By John Lee. Prime Minister Mohammed Shiaa Al-Sudani laid the foundation for the rehabilitation and construction of the second lane of the Basra-Fao [Faw] road in Basra province on Saturday. He reviewed project details, timelines, and emphasized the government's commitment to improving services crucial for citizens across sectors. Al-Sudani highlighted the significance of the Basra-Fao […]
By John Lee. Fitch Ratings has affirmed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) at 'RD' (Restricted Default) and Viability Rating (VR) at 'f'. Fitch has also withdrawn the bank's ratings. It says that, before the rating withdrawal, SCB's IDRs reflected the Central Bank of Iraq's (CBI) intervention, which […]
By John Lee. UK Export Finance (UKEF), the UK's export credit agency, has announced that it has secured £226 million [$285 million] in financing for the Iraqi government to develop over 350 kilometers of drainage infrastructure as well as 15 kilometers of stormwater and wastewater lifting stations near Hillah city. Upon completion, the project is […]
By John Lee. Iraq's Ministry of Oil has announced preliminary oil export figures for November: Total exports of crude oil: 102,975,782 barrels. Revenues from crude oil exports: $8.512 billion. Oil fields in central and southern Iraq accounted for 101,764,620 barrels of crude oil exports. Exports from Kirkuk through the port of Ceyhan have been suspended. […]
By John Lee. Starting from January 1, 2024, Iraq will implement a voluntary additional reduction of 220,000 barrels per day (bpd) in coordination with some OPEC+ member countries. This will bring Iraq's total oil production to 4 million barrels per day until the end of March 2024. Post that period, and to support market stability, […]
By John Lee. Fitch Ratings has affirmed Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. More details here. (Source: Fitch Ratings)
By John Lee. Under the auspices of H.E. Mr. Mohammed Shiaa Al-Sudani, the Prime Minister, and in the presence of H.E. Mr. Bangin Rekani, the Minister of Reconstruction, Housing, and Public Municipalities, alongside the honourable Member of Parliament, Mr. Yousif Al-Kalabi, and under the supervision of H.E. Dr. Mohammed Jameel Al-Miyahi, the Governor of Wasit, […]
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani met with Zhang Jiming, the CEO of China's Changxin Company [Shanxi Changxin?], and accompanying delegation. The Prime Minister highlighted Iraq's abundant investment opportunities during the meeting, expressing the government's commitment to providing necessary facilitations for major international companies. Shang Xin Corporation, a prominent Chinese company with global […]
From the United Nations Development Programme (UNDP): A more investment-friendly economy in Iraq through UNDP`s arbitration initiative Iraq has been taking solid actions to adopt laws and policies that foster investment-friendly economic development intending to end systematic corruption, diversify its oil-dependent revenue and better serve its people. UNDP in Iraq has been working closely with […]
By John Lee. Tareek al-Tebr has won a contract with the United Nations Office for Project Services (UNOPS) for the "Rehabilitation of Nine Water Treatment Plants in Anbar," specifically in Qaim an Ana [Anah]. The contract is valued at $601,441. Under the same reference, UNOPS granted Salah El-Din Company for General Contracting a contract to […]
Iraq: UNESCO and the European Union extend their partnership for training and job creation in the cultural heritage sector UNESCO, the European Union and the Iraqi Ministry of Culture, Tourism and Antiquities announce the launch of a new phase of the project "Reviving Mosul and Basra Old Cities", for an amount of 9 million euros. […]
Duhok Governor Ali Tatar has announced a new project plan for the Duhok International Airport, following Prime Minister Masrour Barzani's directive. The Ministry of Transport and Communications will undertake the project in two stages. With the mapping and review phase complete, implementation is now set to begin. Dylan Rashad, spokesperson for the Ministry, identified the […]
