By Patrick Schmidt. The Ministry of Oil has announced that 91.14 million barrels of oil were exported during the month of December. This amount marks the highest number of barrels exported since 1980. Despite this increase, the overall profits for the month only increased marginally as the price of oil has dropped sharply. According to […]
By John Lee. Gulf Keystone Petroleum has announced that the existing Shaikan production facilities ("PF-1" and "PF-2") are now producing from seven wells with Shaikan-8 expected to come online in January 2015. Total daily production has been gradually increasing since early December 2014, reaching the Company's 40,000 gross barrels of oil per day target on […]
By John Lee. Asiacell has announced the launch of its third generation (3G) mobile phone services in Iraq. “Iraq has been underserved for far too long, it’s time to bring 21st century wireless service to this important economic hub in the world,” said Faruk Mustafa Rasool (pictured), Asiacell chairman. Asiacell has spent more than $1bn […]
By Patrick Schmidt. After a meeting between Iraqi and Iranian officials, an agreement has been reached to connect the two countries’ rail systems. The project calls for Iraq to lay 32 kilometers of track to the city of Basra from the Iranian border. Iranian officials claim that the link would allow Iraqis access to Central […]
By Patrick Schmidt. After more than twenty-five years without an embassy in Iraq, the Saudi Foreign Ministry has announced that it will reopen its embassy in Baghdad. Saudi officials will travel to the country this week to begin preparations for the construction of the new facility. Saudi Arabia also plans to open a consulate in […]
By John Lee. Prime Minister Haider Al-Abadi received the Australian Prime Minister Tony Abbott at his office on Sunday, and called on Australia to increase its militarty support to Iraq. The Australian PM expressed his readiness to support to Iraq in "military and training fields", according to a press releasee from the Iraqi PM's office, […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. In northern Iraq, Kurdish Peshmerga forces are also trying to re-take territory occupied by ISIL. One of the key battles is in the village of Sultan Abdullah. Peshmerga forces were reportedly in full […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 1st January 2015). Note: ISX will be closed during December 30, 2014 - January 6, 2015 due to the end-of-year closing operations. The next session will be held on Wednesday, January 7, 2015. Please click here to download a table of listed companies […]
The year just gone by has been a exceptionally difficult one for Iraq, as it attempts to tackle the misery being spread by the so-called Islamic State (IS, ISIS, ISIL), while at the same time managing the effects of a dramatic fall in the price of oil. But without diminishing the enormity of these challenges, […]
In the presence of Prime Minister Nechirvan Barzani, China’s Vice Foreign Minister, Zhang Ming, officially opened China’s consulate general in Erbil today. Prime Minister Barzani in his speech applauded the decision of the government of China to open its consulate general in Erbil. He said: “Opening the consulate general of the People’s Republic of China […]
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Since the establishment of modern Iraq in 1921, its provinces have had different positions toward decentralization as a result of the country's ethnic and cultural diversity. In addition, economic resources have varied widely from one […]
More than 3,000 internally displaced Iraqis are living in Arbat camp three months after it opened to shelter to some of the 2 million people uprooted by conflict in northern and central Iraq in 2014. They comprise some 660 families, including 40-year-old Laila, her husband Khalaf and their seven children. The family from Sinjar fled […]
