US Contactor Jailed for Iraq Bribery
By John Lee. An American military contractor has been sentenced to 4-1/2 years in federal prison in relation to bribes for contracts Iraq. George H. Lee Jr., aged 72, pleaded guilty to bribery earlier this year, following prosecution claims that he gave more than $1 million to Army officials who steered $20 million in contracts […]
Local Media and the Iraq-Saudi Wikileaks Scandal
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Sudden Silence? Why Local Media Have Shut Up About Iraqi-Saudi Arabia Wikileaks Scandal In late June, the whistle blowing organisation, Wikileaks, published a raft of formerly confidential documents said to […]
Al-Jadiryia Water Reservoir is Opened
By John Lee. Prime Minister Haider Al-Abadi has opened the new Al-Jadiriya Water Reservoir. This project coincided with opening another project in the area of Kasra Wa Attash. According to a statement from the Office of the Prime Minister, the capacity of the two projects is "150 000 cubic meters". Al-Abadi emphasized the importance of […]
Video: Looted Artefacts Return to Iraq
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq has recovered hundreds of cultural artefacts that have been seized by international customs agents since 2003. Having been looted from Iraq, many of these pieces come from areas that are now under […]
Is Maliki Making a Comeback?
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. While serving his second term as prime minister in February 2011, former Prime Minister Nouri al-Maliki told AFP he did not aspire to serve a third term. He averred that “the premier […]
Is Oil Industry Killing the Poor in Wasit?
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Chinese Company Pollutes, Causes Disease: Is The Oil Industry Killing The Poor in Wasit? As soon as the Chinese oil company began extracting oil from the Ahdab oil field in […]
New Basra Heavy Crude Short-Changes IOCs
By John Lee. According to a report from the Financial Times, Iraq’s introduction of the new Basra Heavy crude oil grade is causing problems for the international oil companies (IOCs). Since its launch in June, IOCs such as Shell, BP, Total, Lukoil, Petronas and China National Petroleum Corporation (CNPC) have received their remuneration for development […]
Dragon Oil Updates on Block 9
By John Lee. In a statement to the markets this morning, Dragon Oil gave the following update on its operations at Block 9 in Iraq: "In 2014, the partners in Block 9 in Iraq (Dragon Oil 30%) announced the discovery of oil in two formations in the consortium's first exploration well, Faihaa-1. "Open and cased […]
Indian Firm Bags Power Cable Order
By John Lee. India's Diamond Power Infrastructure has reportedly won a $14.5-million (16.9 billion Iraqi dinar) order to supply 4,600 kms of Aerial Bunched Cables to Iraq. The cables are to be supplied over a period of 8 months, starting in September 2015. Shares in the company were trading up 10 percent on Friday. (Source: […]
Airstrikes Hit ISIL Targets 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. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Airstrikes in Syria Bomber, fighter-attack and remotely piloted […]
Currency Auction Results, 9th July
By John Lee. The Central Bank of Iraq (CBI) has reported that 24 banks and 5 remittance companies took part in its currency auction on Thursday. A total of $242,666,428 sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
World Bank approves $350m Iraq Aid
A new World Bank project in Iraq will support the reconstruction of the country’s conflict-wrecked infrastructure and restore public services in municipal areas under Government control. The US$350 million financial assistance package, approved by the World Bank Board of Directors, will contribute to Iraq’s efforts to rebuild state institutions and put the economy on the […]