WesternZagros Falls on Q2 Results
By John Lee. Shares in WesternZagros Resources Ltd. (TSX VENTURE:WZR) closed 3 percent down on Thursday following the announcement of its operating and financial results for the second quarter ended June 30, 2015. Second quarter production from the Sarqala-1 well averaged 5,427 barrels of oil per day ("bbl/d"). The Sarqala-1 well has produced approximately 1.8 […]
One year later, Struggle Continues for Yazidis
By Mohammed A. Salih for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Izzat Abbas, along with a group of men and children, took refuge in the shade by a prefabricated cabin in a refugee camp for displaced Yazidis. They chat and occasionally […]
Abadi's Reforms Welcome, but Vigilance Needed
By Padraig O'Hannelly. Dramatic moves this week by Prime Minister Haider al-Abadi to tackle corruption and bureaucracy have been widely welcomed, both within Iraq and internationally. Abolishing senior positions such as those of Deputy President and Deputy Prime Minister -- there were three of each -- scrapping sectarian and party quotas for state positions, and […]
PM Fires Senior Staff
By John Lee. Prime Minister Haider al-Abadi (pictured) has reportedly dismissed his cabinet secretary and his aides on Wednesday. Mohammed Khalaf Ahmed was said to be a close associate of Abadi’s predecessor, Nouri al-Maliki. Reuters cites an official in his media office as saying that the move was as part al-Abadi's push to cut "unnecessary government […]
EU to Open Representation Office in Erbil
Having finalized the necessary documentation with the Federal Foreign Ministry of Iraq and the KRG Department of Foreign Relations, the European Union will soon open an EU Delegation Liaison Office in Erbil to support the current activities of the EU in coordination with the Kurdistan Regional Government, the United Nations and NGOs. Minister Falah Mustafa, […]
Airstrikes Continue Against ISIL Terrorists
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 today. Officials reported details of strikes that took place yesterday, noting that assessments of results are based on initial reports. Airstrikes in Syria Attack, bomber, […]
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 […]