By John Lee. One possible consequence of the budgetary crisis facing Iraq is a fall in the value of the Iraqi dinar. As a result of the massive burden of public sector wages and salaries, in addition to subsidies for food and energy, the country faces major expenses in looking after its nearly 2 million […]
By John Lee. In its Interim Management Statement on Tuesday, Dragon Oil gave the following update on its Iraqi operations: "On 10 September 2014, the consortium comprised of Kuwait Energy (70% and operator) and Dragon Oil (30%) reported its first oil discovery at Block 9, Iraq. "The successful discovery was at the consortium's first target, […]
By John Lee. Iraq's Foreign Minister, Dr. Ibrahim Al Jaafari, received his British counterpart, Philip Hammond, on Monday. During the meeting, the two ministers discussed the Iraqi political and security developments and the importance of supporting Iraq in eliminating the terrorist Islamic State (IS). Minister Jaafari and Minister Hammond held a joint press conference on […]
By John Lee. Iraq's Electricity Minister, Qassim Fahdawi [Qassim al-Fahdawi], has met the American ambassador Stuart E Jones to discuss the participation of American companies in developing the country's electricity infrastructure. In addition to possible new sources of gas for electricity generation, the Minister also pointed out the opportunities available in renewable energy, including solar […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 19 banks took part in its currency auction on Tuesday. A total of $253,980,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. Stuart Bowen, the former Special Inspector General for Iraq Reconstruction (SIGIR), has claimed that between $1.2 billion [1.4 trillion Iraqi dinars] and $1.6 billion [IQD 1.9 trillion] allocated for the reconstruction of Iraq was stolen and hidden in a bunker in Lebanon, as the American and Iraqi governments ignored appeals to recover […]
Dubai-headquartered companies Transworld Group and NAWAH [North America Western Asia Holdings] have announced that the two firms have entered into a formal agreement to service Iraq’s growing demand for imports, linking their considerable shipping, logistics, marine services and port capabilities. As part of their agreement, Transworld Group and NAWAH Port Management, NAWAH’s port operations business […]
The Special Representative of the United Nations Secretary-General for Iraq (SRSG), Mr. Nickolay Mladenov (pictured) held meetings on Sunday with the Kurdistan Region of Iraq’s Parliament. The meeting focused on the continuous cooperation between the KR-I and the central government, as well as on the current humanitarian burden on the KR-I. He received a copy […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. A triple suicide attack tore through a Kurdish compound in eastern Iraq, killing at least 29 members of the security forces and wounding 88, according to hospital and security officials. A roadside bomb […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 16 banks took part in its currency auction on Monday. A total of $ 197,614,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. Platts reports that Iraq has banned three oil tankers from loading at its oil terminals. in response to direct exports of crude by the Kurdistan Regional Government over the objections of Baghdad, shipping market sources said Friday. The United Carrier (pictured), the United Dynamic and the Nautilus have previously transported crude on […]
By John Lee. Iran Khodro (IKCO) has reportedly announced its intention to increase production at its Iraq plant from 50 cars a day to 100. The plant, in the central Iraqi city of Iskandariya, is IKCO’s largest car plant outside Iran. According to a report from Just Auto, a drop in transportation fees and a […]
