By John Lee. The U.N. Compensation Commission (UNCC) agreed on Thursday to allow Iraq to postpone its final payment of reparations to Kuwait for the Gulf War. Iraq will have until January 2016 to begin paying the remaining $4.6 billion (5.4 trillion Iraqi dinars) that it owes for the destruction of oil fields during its […]
By John Lee. Two companies, Supreme Foodservice GmbH and Supreme Foodservice FZE, have pleaded guilty to fraud charges and been ordered to pay $288.3 million (336 billion Iraqi dinars) in fines and restitutions. According to the US Department of Justice, the companies, part of the Supreme Group, supplied food and water to coalition troops in Iraq […]
By John Lee. Prime Minister Al-Abadi discussed with the Jordanian Prime Minister the current political and security situation in Iraq and the region, as well as the importance of strengthening bilateral relations between the two countries. They also discussed bilateral cooperation in the fight against terrorism and cooperation in sectors such as economy, trade, agriculture, […]
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 New Northern Frontline Where Iraq’s Kurds And Shiites Are Facing Off In Iraq’s northern disputed territories, minor skirmishes, rumours of looting, arson and speculation about political power plays have […]
By John Lee. Prime Minister Haider al- Abadi has ordered the dropping of all publishing lawsuits previously filed by his office against journalists and reporters. In a statement, his office said: "This order comes out of the Prime Minister's commitment to freedom of expression and support to the press as being the fourth power, which […]
After easing almost a year of financial crisis and terrorism threat, the Kurdistan Region last week hosted the 10th Erbil International Fair attended by 250 companies from 16 countries. In the wake of initial agreement between Erbil and Baghdad to resolve oil export and budgetary issues, and of security advances to halt the ISIS threat, […]
By John Lee. Chinese oil companies are to maintain their purchasing of crude oil from Iraq's State Oil Marketing Organization (SOMO) at the 2014 level for next year, according to a report from Reuters. The decision has been attributed to a slowing of demand growth in China, the varying quality of Iraq's "Basra Light" crude, […]
By John Lee. Reuters reports that Kuwait has accepted an Iraqi government request to delay payment of $4.6 billlion in war reparations, pending further discussions in Geneva. The reparations were imposed by the U.N. Security Council following Iraq's 1990 invasion of Kuwait, but the country's finances have been strained by the falling oil price and […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 11 banks took part in its currency auction on Thursday. A total of $89,117,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. Sharjah-based Dana Gas and its consortium partners, Crescent Petroleum and Pearl Petroleum, is pursuing $100 million (117 billion Iraqi dinars) in payments from the Kurdistan Regional Government (KRG). In a statement to the Abu Dhabi Securities Exchange (ADX), the company said: "The LCIA [London Court of International Arbitration] Tribunal recently ordered the […]
Kurdistan Regional Government Prime Minister, Nechirvan Barzani, on Monday received Mr. Georg Enzweiler, on the occasion of his appointment as Germany’s new Consul General to the Kurdistan Region. Mr. Enzweiler expressed his pleasure to be appointed as his country’s Consul General to Kurdistan Region and hoped to further develop bilateral relations between Germany and the […]
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. Despite all the negative developments concerning extremist groups in the Middle East, they have had a positive impact on religious communities. Shiite and Sunni institutions in Egypt, Iraq, Saudi Arabia and Iran agreed to denounce […]
