Author Archive | Editor

Siemens Wins 400kV Substation Contract in Iraq

Siemens Energy and the Iraqi Ministry of Electricity have signed a contract for the Al Hamudhia substation, which will provide reliable and efficient power supply to the cities of Ramadi, Fallujah, Saqlawyah, Khalediyah and surrounding areas in Al Anbar governorate, North West of Baghdad. Located about 20 kilometers away from Ramadi city, the turnkey 400- […]

Oil Ministry Finalises Export Figures for May

By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for May of 99,585,283 barrels, giving an average for the month of 3.212 million barrels per day (bpd), down from the 3.438 million bpd exported in April. These exports from the oilfields in central and southern Iraq amounted to 96,039,852 barrels, while exports […]

Iraq's Plans to Cut Salaries face Strong Backlash

By Omar al-Jaffal for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq's plans to cut salaries face strong backlash The government of Iraqi Prime Minister Mustafa al-Kadhimi is seeking to reopen the "social justice" issue regarding state spending on salaries. […]

Cabinet Ends Double Payments to fmr Detainees at Camp Rafha

Iraq's Council of Ministers (Cabinet) has announced details of its decision taken at its regular weekly meeting on 09/06/2020 in relation to the payment of more than one salary and other benefits to former detainees at Camp Rafha. The decision ends the payment of more than one salary, restricts the payment to heads of household […]

Iraq's Traditional Crafts at Risk of Vanishing

From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Some of Iraq's most traditional craft works are at risk of vanishing, as a nationwide financial crisis hits home-grown industries. The government hopes prioritising the development of its private sector will help its […]

Genel Energy appoints new Non-Exec Director

By John Lee. Genel Energy has announced the appointment of Canan Ediboğlu as an Independent Non-Executive Director, with immediate effect. Canan has significant industry, financial, and corporate experience. She has been a non-executive board member of ING Bank in Turkey since 2010, and Tupraş since 2017. Canan was formerly non-executive Board member of Aygaz between […]

Fitch affirms Negative Outlook for TBI

By John Lee. Fitch Ratings has affirmed Trade Bank of Iraq's (TBI) Long-Term Issuer Default Rating (IDR) at 'B-' with Negative Outlook. A full list of rating actions is below. The Negative Outlook mirrors that on the sovereign. This reflects the impact of oil price slump on Iraq's fiscal and external finances, near-term uncertainty over […]

ISO certification awarded to Al-Burhan Security

Al-Burhan Security (ABS) has introduced quality management processes from day one of its operations to prepare for ISO 18788:2015, ISO 9001:2015 accreditations and also ANSI/ASIS PSC1. With a focus on quality management systems and processes the ABS Leadership team continues to work hard to further develop quality and operational procedures to ensure compliance with the […]

Shamaran Bondholders appoint Advisers

By John Lee. According to Bloomberg Law, a group of bondholders of Shamaran Petroleum has reportedly appointed restructuring specialists Akin Gump Strauss Hauer & Feld LLP to advise on ongoing debt talks. ShaMaran Petroleum said last week that that it continues to examine alternatives to address a breach of financial covenant and liquidity shortfall, and […]