elections scheduled for Wednesday 30th April, this week's newsletter has a special section dedicated to the election and related news. In all, 9,045 candidates will compete to fill 328 seats, and much depends on the outcome. As a cross-section of Iraq's best-informed people, what do you, our readers, forecast as the outcome […]
By John Lee. According to shipping data tracked by Reuters, oil exports from Iraq's southern terminals are heading for a record high in April. An average of 2.55 million barrels per day were shipped in the first 23 days of April, which if sustained would top February's 2.50 million bpd, the highest since 1979. Southern […]
By John Lee. Norwegian company Hexagon Ragasco, a wholly-owned subsidiary of Hexagon Composites, has received an order of USD 13.6 million for the supply of LPG cylinders to Iraq. The order is for delivery in the second half of 2014. Jon Erik Engeset (pictured), CEO of Hexagon Composites, commented: "We are very pleased with the performance […]
