Iran, Iraq Sign 6-Year Gas Deal
Iran has agreed to send 35 mcm/d of its gas to the Iraqi city of Basra for a period of 6-years. Based on the deal, signed by Head of National Iranian Gas Company (NIGC) Reza Araqi and Iraqi Deputy Minister of Electricity Khalid Hassan Saleh, Iran will supply 20mcm/d of natural gas to Basra in […]
Oryx Petroleum 3Q Results and 2016 Capital Budget
Oryx Petroleum has announced its financial and operational results for the three and nine months ended September 30, 2015 and its capital expenditure budget for 2016. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated. Financial Highlights: Total revenues of $4.2 million on working interest sales […]
Strikes Target ISIL Terrorists in Syria, Iraq
U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Thursday. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Fighter, attack, and […]
Why Iraqi Women are Turning to the Internet to Buy Books
By Omar al-Jaffal for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The deteriorating security situation in the Iraqi capital has prevented Noor Jamal Abdul Hamid from going to Mutanabbi Street to shop for books and stationery. Abdul Hamid is a young woman who […]
Iraq in the Global Marketplace
By Padraig O'Hannelly. This week in London, the Iraq Britain Business Council (IBBC) held its annual Autumn Conference, taking as its theme "Iraq in the Global Marketplace". A full house of senior executives, diplomats and public officials shared their views and experiences of business in Iraq, and discussed what Iraq can do to raise its […]
UK University offers Postgrad Scholarship for Iraqi Students
One of the UKs leading liberal arts institutions is offering a fully funded postgraduate scholarship to students from Iraq. Bath Spa University announced at the Iraq Britain Business Council (IBBC) conference in London that it is offering the scholarship for postgraduate research into Women in Leadership in Higher Education. This new scholarship is part of […]
Iraq Seeks Fourth Mobile Telecom Provider
By John Lee. Iraq has invited interested companies to submit proposals to run a fourth mobile phone service in the country. The state-run Communication and Media Commission (CMC) said the planned license will run for 15 years, with the possibility of renewal. Interested companies have until 20th November to submit papers. Iraq's existing three mobile […]
Occidental to sell Zubair stake to Iraq's South Oil
By John Lee. Occidental Petroleum intends to sell its stake in the Zubair oilfield to Iraq's state-run South Oil Company (SOC), according to a report from Reuters. The news agency quotes ministry spokesman Asim Jihad as saying on Wednesday: "Occidental asked the ministry for permission to sell its stake in Zubair field and the ministry […]
Cabinet Approves New Hotel at Basra Airport
By John Lee. The Iraqi Cabinet has approved the allocation of a plot of land in Basra International Airport to the Ministry of Transport for the purpose of establishing a hotel complex and integrated services facilities. The decision on the 61-acre site was made at the Council of Ministers meeting on Tuesday (pictured), which was […]
Energy Cmte Discusses New Projects
By John Lee. The Prime Minister Dr. Haider Al-Abadi chaired a meeting of the Ministerial Committee on Energy (pictured) on Monday. The meeting discussed the status of power supply and the importance of working to improve it, including a proposed project for 400 KV electric transmission lines on deferred payment basis; a program of maintenance, […]
Year-End Foreign Reserves Estimated at $60bn
By John Lee. The Governor of the Central Bank of Iraq (CBI), Ali Mohsen Ismail (pictured), has said that he expects Iraq’s foreign currency reserves to total about $60 billion by the end of the year. According to the report from Bloomberg, that is higher than the International Monetary Fund (IMF) predicts, and sufficient to […]
Currency Auction Results, 11th Nov
By John Lee. The Central Bank of Iraq (CBI) has reported that 26 banks and 17 remittance companies took part in its currency auction on Wednesday. A total of $173,741,000 sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)