By John Lee. Philippines-based International Container Terminal Services, Inc. (ICTSI) has started its second phase investment in new container terminal infrastructure well underway at its Basra Gateway Terminal (BGT) at the Port of Umm Qasr. The company said in a statement: ICTSI is unique in demonstrating its commitment to the Iraqi ports sector via large […]
By John Lee. Iraq's Oil Ministry has announced that it has signed an agreement to build a 70,000-bpd oil refinery near Kirkuk. The statement said the refinery would be built by "Rania international company", which Reuters refers to as Ranya International, which it says is based in Iraqi Kurdistan. The plant will produce high octane […]
By John Lee. UAE-based Crescent Petroleum is reportedly planning a significant increase in its production of natural gas at its Pearl Petroleum operations in Iraq. President Badr Jafar (pictured) is quoted as saying that there will be an investment of $1 billion to boost production to 500 million cubic feet of gas per day by […]
Sweden increases its support to stabilize newly liberated areas in Iraq The Government of Sweden has contributed an additional US$ 12 million (SEK 100 million) to UNDP’s Funding Facility for Stabilization (FFS), which finances initiatives for rapid stabilization of areas liberated from the Islamic State of Iraq and the Levant (ISIL). This brings Sweden’s total […]
DNO ASA, the Norwegian oil and gas operator, today announced a 50 percent hike in 2018 spending in the Kurdistan region of Iraq to USD 250 million net to the Company on the back of higher revenues and regular export payments. Annual 2017 revenues stood at USD 347 million, up 72 percent from 2016, bolstered […]
By John Lee. Zain Iraq has reported a net profit of $29 million for 2017, up from a loss of $5 million the previous year. In a statement, the company said: "Despite the challenging yet improving socio-economic circumstances facing the operation, Zain Iraq performed exceptionally well when compared to the previous year. "Revenues grew consecutively […]
By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. The reconstruction of Iraq’s liberated Sunni areas will open new horizons for the country, as 400 companies worldwide are engaged in the Reconstruction Fund for Areas Affected by Terroristic Operations […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has met with Kati Al-Juboori, the CEO of Russia's Lukoil, and his entourage. During the meeting the two parties discussed ways to develop the oil sector in Iraq. Mr. Al-Juboori praised the keenness of the Ministry of Oil to cooperate with global companies and provide […]
By John Lee. Iraq's National Investment Commission (NIC) has issued a new Investment Policy Statement. The full document can be downloaded here: Page 1 Page 2 Page 3 (Source: NIC)
Warning about the “alarming” state of Iraq’s healthcare system, especially in war-ravaged areas in and around Mosul, the United Nations children’s agency has stepped up its support to help the Government provide critical medical services so that children and families affected by violence and displacement can resume their lives. With less than 10 per cent […]
By John Lee. Iraq's National Investment Commission (NIC) has included three major new housing programs in its list of major strategic projects to be presented during the Kuwait International Conference for Iraq Reconstruction, to be held in Kuwait from 12th to 14th February: A. First phase / building 25,000 housing units in each province for […]
By John Lee. Prime Minister Haider Al-Abadi received a phone call from British Foreign Minister Boris Johnson on Tuesday evening, during which they discussed strengthening collaboration between their two countries, and Iraq's Rebuilding Conference which is to be held soon in Kuwait. According to a statement from the Prime Minister's office, Mr. Johnson confirmed the […]
