Japan's Sumitomo Corporation has purchased about 320 million yen in shares (equivalent to 45% of shares) of SAS Automotive Services Ltd, a subsidiary of Iraq’s largest automotive business, the Sardar Group through a third-party allocation of shares. The company claims that this is the first private investment and joint venture by a Japanese company in […]
By John Lee. Fake bomb detectors are reportedly still being used in Iraq, months after British conman James McCormick was jailed for selling them. The former policeman is thought to have made £50 million from selling devices, based on a novelty £13 golf ball finder, to Iraq and other countries. Sentencing him to 10 years in […]
By John Lee. Foreign Minister of Romania, Mr. Titus Kurlaan, received the Iraqi Foreign Minister Hoshyar Zebari and his accompanying delegation on Thursday. Minister Zebari and his team were on an official visit to Romania to celebrate the 55th anniversary of the establishment the diplomatic relations between the two countries. The two sides held talks […]
A pipeline to export oil from the Kurdistan Region will be operational within a few months, Ashti Hawrami (pictured), the Kurdistan Regional Government Minister of Natural Resources, told a meeting at the UK's Conservative Party conference yesterday. 'The new oil export pipeline from the Kurdistan Region is almost complete and is expected to be operational […]
By John Lee. Andrei Kuzyayev [Andrey Kuzyaev] (pictured), head of Lukoil's overseas operations, has said that Lukoil plans to reach commercial levels of oil production at West Qurna-2 in the first quarter of 2014, and is interested in participating in the Kirkuk oilfield in northern Iraq. He told Reuters: "There are no infrastructure risks [in […]
By John Lee. [UPDATE: In January 2017, Wal King, former CEO of Leighton Holdings, received an apology and an out-of-court settlement from Fairfax Media following their claim that he knew of alleged corporate misconduct, including the payment of a $42 million bribe in Iraq.] Shares in the Australia's Leighton Holdings, Australia’s biggest builder, fell more […]
By Amina al-Dahabi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the […]
The latest upsurge in violence in Iraq and continuing political instability across the Middle East has seen global corporations taking steps to improve the safety of their workers, according to Advanced Glass Technology (AGT), a leading international specialist in protective window films and anchoring systems, which has recently established a permanent presence in the country. […]
Following its survey of 10 Iraqi cities the market research organisation TNS Mena says Iraq could be "the next big one" for consumer spending. The company's CEO, Steve Hamilton-Clark, said: “Considering the economic slowdown in the developed world, more and more clients would like to enter the Iraqi market which has intrigued marketers for years, […]
By John Lee. Reuters reports that Iraq's southern oil exports averaged 1.821 million barrels per day (bpd) in September. This is down from from the 2.308 million bpd in August as a result of maintenance work at that al-Basra Oil Terminal (ABOT) (pictured). The work has closed two of the port's four berths, and the […]
The United States Department of Energy’s (DOE) Office of Electricity Delivery and Energy Reliability conducted a workshop in Baghdad, September 22-26, on electricity operations and maintenance for 20 engineers from the Ministry of Electricity who work at power plants across Iraq. The five-day workshop provided the Iraqi participants with tools and methods to enhance efficiency […]
By John Lee. According to casualty figures released today by UNAMI, a total of 979 Iraqis were killed and another 2,133 were wounded in acts of terrorism and violence in September. The number of civilians killed was 887 (including 127 civilian police), while the number of civilians injured was 1,957 (including 199 civilian police). A […]
