By John Lee. Lukoil President Vagit Alekperov has said that his company has invested $6 billion dollars so far on operations in Iraq. At a meeting with Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] in Baghdad, Alekperov said: "Lukoil is now working on geological exploration projects with other foreign companies in the 10th exploratory area […]
By Shukur Khilkhal for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. In a rare scene, thousands of books and CDs were lined up in Abu Nawas park overlooking the Tigris River in Baghdad. People gathered there, as they read and picked any book they desired for […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. ISIL is taking over many crucial roads in Iraq. But people continue to shuffle between the Kurdish region and the capital Baghdad - not knowing if their journey could be their last. Al […]
Press Release from the Embassy of the United States: Just days after we saw the best of humanity when Malala Yousafzai and Kailash Satyarthi were awarded the Nobel Peace Prize, we again confront the worst of inhumanity in ISIL. No one needed a reminder of ISIL’s depravity and evil. But now we have the latest […]
By Vager Saadullah for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iranian Peshmerga Chief: Iran set Ambushes for us The head of the Iranian peshmerga said his forces acted in self-defense during rare clashes with Iranian forces on Sept. 13, which resulted in deaths on […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 16 banks took part in its currency auction on Thursday. A total of $189,284,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
If Iraq didn't face enough challenges already, the slump in the price of crude oil is another unwelcome development for the new Abadi government to deal with. At a current price of $81.78, the benchmark West Texas Intermediate (WTI) crude is down nearly 25 percent from its June high, driven in part by a strong […]
GE (NYSE: GE) has signed a contract with ENKA to supply power generation equipment for a new 750-megawatt (MW) combined-cycle plant being developed by Qaiwan Group in Iraq. GE will provide four 9E gas turbines and one steam turbine for a new power plant in Sulaimaniyah to support the government’s goal of strengthening the electricity […]
By John Lee. Iraq is reportedly seeking $307 million [358 billion Iraqi dinars] from each of the country's three mobile phone operators for spectrum to run 3G (third-generation) services. According to Reuters, all three operators – Zain Iraq (owned by Kuwait's Zain), Asiacell (owned by Ooredoo) and Korek (Orange) – paid $1.25 billion each for so-called "technology-neutral" […]
By John Lee. In a market update this morning, Norwegian oil and gas operator DNO said it is logging the 834 meter horizontal section of the recently drilled Tawke-28 well and plans to place the well on production by early November. The next horizontal well in the field development program, Tawke-27, will spud shortly thereafter. […]
The UK has announced that it is funding state-of-the-art bomb disposal training to assist the Kurdistan Region of Iraq’s Peshmerga forces in their frontline battle against ISIL. This funding is for a four-week pilot course, delivered by a UK firm, which will initially train up to 18 students from the Peshmerga to counter Improvised Explosive […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Many who escaped fighting between army and ISIL say they are also targets of Shia armed groups who are destroying homes. Al Jazeera's Zeina Khodr reports now from Kirkuk.
