By John Lee. Basra governorate has reportedly approved 60 new power projects valued at a total of $218 million (255 billion Iraqi dinars) within its 2015 budget. The projects were given the green light at an emergency meeting of the governing council on Monday, and were fewer than desired because of budget constraints. Emirates 24|7 […]
By Patrick Schmidt. Once the price of oil rises again, the Iraqi government hopes to fix some of the financial issues attached to the lower oil prices. The Ministry of Oil hopes to create incentives for international oilfield operators to produce more oil even when prices are high. Other discussions include ways to cut costs […]
By Mustafa al Kadhimi for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the opinions of Iraq Business News. Will Sistani be able to Control Popular Mobilization Forces? Iraq’s top Shiite cleric, Grand Ayatollah Ali al-Sistani, issued a fatwa on June 13, 2014, encouraging Iraqis to take up […]
By John Lee. AM General has been awarded a $32,109,715 firm-fixed-price Foreign Military Sales (Iraq) contract for 160 M1151A1B1 High Mobility Multi Purpose Wheeled Vehicles. Work will be performed in South Bend, Indiana, with an estimated completion date of June 12, 2015. One bid was solicited with one received. (Source: US Dept of Defense)
By John Lee. A report from KUNA says that the UN World food program (WFP) urgently requires $45 million (54 billion Iraqi dinars) to continue its Emergency Operation in Iraq until June. Elisabeth Byrs, WFP Senior Communications Officer , Geneva Spokesperson told a press briefing that the humanitarian situation in the cities of Samarra in […]
Kurdistan Regional Government Deputy Prime Minister, Qubad Talabani, chaired a meeting to discuss and assess the state of airports and flights in the Kurdistan Region. The meeting was attended by KRG Ministers of Interior, Natural Resources, Planning, Transportation and the Head of the Department of Foreign Relations and the Government Spokesperson along with the Governor […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq's first Christian-only brigade of regular forces graduated Thursday to help retake the community's towns and villages from the Islamic State group. The new brigade will answer to the government of the Kurdish region.
By Patrick Schmidt. Elite units of the Iraqi Security Forces have been placed under investigation by the Iraqi government. Reports show these units torturing and executing members of the Islamic State (IS, ISIS, ISIL). Other images show Iraqi soldiers hanging members of the IS from towers. Iraqi authorities are now trying to find additional photos […]
By John Lee. ShaMaran Petroleum reports updates to estimated reserves and contingent resources for the Atrush block as of December 31, 2014. The reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian […]
By John Lee. Iraq plans to reduce crude oil exports from its southern ports in April. Reuters cites trade sources as saying that 2.4 million bpd will be exported in April, down from 2.65 million bpd in March, to make exports "more manageable". (Source: Reuters)
Oryx Petroleum has announced an update on its 2015 capital expenditure plans and funding. Highlights: A 2015 capital expenditure forecast of $140 million a 60% reduction against the budget of $350 million set in November 2014 includes a 30% reduction in general and administrative costs Capital expenditures to be focused on production activities in the […]
By John Lee. The Kurdistan Regional Government (KRG) has completely rejected what it calls "the false and malicious allegations of misuse of funds made against the KRG and the Minister of Natural Resources" by an opposition MP in the Republic of South Korea and which were published by the Korea Times. Korean MP Chun Soon-ok […]
