DNO Confirms Payment for Kurdish Oil
By John Lee. DNO ASA, the Norwegian oil and gas operator, today confirmed receipt of USD 30 million (36 billion Iraqi dinars) as first payment for oil exported by the Kurdistan Regional Government from the Tawke field during 2014. The payment will be shared by DNO (USD 20.625 million) and partner Genel Energy plc (USD […]
Iraq Faces Budget Cuts
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. Sana al-Khafaji, an employee in Iraq’s Ministry of Construction and Housing, was surprised by the $100 deduction from her monthly salary paid by the Iraqi government, following news about an expected government […]
Baghdad Gunmen Steal $3.8m Gold
By John Lee. Three gunmen wearing military uniforms have stolen more than 250 pounds of gold from a jeweler in Baghdad. A senior police official told NBC News that the men, traveling in a Land Cruiser with no licence plate and tinted windows, stopped a car belonging to the jeweler near the International Zone and […]
PM 'Retires' 24 Interior Ministry Officials
By John Lee. Iraqi Prime Minister Haider al-Abadi (pictured) has 'retired' 24 officials from the Interior Ministry. In an announcement on Monday, the Prime Minister's office said the move was "an effort to reform the institutions and to restructure the security forces and make them more effective in counter terrorism". New officers have been appointed […]
Video: Govt Reaches Oil Deal with Kurds
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq's government has reached a temporary agreement with authorities in the Kurdish region to end a dispute over oil exports and budget payments to the semi-autonomous region. Al Jazeera's Jane Arraf reports from […]
Currency Auction Results, 3rd Dec
By John Lee. The Central Bank of Iraq (CBI) has reported that 18 banks took part in its currency auction on Wednesday. A total of $199,142,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Weekly Security Update, 25 November – 01 December 2014
PM Abadi’s political manoeuvres continued to lead to a number of dismissals within key ministries. On 01 December, the Prime Minister retired 24 senior Interior Ministry officials as part of government restructuring. This decision comes as central authorities uncovered an estimated 50,000 ‘ghost soldiers’ on the military payroll, prompting the government to take steps towards […]
Baghdad, Erbil Reach Deal on Oil Exports
By John Lee. Baghdad and Erbil have reached an agreement resolving the long-running dispute over oil exports and budget payments. Finance Minister Hoshyar Zebari said that 550,000 barrels per day (bpd) of oil would be sent to the Iraqi oil ministry. In return, the Kurds will receive their 17% share of the national budget. The […]
Genel Receives Payment for Kurdish Crude
By John Lee. Genel Energy has announced that the Taq Taq field partners have received an initial gross payment of $30 million (35 billion Iraqi dinars) from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq ('KRI')-Turkey pipeline. The Tawke field partners will also receive a $30 million gross payment. […]
Plans for 2 Crude Export Grades Shelved
By John Lee. Iraq’s State Oil Marketing Organization (SOMO) has reportedly abandoned plans to sell two grades of crude oil from its southern Gulf terminals next year. Platts reports that SOMO informed customers last week that "due to logistical issues" a single type of crude will continue to be marketed in 2015, but with two […]
Video: Army, Militias Pushing Against IS
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqi security forces and Shiite militias were battling IS group militants in Balad, 80km north of Baghdad, in an effort to push the jihadists back:
Currency Auction Results, 2nd Dec
By John Lee. The Central Bank of Iraq (CBI) has reported that 13 banks took part in its currency auction on Tuesday. A total of $149,353,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)