By Vager Saadullah for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iranian Peshmerga Chief: Iran set Ambushes for us The head of the Iranian peshmerga said his forces acted in self-defense during rare clashes with Iranian forces on Sept. 13, which resulted in deaths on […]
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 $189,284,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
If Iraq didn't face enough challenges already, the slump in the price of crude oil is another unwelcome development for the new Abadi government to deal with. At a current price of $81.78, the benchmark West Texas Intermediate (WTI) crude is down nearly 25 percent from its June high, driven in part by a strong […]
GE (NYSE: GE) has signed a contract with ENKA to supply power generation equipment for a new 750-megawatt (MW) combined-cycle plant being developed by Qaiwan Group in Iraq. GE will provide four 9E gas turbines and one steam turbine for a new power plant in Sulaimaniyah to support the government’s goal of strengthening the electricity […]
By John Lee. Iraq is reportedly seeking $307 million [358 billion Iraqi dinars] from each of the country's three mobile phone operators for spectrum to run 3G (third-generation) services. According to Reuters, all three operators – Zain Iraq (owned by Kuwait's Zain), Asiacell (owned by Ooredoo) and Korek (Orange) – paid $1.25 billion each for so-called "technology-neutral" […]
By John Lee. In a market update this morning, Norwegian oil and gas operator DNO said it is logging the 834 meter horizontal section of the recently drilled Tawke-28 well and plans to place the well on production by early November. The next horizontal well in the field development program, Tawke-27, will spud shortly thereafter. […]
The UK has announced that it is funding state-of-the-art bomb disposal training to assist the Kurdistan Region of Iraq’s Peshmerga forces in their frontline battle against ISIL. This funding is for a four-week pilot course, delivered by a UK firm, which will initially train up to 18 students from the Peshmerga to counter Improvised Explosive […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Many who escaped fighting between army and ISIL say they are also targets of Shia armed groups who are destroying homes. Al Jazeera's Zeina Khodr reports now from Kirkuk.
By John Lee. The Central Bank of Iraq (CBI) has reported that 14 banks took part in its currency auction on Wednesday. A total of $203,311,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. Afren announced today that Willkie Farr & Gallagher (UK) LLP (WFG) has completed its independent review into the receipt of unauthorised payments by members of management and senior employees. In connection with the conclusion of this review, the company has decided to terminate the employment and directorships of Osman Shahenshah and Shahid […]
By John Lee. Tarek Saadi, President of Ericsson's North Middle East Region, has said his company remains bullish on Iraq despite the threat of terrorism. Speaking on the sidelines of a trade event, he said: “Iraq is one of the more important markets for Ericsson in the Middle East ... We still believe in the […]
By John Lee. The Financial Times reports that a looming fiscal crisis is threatening to limit Iraq’s ability to finance its war against the Islamic State insurgents. This is despite the country having large oil revenues, billions of dollars in reserves and surplus funds left from unexecuted projects. In recent years, expenditures have "skyrocketed", with […]
