By John Lee. A major new Automotive Service Industrial Complex has been completed in Duhok at a cost of $62 million [81 billion Iraqi dinars]. Covering 679,000 square metres, the complex includes six zones, 2,378 industrial units, and 30,000 square metres of green space. The development also features 15-metre-wide internal roads to ensure smooth traffic […]
By John Lee. The Iraqi Civil Aviation Authority (ICAA) has announced on Tuesday the reopening of Iraqi airspace to international air traffic following a comprehensive security assessment and coordination with national and international stakeholders. Bangen Rekani, head of the Civil Aviation Authority, stated that the decision reflects improved security conditions and Iraq's ability to provide […]
By John Lee. The World Bank approved on Wednesday a US$930 million [approx. IQD 1.2 trillion] loan for Iraq to modernise its railway network, strengthen domestic and regional trade, and support economic diversification. The Iraq Railways Extension and Modernization (IREM) Project will upgrade the 1,047-km railway line connecting Umm Qasr Port in the south to […]
By John Lee. Turkish firm Enka has signed a contract with Taurus Arm For Power Generatıon, Oil Transportation and Services Ltd. for the conversion of the existing 500 MW simple cycle power plant in Sulaymaniyah, Iraq into a 750 MW combined cycle power plant. The contract value is approximately USD 289 million [378 billion Iraqi […]
By John Lee. Irish-based Petrel Resources Plc (LON: PET) has published its consolidated financial statements for the year ended 31st December 2024. The company's accounts show no assets or liabilities in Iraq. It adds: "Title to oil and gas assets in Ghana and Iraq can be complex. The Group is currently awaiting ratification of its licenses […]
By John Lee. Iraq's Al Fajer Group has joined the Iraq Britain Business Council (IBBC). Operating from offices in Basra and London, the company supports oil and gas operations with a strong focus on the Rumaila oil field. It delivers a wide range of technical and administrative services, including Electrical & Instrumentation (E&I), ICT & Security, […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil export volumes for May. Total exports of crude oil: 101,630,925 barrels. Exports from the oil fields in central and southern Iraq amounted to 100,365,335 barrels. Exports to Jordan amounted to 309,906 barrels. Exports from Qayyarah were 955,684 barrels. Average daily crude oil exports: 3.278 […]
By John Lee. Qi (International Smart Card), Iraq's largest electronic payment platform, has announced that it has entered into a landmark partnership with K2 Integrity (K2i), a US-based global financial integrity and compliance advisory firm. The multi-year collaboration aims to align Iraq's financial infrastructure with international standards in anti-money laundering (AML) and countering the financing […]
By John Lee. Netaj -- a Baghdad-based innovation firm that offers venture support, strategic consulting, and capability-building for entrepreneurs and institutions -- has announced the official launch of Nawat, which it describes as the country's first-ever Venture Capital (VC) Studio. According to a press release, Nawat is designed to identify, support, and invest in high-potential […]
By John Lee. The Ministry of Oil plans to increase the production of liquefied petroleum gas (LPG) at the Basra Gas Company (BGC) to more than 8,000 tonnes per day in the coming years. Speaking at the LPG Forum organised by the BGC, Izzat Saber Ismail, Deputy Oil Minister for Gas Affairs, said that this […]
By John Lee. The UK's Department for Business and Trade has said that total trade in goods and services (exports plus imports) between the UK and Iraq was £1.1 billion in the four quarters to the end of Q4 2024, an increase of 3.9% or £43 million in current prices from the four quarters to […]
By John Lee. Irish-based Petrel Resources last week issued unaudited preliminary results for the year ending 31 December 2024. The company, which announced a fundraising in March, said that it has submitted a proposal to undertake contractor obligations on a relinquished block from Iraq's 4th Bid Round, and has also prepared an updated development plan […]
