Iraqi Oil Exports Soar
By Patrick Schmidt. The Ministry of Oil has announced that 91.14 million barrels of oil were exported during the month of December. This amount marks the highest number of barrels exported since 1980. Despite this increase, the overall profits for the month only increased marginally as the price of oil has dropped sharply. According to […]
GKP Reaches Production Target at Shaikan
By John Lee. Gulf Keystone Petroleum has announced that the existing Shaikan production facilities ("PF-1" and "PF-2") are now producing from seven wells with Shaikan-8 expected to come online in January 2015. Total daily production has been gradually increasing since early December 2014, reaching the Company's 40,000 gross barrels of oil per day target on […]
Asiacell Launches 3G Service
By John Lee. Asiacell has announced the launch of its third generation (3G) mobile phone services in Iraq. “Iraq has been underserved for far too long, it’s time to bring 21st century wireless service to this important economic hub in the world,” said Faruk Mustafa Rasool (pictured), Asiacell chairman. Asiacell has spent more than $1bn […]
Iran, Iraq to Link Railroads
By Patrick Schmidt. After a meeting between Iraqi and Iranian officials, an agreement has been reached to connect the two countries’ rail systems. The project calls for Iraq to lay 32 kilometers of track to the city of Basra from the Iranian border. Iranian officials claim that the link would allow Iraqis access to Central […]
Saudi Arabia to Reopen Diplomatic Facilities
By Patrick Schmidt. After more than twenty-five years without an embassy in Iraq, the Saudi Foreign Ministry has announced that it will reopen its embassy in Baghdad. Saudi officials will travel to the country this week to begin preparations for the construction of the new facility. Saudi Arabia also plans to open a consulate in […]
Al-Abadi Calls for Australian Support
By John Lee. Prime Minister Haider Al-Abadi received the Australian Prime Minister Tony Abbott at his office on Sunday, and called on Australia to increase its militarty support to Iraq. The Australian PM expressed his readiness to support to Iraq in "military and training fields", according to a press releasee from the Iraqi PM's office, […]
Video: On Frontline of Fight against IS
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. In northern Iraq, Kurdish Peshmerga forces are also trying to re-take territory occupied by ISIL. One of the key battles is in the village of Sultan Abdullah. Peshmerga forces were reportedly in full […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 1st January 2015). Note: ISX will be closed during December 30, 2014 - January 6, 2015 due to the end-of-year closing operations. The next session will be held on Wednesday, January 7, 2015. Please click here to download a table of listed companies […]
Iraqi Cabinet Approves Budget Reforms
By Mustafa al Kadhimi for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the opinions of Iraq Business News. On Dec. 23, Iraq's Cabinet approved and submitted the 2015 federal budget to parliament. This development occurred following months of study to review and reduce the initial budget’s large […]
A Basra Lunch, with Locally Sourced Truffles?
By John Lee. As long term observers of events in Iraq, the team at Iraq Business News thought we might have seen just about every unexpected story from a nation that continues to surprise. We'd heard of the popularity of the Japanese comic character Hello Kitty in Iraq or the trend among some young Iraqis for playing […]
Dragon Oil Make Second Basra Discovery
By John Lee. Dublin registered Dragon Oil has announced a second oil discovery at the Block 9 exploration well, 'Faihaa-1'. This is good news for the consortium who have a 30% stake in the well along with the operator, Kuwait Energy who have a 70% stake in the block, located in the northern part of Basra […]
ISIL Kidnap 170 Men Near Kirkuk
By John Lee. Members of the so called "Islamic State" have targeted up to 170 men near Iraq's northern city of Kirkuk, AFP reports. The men have been kidnapped in response to the alleged burning of an ISIL flag in two villages outside the city. While ISIL have been known to severely punish dissenters, other reports have […]