The Iraqi Railway Company [Iraqi National Rail Company] has announced that its revenues for March totalled $1.4 million [1.7 billion Iraqi dinars], according to a report from AKnews. The company’s assistant general manager, Salam Jaber Salloum, told the agency that proceeds from the transfer of freight reached $310,000 with the remaining revenues coming from the […]
The Customs Directorate of the Iraqi Finance Ministry announced that 11 vehicles were seized carrying 200 tons of tea mixed with wood shavings and sticks imported by an Iraqi trader through the Traibil [Tirbil, Tarbiel] border crossing (pictured). The Director-General of the Customs Directorate Nawfal Khalil told AKnews that the Directorate has opened an investigation […]
Six companies, including the world’s biggest power-grid supplier, ABB Ltd, have been selected to bid to develop a power plant in western Iraq, according to a report from Bloomberg. Lanco Infratech Ltd. (LANCI) of India, Techint Group of Italy, Hyundai Engineering & Construction Co. from Korea, as well as Turkish and Iraqi companies were preselected […]
Several Kurdistan Regional Government ministers joined Turkey’s Minister of Finance Mehmet Şimşek and other officials at a ceremony to celebrate Turkish Airlines’ first flight into Erbil International Airport today. Turkish Airlines’ first flight from Istanbul to the Kurdistan Region’s capital of Erbil arrived at 11.40 this morning, carrying more than 40 businessmen who were the […]
The Sunni Endowment, during its 1st investment conference, offered opportunities on Saturday to build 100,000 housing units all over Iraqi provinces, on lands it owns, within a three-year period, according to a report from Aswat al-Iraq. “The Endowment has already obtained a go-ahead from the Iraqi National Investment Commission (NIC) to build these units as […]
The Kurdistan Region is once again preparing to host more than ten trade shows this year. Now firmly established as the centre for Iraq’s largest trade exhibitions, the fairs provide a meeting point for international companies, local firms and government officials from all parts of Iraq. The trade fairs are held in dedicated exhibition spaces. […]
About $57 million worth of cooking oil once destined for Iraq's national food rationing programme may be fed to animals because it was left outdoors for three years and passed its expiry date for human consumption, according to a report from Reuters. A parliamentary committee suggested turning the wasted 30,000 tonnes of vegetable oil into […]
The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. The opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
CROSCO Integrated Drilling & Well Services Co., Ltd. is pleased to announce that wholly-owned subsidiary Rotary Drilling Company commenced with the provision of drilling services for Kalegran Limited, a wholly-owned subsidiary of MOL Hungarian Oil and Gas Company. Drilling services are being provided with Rotary 2000 HP drilling rig Rotary 67 (pictured). The Bekhme 1 […]
Iraq’s Central Bank announced on Tuesday that the project to re-denominate the Iraqi Dinar, removing three zeroes, is close to completion. According to the report from Alsumaria TV, the re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete. A Central Bank’s advisor, Mothahhar […]
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for March. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); Shipments to […]
British businessman Mark Jessop has admitted breaking United Nations sanctions during the Oil For Food Programme by making illegal payments to Saddam Hussein's government. He has been sentenced today at Southwark Crown Court to 24 weeks' imprisonment and ordered to pay compensation and costs. Background Mark Rodney Jessop, aged 53, sold medical goods to the […]
