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By John Lee.

Dana Gas has reported a net profit of AED 393 million ($107 million) for H1 2026, a 47% year-on-year increase.

Regarding operation in the Kurdistan Region of Iraq (KRI), the company said:

"Khor Mor began the year at record production levels, with output exceeding 700 MMscf/d and Group production reaching 70 kboepd. During the period, regional security-related disruption led to intermittent suspensions and reduced operations at Khor Mor. This constrained average utilisation and limited the revenue contribution from KM250. While utilisation was temporarily constrained during the period, KM250 remains a key platform supporting the Company's future growth and is beginning to support the expansion of gas supplies into new domestic markets.

"Following renewed regional escalation in July, after the reporting period, Dana Gas implemented short-term precautionary measures at Khor Mor. Following updated security assessments and assurances from the Kurdistan Regional Government and the Government of Iraq, operations have now resumed, and production has normalised to support electricity demand in the area.

"At Chemchemal, development activities continued under the $160 million appraisal and early development programme. Long-term gas sales agreements are in place to supply up to 142 MMscf/d to industrial customers in the KRI.

"Following the reporting period, gas supplies commenced to Iraq's Ministry of Electricity from the Khor Mor gas processing facility. Under the agreement, 100 MMscf/d of gas will be supplied to the Kirkuk Taza power station for an initial term of one year. The milestone represents an important step in the Company's strategy to expand gas sales following completion of the KM250 expansion, enabling the partners to open new domestic markets while supporting electricity generation in Iraq.

"During the period, the Company recognised additional invoicing of AED 176 million ($48 million) following a one-off positive gas metering reconciliation at Khor Mor, relating to gas supplied between November 2018 and March 2024 that had not previously been invoiced or paid."

Full statement here.

(Source: Dana Gas)

By John Lee.

Iraq's first LNG import terminal is expected to commence operations in the second quarter of 2027, according to US-based Excelerate Energy.

In its financial results for the second quarter ended June 30, 2026, the Texas-based company said engineering and procurement activities are nearing completion, site clearance and dredging are under way in preparation for construction, and materials have been staged globally and are being mobilised based on construction priorities.

Excelerate said it continues to monitor regional developments, with safety and security remaining central to project planning, while adapting its execution plans as conditions evolve.

In October 2025, Excelerate signed a definitive commercial agreement with a subsidiary of the Ministry of Electricity for the integrated project, which includes a five-year regasification services and LNG supply agreement, with extension options, and a minimum contracted offtake of 250 million standard cubic feet per day.

(Source: Excelerate Energy)

By John Lee.

The Kurdistan Regional Government (KRG) has said that Crescent Petroleum and Dana Gas, the joint operators of the Khor Mor field, commenced gas supplies from the Kurdistan Region to Iraq's Ministry of Electricity without its approval or authorisation, in breach of their contractual obligations.

According to the KRG, it was notified on 4 August 2026 that the companies had begun supplying natural gas for power generation - notification received only at the same time as the companies' public announcement.

The KRG stated that it has never opposed the supply of gas or electricity to any part of Iraq, provided such arrangements comply with the governing contractual framework and have its approval as the contracting authority. It rejected the operators' public statement thanking the KRG for supporting the gas supplies, saying it neither approved nor authorised the action.

It added that it had repeatedly requested additional gas supplies for facilities in which it had invested substantial public resources, intended to expand electricity generation for both the Kurdistan Region and the rest of Iraq. It said the operators chose to proceed unilaterally rather than work with the KRG to achieve those shared objectives.

The KRG said it is reviewing the legal, contractual and operational consequences of the operators' actions and will take all appropriate measures to protect its contractual rights and safeguard the energy interests of the Kurdistan Region and Iraq.

(Source: Kurdistan Regional Government)

By John Lee.

Iraq's Foreign Minister Fuad Hussein held a series of bilateral and trilateral meetings in Amman on Wednesday on the sidelines of the Arab Ministerial Meeting on Jerusalem, covering energy cooperation, joint projects, and regional security issues.

According to the Ministry of Foreign Affairs, the talks included separate meetings with the foreign ministers of Egypt, Jordan, and Saudi Arabia, as well as a trilateral session with the Jordanian and Egyptian counterparts.

In his meeting with Egypt's Foreign Minister Dr. Badr Abdelatty, Hussein discussed bilateral cooperation, joint projects being implemented in Iraq by Egyptian companies, energy cooperation in the electricity sector, and the Basra-Aqaba Oil Pipeline (BAOP) and its extension to the Red Sea.

In talks with Jordan's Deputy Prime Minister and Foreign Minister Ayman Safadi, the two sides discussed arrangements for an upcoming visit to Baghdad by Safadi and the Jordanian Minister of Energy and Mineral Resources. They also addressed the Basra-Aqaba Oil Pipeline and electricity interconnection with the Jordanian power grid, as well as Prime Minister Ali al-Zaidi's recent visit to Washington.

The trilateral meeting between Iraq, Jordan, and Egypt agreed to activate the Trilateral Cooperation Mechanism through relevant technical committees, with regular follow-up meetings on joint projects in the fields of economy, investment, industry, and energy, including oil and electricity interconnection.

In a separate meeting with Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al Saud, Hussein discussed bilateral relations, preparations for an upcoming Arab Summit, a forthcoming visit by an Iraqi security delegation to Saudi Arabia, and the security of oil export routes and energy supplies in the region. The Saudi minister reaffirmed the Kingdom's support for the Iraqi government.

All meetings also addressed the situation regarding the Strait of Hormuz and the importance of ensuring freedom of navigation.

(Source: Iraqi Ministry of Foreign Affairs)

By John Lee.

Crescent Petroleum and Dana Gas have begun supplying natural gas from the Khor Mor field to Iraq's Ministry of Electricity, under an agreement signed last December.

According to a press release from Dana Gas, 100 million standard cubic feet per day (MMscf/d) will be delivered from the Khor Mor gas processing facility in the Kurdistan Region of Iraq (KRI) to the Kirkuk Taza power station for an initial term of one year.

The two companies operate the Kurdistan Gas Project as joint operators. The supplies follow the completion of the KM250 expansion, commissioned in October 2025, which raised production capacity at Khor Mor by 50% to 750 MMscf/d.

Majid Jafar, CEO of Crescent Petroleum and Managing Director of the Board of Dana Gas, said the delivery represented "an important milestone" in the development of the gas sector in the Kurdistan Region. Richard Hall, CEO of Dana Gas, said the agreement laid "the foundation for more cooperation on energy within Iraq's growing market."

The Khor Mor project currently provides fuel for more than 80% of the KRI's electricity generation, serving more than 8 million people. Total investment in the project to date exceeds $4 billion.

(Source: Dana Gas)

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

What Iraq could Learn from China's Rural Revival

For decades, the prevailing wisdom across Iraq and much of the region has been that opportunity lies in the city. Villages steadily emptied as successive generations left in search of jobs, education and a share of the "cities of gold" that popular culture promised.

The result is visible today in Baghdad and other regional capitals through overstretched infrastructure, traffic congestion, housing shortages and mounting strain on water and electricity networks.

While China's rural revitalization model should not be transplanted wholesale, there are lessons to glean for an Iraqi development strategy that has arguably failed to deliver. A more balanced model of development can help relieve pressure on Baghdad while addressing climate-driven decline across the country.

Click here to read the full article.

By John Lee.

The Kurdistan Regional Government (KRG) has issued its official data report for projects undertaken by its Ninth Cabinet (2019-2026), including official data for the following sectors:

• Banking System
• Electricity Infrastructure
• Employment Opportunities
• Environment
• Electricity Infrastructure
• Food Security
• Investment
• Public Services
• Reform
• Road Infrastructure
• Society and Government
• The Kurdistan Region's Global Standing
• Water Security

Click here to read the full report.

To browse our comprehensive library of reports on Iraq, click here.

By John Lee.

Iraq has signed an agreement with Turkey for the transport and loading of Iraqi crude oil via the Iraq-Turkey Pipeline (ITP) to the Turkish port of Ceyhan.

The agreement was signed under the auspices of Minister of Oil Basim Muhammad Khudhair al-Abadi, with Turkey's Minister of Energy and Natural Resources also in attendance.

The agreement has a duration of one year, pending the completion of a broader framework agreement covering several sectors, including oil, electricity, and water resources. The minimum volume for crude oil exports under the agreement is 750,000 barrels per day.

The signing ceremony was attended by the Under-Secretary of the Ministry of Foreign Affairs, the Under-Secretary of the Ministry of Oil for Extraction Affairs, and the directors-general of State Oil Marketing Organization (SOMO), North Oil Company (NOC), and the Economic, Legal, and Internal Audit departments of the Ministry of Oil, along with a Ministry of Foreign Affairs adviser and a representative from the Ministry of Finance.

(Source: Ministry of Oil)

By John Lee.

Iraq and Iran have signed four agreements and memoranda of understanding (MoUs) covering transport, rail, municipal ties, and public administration, during a ceremony in Tehran.

According to the Prime Minister's Office, the signing was witnessed by Prime Minister Ali al-Zaidi and Iranian President Masoud Pezeshkian.

The agreements were signed on the Iraqi side by the ministers of foreign affairs, electricity, and finance and planning (acting).

The agreements are:

• An agreement on international road freight transport
• An MoU on extending the railway from Kermanshah-Khosravi-Khanaqin to Baghdad
• An MoU on twinning between the Baghdad Municipality and Tehran Municipality
• An MoU on government administration and human resources training

(Source: Prime Minister's Office)

By John Lee.

The head of Iraq's Federal Board of Supreme Audit (FBSA), Dr. Ammar Subhi Khalaf al-Mashhadani (pictured), has outlined the key findings of the board's 2025 annual report in an interview with the state-owned Iraqi Media Network (IMN).

The report, which covers more than 7,950 audit reports totalling at least 70,000 pages, has been submitted to parliament within the 120-day statutory deadline. According to the FBSA, this is the first time since 2003 that parliament has convened a dedicated session to discuss the board's annual report.

Key figures highlighted in the report include:

• IQD 100 trillion (USD 76.3 billion) in unsettled advances accumulated since 2004
• IQD 26 trillion (USD 19.8 billion) in unpaid treasury shares from company dividends
• IQD 4 trillion (USD 3.1 billion) in uncollected liability compensation
• IQD 2 trillion (USD 1.5 billion) attributed to a single Ministry of Electricity contract for the operation of power stations

Click here to view the interview (Arabic).

Click here to download the FBSA 2025 Annual Report.

(Source: Federal Board of Supreme Audit)