Currency Auction Results, 12th Aug
By John Lee. The Central Bank of Iraq (CBI) has reported that 25 banks and 8 remittance companies took part in its currency auction on Wednesday. A total of $220,718,529 sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Iraq Increases Oil Prices
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra and Kirkuk crude oil for September. 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); […]
Iraq Oil Output Hits Record
By John Lee. Iraq’s crude oil production climbed to an all-time high of 4.18 million barrels a day in July, according to statistics from the International Energy Agency (IEA). This was up from the 4.15 million bpd produced in June. The southern oilfields accounted for exports of 3.06 million bpd, up about 40,000 barrels from […]
Name Change for North Oil Company
By John Lee. Kirkuk Provincial Council has reportedly decided to change the name of North Oil Company (NOC) to Kirkuk Oil Company (KOC). A local source told Shafaaq that the decision came after the Islamic State (IS, ISIS, ISIL) terrorist organization took control of many areas in which the company worked, leaving it now with […]
$4.3bn in new Central Bank Loans
By John Lee. The Central Bank of Iraq (CBI) has launched a new scheme of loans for "industrial, agricultural and real estate" banks. According to the report from Shafaaq, a total of 5 trillion Iraqi dinars [$4.3 billion] will be made available. The governor of the CBI, Ali al-Alaq, has reportedly promised to make more […]
Airstrikes Destroy ISIL Infrastructure
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. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Airstrikes in Syria Bomber, fighter, fighter-attack and remotely […]
Video: Hundreds Demonstrate in Support of Reforms
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Hundreds of protesters demonstrated on Sunday downtown Baghdad to support the proposed reforms proposed by Iraqi Prime Minister Haider al-Abadi.
Int'l Support for Abadi’s Reforms
By John Lee. The Acting Head of the United Nations Assistance Mission for Iraq (UNAMI), Deputy Special Representative of the United Nations Secretary-General for Iraq (DSRSG), Gyorgy Busztin, today welcomed Prime Minister Haidar Al-Abadi’s proposed reforms aimed at improving the lives of the Iraqi people, rationalizing state institutions and rooting out corruption. “I welcome the […]
Parliament backs al-Abadi's Reform Plan
By John Lee. The Iraqi parliament has unanimously approved Prime Minister Haider al-Abadi's programme of reforms aimed at stamping out corruption, reducing government waste and easing sectarian tensions, reports BBC News. The bill, which includes the elimination of senior posts, was reportedly pushed through without debate. On Monday, Deputy Prime Minister Baha al-Araji resigned amid […]
New Hope for Iraq's Oil and Gas Industry?
By Samar Rassam-Whitticombe, CEO of Somer Industrial Projects (SIP). This is an extract from an article originally published by Nina Iraq, and is reproduced here with permission. After celebrating the end of Ramadan, I hope that everyone experienced a welcoming Eid al-Fitr. Unfortunately, the time of joy for Iraqi citizens was tinged with sadness due […]
Fitch Rates Iraqi Debt as 'Junk'
Fitch Ratings issued its first rating on Iraqi sovereign debt, giving it the fifth-worst junk grade, due in part to the cost of the civil conflict and the global slump in oil prices. The rating comes as the country is planning a $5-billion bond issue towards the end of this year. The international ratings agency […]
Deputy PM Resigns, Faces Corruption Investigation
One of Iraq's deputy prime ministers has stepped down, and is to be investigated for corruption, reports HuffPost. Baha al-Araji (pictured), deputy prime minister for energy affairs, resigned on Monday. On Tuesday, Prime Minister Haider al-Abadi's anti-corruption reform bill, which includes the elimination of the three Deputy Prime Minister positions, was passed by parliament. (Source: […]