The Kurdistan Regional Government signed an agreement with the multinational professional services firm, EY (Ernst & Young), to audit oil and gas processes in the Kurdistan Region. During the signing ceremony on Wednesday, Prime Minister Nechirvan Barzani described the agreement as an important step by the Kurdistan Regional Government to be more transparent in the […]
By John Lee. IHS Jane's 360 reports that Iraq is close to finalising a $2.5-billion order for Chinese military equipment. Iraq's Mawazin news agency, cited "well-informed sources" as saying the deal includes HQ-9 long-range air defence systems, derived from the Russian S-300PMU system. It may also include Type 99 tanks and other Chinese military equipment. […]
By John Lee. Ukrainian egg producer Avangardco has said that its exports of shell eggs decreased by 50 percent year-on-year in the third quarter of 2016, due to what it described as "the unstable situation in Iraq". In the period, the company sold 59 mln units to Iraq, down from 119 mln units in 3Q […]
The Student Leaders program is an intensive, approximately 6-week exchange program to the United States for up to 120 undergraduate students from the Middle East and North Africa. Students are divided among U.S. academic institutions where they develop leadership skills and expand their understanding of civil society, as well as the democratic process and how […]
By John Lee. GE, Trade Bank of Iraq (TBI) and Standard Chartered Bank (SCB) have reportedly signed a financing MoU to accelerate the development of power and infrastructure projects in Iraq. According to TradeArabia, a similar financing agreement with the three entities earlier this year facilitated the completion of the first phase of the ‘Power […]
By John Lee. Shell is reported to be considering selling its oil fields in Iraq, as part of a global $30-billion asset disposal program. The move follows the company's $54-billion acquisition of gas company BG Group earlier this year. Industry sources told Reuters that Shell has found only limited financial benefits in recent years from […]
The Kurdistan Regional Government's Ministry of Natural Resources (MNR) has announced that the new online Oilfield Services Company (OSC) registration and Approved Vendor List (AVL) listing system, hosted by the MNR Portal, is now open for applications. Having successfully completed an eight-week pilot, the MNR invites OSCs wishing to provide services to operators in the […]
By John Lee. The Iraq Britain Business Council (IBBC) has announced a new date and location for its Autumn Conference: 18th December, 2016 The Address, Dubai Marina. More information can be found here. (Source: IBBC)
U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq yesterday, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, bomber, fighter and remotely […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 34 banks and 14 remittance companies took part in its currency auction on Wednesday. A total of $148,438,556 sold at a price of 1182 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Ministry of Oil: Reduced Transparency and the Return of Deplorable Secrecy Slowly but surely an environment of shrinking transparency at the Ministry of Oil is becoming increasingly visible, deepening and damaging, […]
By John Lee. In its third-quarter and nine-month results announced on Monday, Russia's Lukoil reports that its capital expenditures for the first nine months of 2016 were 19.1 percent lower than in the corresponding period of 2015. This decrease partly attributed to moving to the maintenance oil production stage at the West Qurna-2 project in […]
