By Patrick M Schmidt. The Dubai-based division of the Russian oil company, Lukoil announced revise production figures for the West Qurna-2 fields. The company began production in March 2014 with an output of approximately 120,000 barrels of oil per day. Current production levels are now at 300,000 barrels of oil per day. It is expected […]
By John Lee. A Northern-Irish businessman, who was jailed for stealing more than £500,000 in fraudulent VAT repayments, has been ordered to repay £113,472 or serve a further three years in prison. The man had claimed to be building water purification plants in Basra and Mosul, but didn’t have the funds to pay for the […]
By John Lee. A consortium has been awarded a $240-million engineering, procurement, and construction (EPC) order from Iraq's Ministry of Municipalities and Public Works to build pretreatment facilities at a desalination plant in Basra. Japan's Hitachi and Veolia Environnement of France have won $100 million of the total, with Egyptian engineering firm ArabCo getting the […]
The United Nations has launched a US$2.2 billion appeal to address the protection and humanitarian needs of 5.2 million people in conflict-affected Iraq. “The needs of the Iraqi people are immense,” Neill Wright, acting Humanitarian Coordinator for Iraq, said in Baghdad. “It’s imperative we step up our efforts.” The third revision of the Strategic Response […]
By Patrick M Schmidt. After a conversation with American Defense Secretary Hagel, the new, Iraqi Minister of Defense Khaled al-Obeidi (pictured) reaffirmed his commitment to reform the Iraqi security forces in the face of the ongoing threat from the Islamic State (IS). He told Hagel that he intended to go on the offensive against IS […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. As the US strikes ISIL targets in Iraq, we report from Irbil on the consequences of the latest foreign intervention:
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Four former employees of the US security company Blackwater have been convicted of almost every charge related to the shootings of more than 30 unarmed Iraqi civilians in Baghdad seven years ago. Al […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 16 banks took part in its currency auction on Thursday. A total of $215,762,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Despite media reports to the contrary, business is still being done in Iraq, and Iraq Business News is the place to learn about it. Some random examples from the past week include further progress and stage payments to Hanwha for the construction of the Bismaya New City housing development, a $278-million drilling contract for Halliburton […]
By John Lee. Innospec has announced the successful conclusion of a lawsuit brought against the company by Jalal Bezee Mejel Al-Gaood & Partner and Future Agencies Company Limited in connection with alleged loss of profits in Iraq. The matter had been filed in the High Court of Justice in the United Kingdom, and the judge […]
By Devin Morrow for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. A small pile of stones in a field may look harmless to the casual observer, but they are a marker for a real danger in Iraqi Kurdistan. Land mines and other explosive remnants of war […]
By John Lee. Latvian lingerie manufacturer New Rosme has reportedly opened its first store in Iraq, located in the city of Najaf. A spokesperson for the company said: "Although Najaf is one of the most religious cities in Iraq, where publicly exposing a woman's beauty is forbidden more than in any other part of the […]
