By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that it is in the process of appointing Jón Ferrier as CEO. Following a brief transition period, John Gerstenlauer will retire as CEO and, at the forthcoming Annual General Meeting, as a Director of the Company. A further announcement will be made in due course. Jón […]
By John Lee. Iraq exported an estimated 97 million barrels of oil in May through the State Oil Marketing Organization (SOMO), giving a daily rate of 3.13 million bpd. Early statistics indicate that this brought in revenues of $5 billion (6 trillion Iraqi dinars), equating to about $51.5 per barrel. (Sources: AIN)
By John Lee. Islamic State (IS, ISIS, ISIL) militants reportedly closed Ramadi Dam on Tuesday, cutting the supply of water flow to areas controlled by the Iraqi security forces east of the city. The dam is on the Euphrates River, north of the city. The action is expected to cause further civilian displacement of civilians […]
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 have reported. Officials reported details of the latest strikes, which took place between 8 a.m. Sunday and 8 a.m. Mondat, local time, noting that assessments of […]
By John Lee. Saudi Arabia has named its first resident ambassador to Iraq since 1991. Thamer bin Sabhan Al-Sabhan took the oath of office on Tuesday before Saudi King Salman bin Abdulaziz Al Saud. Sabhan was previously the military attaché in the Saudi Embassy in Lebanon. (Sources: Al Arabiya News, Saudi Arabian Foreign Ministry) (Diplomatic […]
Mr. Omer Al Kandari, the Consul General of the State of Kuwait, visited the KRG Department of foreign Relations to present his exequatur as his country’s first diplomat to be posted to Kurdistan and to discuss potential areas of cooperation. Minister Falah Mustafa, Head of the KRG Foreign Relations, congratulated Consul General Al Kandari on […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 20 banks and 4 remittance companies took part in its currency auction on Monday. A total of $289,350,650 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. AM General has been awarded a $16,569,379 modification to foreign military sales contract W56HZV-15-C-0061 for 150 M1152 high mobility multipurpose wheeled vehicles (HMMWVs) and contractor spare parts for the government of Iraq. The work will be performed in Mishawaka, Indiana, with an estimated completion date of June 30, 2015. (Source: US Dept […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 28th May 2015). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,327 (+5.5%)/ $1,295 (+3.6%) (weekly change) (-4.7% and -12.6% YTD change, respectively). The number of week traded shares […]
By John Lee. Finance Minister Hoshyar Zebari has signed a memorandum of understanding with the Japanese charge d'affaires in Iraq to finance two development projects using loans from Japan. The first involves a loan of $450 million (525 billion Iraqi dinars) for reconstruction in the electricity sector, while the second is to finance the reconstruction […]
Ramadan is almost here and we need your help! Support a displaced Iraqi family in Baghdad and Najaf this Ramadan by providing a food box for just £35. It's simple...you donate, they get a box packed full of essential food and sanitary items lasting two weeks. No donation is too small. Please donate today! Please […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. A Cruel, Cruel Summer? In Karbala, Iraq, Locals Plan Ahead for Serious Drought The district of Husseiniya, north-east of the southern Iraqi city of Karbala, used to look more like […]
