KRG Taxes Agricultural Products from Iraq
By John Lee. Kurdistan24 reports that the Kurdistan Regional Government (KRG) Ministry of Agriculture has decided to impose a tax on some products imported from other parts of Iraq. KRG Minister of Agriculture and Water Resources, Abdulstar Majid, said that the his Department is aware that imposing a tax on goods within a country is […]
Armenia-Iraq Trade up 30% Annually
By John Lee. PanARMENIAN reports that trade between Armenia and Iraq has grown by 30 percent annually. Armenian Deputy Economy Minister Garegin Melkonyan (pictured) is quoted as saying: “In 2015, trade turnover between the two countries amounted to $132 million, up from just $49 million in 2012. We exported some $80 million and $126 million-worth […]
Video: Fallujah IDPs flee one Hell to find Another
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. They fled starvation and jihadist tyranny in Fallujah for the safety of displacement camps but thousands of Iraqi families still have nothing to eat and nowhere to sleep.
UNHCR warns of Funding Crunch as Thousands Flee Falluja
With tens of thousands of civilians pouring out of the embattled Iraqi city of Falluja in recent days, US$17.5 million is urgently needed to meet their immediate needs, the UN Refugee Agency said today. More than 85,000 people have fled Falluja and the surrounding area since a government military offensive to retake the city from […]
Southern Oil Exports below May levels
By John Lee. Reuters repors that crude oil exports from Iraq's southern ports are averaging 3.144 million barrels per day so far in June. An official from the South Oil Company (SOC) said on Tuesday that this was down from the 3.2 million bpd achieved in May due to maintenance work and weather conditions. (Source: […]
Petrofac Completes Work at Badra
By John Lee. In its trading update on Tuesday morning, Petrofac has confirmed that it has reached "mechanical completion" of the third and final train on the Badra project. The scope of work included detailed design, engineering, procurement, construction, pre-commissioning, commissioning and start-up work on the Badra development’s central processing facility. (Source: Petrofac)
Karbala Refinery Project "Halted ... Solvency Concerns"
By John Lee. Work on a the $6-billion Karbala Refinery Project has reportedly been suspended. According to Korea Times, the work has been halted "due to the Iraqi government's late construction payment, raising concerns about its solvency." The Engineer, Procure and Construct (EPC) contractor for the Karbala Refinery Project is HDGSK, a South Korean joint […]
DNO, Genel Energy, confirm Tawke Payments
By John Lee. DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 15.0 million from the Kurdistan Regional Government as partial payment to DNO and partner Genel Energy plc for May crude oil deliveries to the export market from the Tawke field. The total invoiced amount for May is USD 39.28 […]
UN Allocates $15m to support Fallujah IDPs
UN emergency fund allocates $15 million to support people fleeing Fallujah The top United Nations relief official chief today released $15 million from the UN Central Emergency Response Fund (CERF) to provide urgent life-saving assistance for people affected by the recent fighting and military operations in Fallujah. “People escaping Fallujah are in desperate need of […]
Inherent Resolve Strikes Target ISIL in Syria, Iraq
U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq yesterday, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, fighter and remotely piloted […]
Currency Auction Results, 21st June
By John Lee. The Central Bank of Iraq (CBI) has reported that 33 banks and 16 remittance companies took part in its currency auction on Tuesday. A total of $144,400,457 sold at a price of 1182 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Amec Foster Wheeler wins BP Iraq Contract
Amec Foster Wheeler announced this morning that it has been awarded a three-year framework agreement by BP Iraq NV to complete conceptual studies and pre-front end engineering design (FEED) work to support BP plans to sustain and grown production at the Rumaila oil field in Iraq. Rumaila, one of the world's largest oil fields and […]