By John Lee. Iraq's Cabinet has approved a budget of 106 trillion Iraqi dinars ($91 billion) for 2016. The figures are based on crude oil output of 3.6 million barrels per day (BPD) at a price of $45 a barrel. Spokesman Saad al-Hadithi told The Associated Press that Iraq will run with a deficit of […]
By John Lee. An arrest warrant has been issued for the Iraqi Trade Minister, Malas Abdulkarim al-Kasnazani (pictured), and his brother, on charges of financial corruption. According to the report from AFP no details on the accusations have been issued, but local media said the Minister is suspected of awarding contracts without tenders to firms […]
By John Lee. Moody's Investors Service has today withdrawn its provisional rating of (P)Caa1 for Government of Iraq's planned USD bond issuance. The issuance rating has been withdrawn following statements made by Iraq's Deputy Finance Minister that the issuance plans have been put on hold. The last rating action was in September 2015 when Moody's […]
The UN refugee agency has opened its most recent camp for internally displaced persons in Iraq’s restive Anbar province – host to the largest number of 3.2 million Iraqis uprooted across the country and where more than 250,000 civilians have fled their homes over the past six months. The new “Marzaki camp is strategically located […]
Genel Energy issues the following trading and operations update. The information contained herein has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: "The third quarter of 2015 has been a turning point for Genel. September's payment for exports, coupled with local sales, has stabilised the […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Finance Committee of the Iraqi Parliament: The Need for More Accuracy and Better Transparency The Finance Committee of the Iraqi Parliament sent formal communication/ letter (number 738 dated 8 October 2015) […]
Kuwait Energy has announced that the consortium comprising of Kuwait Energy (60%) as the operator, Dragon Oil (30%) and the Egyptian General Petroleum Corporation (10%) has commenced oil production from Faihaa-1 well in Block 9, Iraq. The Faihaa-1 well is located in Block 9 field, which is situated in the hub of Iraq’s oil industry […]
9th-10th November 2015, Church House and Eversheds HQ, London The Iraq Britain Business Council (IBBC) is delighted to invite you to the IBBC Autumn Conference to be held on the 9th November at Church House and on the 10th November in the Eversheds Headquarters in London. Day 1 in Church House, Westminster, will focus on […]
By John Lee. The newly-appointed Iraq Director for the Institute for War and Peace Reporting (IWPR) has been found dead in suspicious circumstances at an Istanbul airport. Local media reported that British woman Jacky Sutton, aged 50, had missed a connecting flight to Erbil, didn't have enough money to purchase a replacement ticket, and was found […]
U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Monday. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Airstrike in Syria Fighter aircraft conducted […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 27 banks and 15 remittance companies took part in its currency auction on Tuesday. A total of $216,435,000 sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Veolia Water Technologies has been selected by HDGSK Joint Venture to supply a Zero Liquid Discharge Evaporator and Crystallizer for the Karbala Refinery Project in Iraq. Veolia will engineer, procure and deliver a Zero Liquid Discharge system based on its proven HPD® Brine Evaporator and Brine Crystallizer technologies for calcium sulfate seeded slurry processes. Iraq's […]
