Kurdish Oil Income Reaches $4bn
By Patrick M Schmidt. The Kurdish Natural Resource Committee has announced that sales of Kurdish crude oil have exceeded $4 billion over the past year. Current crude export figures hover between 120,000 to 150,000 barrels of oil per day. That crude is then piped up to Turkish ports for export. The committee also confirmed that […]
ShaMaran Restarts Drilling at Atrush
By John Lee. ShaMaran Petroleum has announced the resumption of drilling operations on the Atrush block in the Kurdistan Region of Iraq. Drilling operations at the Chiya Khere-8 development well were suspended for a total of 21 days by TAQA (the Abu Dhabi National Energy Company), operator of the Atrush Block, as a precautionary measure, […]
KRG Reviews Economy, Housing Legislation
Prime Minister Nechirvan Barzani yesterday chaired a meeting of the Kurdistan Region’s High Council for Investment to discuss various issues related to investment and the economy. In the meeting, implications of the current situation and the latest developments in the Kurdistan Region were discussed, as well as the economic crisis and the effects that Baghdad’s […]
Oryx Resumes Kurdistan Operations
By John Lee. Oryx Petroleum has announced an update for its operations in the Hawler license area of the Kurdistan Region of Iraq. Commenting today, Oryx Petroleum´s Chief Executive Officer, Michael Ebsary (pictured), stated: “We are very pleased that tangible improvements to the security environment in the Kurdistan Region have enabled us to resume all […]
Underage and Trapped: Female Iraqi Factory Workers
By Wassim Bassem for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Underage and Trapped: Female Iraqi Factory Workers Need Help Shayma Hassan, 16, walks 2 kilometers (1.2 miles) each day to the brick factory in Bahr al-Najaf in the city of Najaf, […]
UN to Dispatch Team to Iraq
By Patrick M Schmidt. The United Nations (UN) announced that investigators would be sent to Iraq to research the numerous atrocities committed by the Islamic State (IS). The team will consist of eleven investigators who will be budgeted $1.18 million for their inquires and projects. The United Nations currently suspects the Islamic State (IS) of […]
Iran-Iraq Cooperation on Border Security
By Patrick M Schmidt. The Iranian Defense Minister, Brigadier General Hossein Dehghan (pictured), confirmed that Iraqi and Iranian security forces have been coordinating their border security efforts. The coordination is aimed at preventing militants from the Islamic State (IS) from crossing the Iran-Iraq border. Dehghan added that the threat of the Islamic State (IS) is […]
Currency Auction Results, 3rd Sept
By John Lee. The Central Bank of Iraq (CBI) has reported that 16 banks took part in its currency auction on Wednesday. A total of $197,197,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Weekly Security Update, 26 August - 01 September 2014
Iraq’s casualty figures released by the UN on 01 September showed that at least 1,420 people were killed in August alone, in a slight decrease compared to last month. Meanwhile, Prime Minister-designate Haider al-Abadi continued to hold meetings with Iraqi parliamentary leaders, in order to facilitate negotiations towards the formation of a new government. Forming […]
Iraq Invites Airport Investment
By Patrick M Schmidt. The governor of Al Diwaniyah officially announced the start of the bidding process for a new airport in the southwest of the province. The project recently received approval from the central government for the construction of a civilian airport. The local government will soon begin presenting the idea to foreign contractors. […]
Oil Export Figures Fall
By Patrick M Schmidt. According to data collected by Reuters and estimates by other energy industry sources, exports from Iraq’s southern oil terminals averaged 2.3 million barrels per day worth of crude oil exports. This figure is almost 140,000 barrels per day less than Iraq’s July figure. Iraqi officials insist the decline was not because […]
Iran to Double Non-Oil Sales to Iraq
By John Lee. The Iranian FARS news agency reports that former Iranian Oil Minister Rostam Qassemi (pictured), who is now in charge of an economic body charged with improving Iran-Iraq trade ties, said Iran can double its non-oil exports to Iraq to $30 billion. Addressing a Joint Iran-Iraq Trade Conference in Tehran on Tuesday, Qassemi […]