France Calls for International Conference on ISIS
By John Lee. French President Francois Hollande has called for an international conference to discuss new strategies to counter the Islamic State of Iraq and the Levant (ISIL). It is not the first time such an idea has been discussed, with counter-terrorism expert David Kilcullen suggesting a repeat of the WW2 ARCADIA conference, only this time aimed […]
LUKOIL Recovering Costs From West Qurna-2
The Sea Triumph, an oil carrier chartered by LITASCO (LUKOIL's international marketing and trading arm) has departed the port of Basra in Southern Iraq with the first batch of oil as part of the recovery of LUKOIL's costs from the West Qurna-2 project. The shipment volume amounts to 1 million barrels of oil. The vessel […]
Video: On Frontline with the Peshmerga
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Kurdish fighters in northern Iraq have regained control of several towns east of Mosul from the Islamic State group. The Peshmerga, backed by US air strikes, are fighting to retake the Mosul Dam, […]
UNHCR Launches Major Aid Push
The United Nations refugee agency said on Tuesday that it is launching one of its largest humanitarian aid pushes in response to the deteriorating situation in Iraq, aiming to help close to a half million people who had been forced to flee their homes. Barring last minute delays, an air, road and sea operation will […]
CBI Currency Auction Results, 19th Aug
By John Lee. The Central Bank of Iraq (CBI) has reported that 17 banks took part in its currency auction on Tuesday. A total of $242,710,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Baghdad Province Accommodates Refugees
By Patrick Schmidt. The Baghdad local government has announced the opening of refugee camps in Al-Nahrawan for those who are fleeing the violence of the Islamic State (IS) in the north. The complex cost $4.3 million dollars and can house up to 1,000 families with facilities including schools, hospitals, shops, and recreational facilities. "The complex […]
US Boosts Iraqi Pilot Training
By Patrick Schmidt. The United States government has approved a $500 million program that would assist and train Iraqi pilots. The funding is directed toward helping the Iraqi Air Force mobilize its American-made rotary wing aircraft, including the Bell 407, OH-58, and Huey II. The Iraqi government made the request for support at the end […]
Weekly Security Update, 12 - 18 August 2014
By Anne-Laure Barbosa at Constellis Consulting On 14 August, Nouri al-Maliki bowed to increasing domestic and international pressure, and agreed to step down as Prime Minister to endorse Haider al-Abadi in a televised speech. This endorsement paves the way for the formation of a new government, after months of parliamentary deadlock and Maliki’s stubborn insistence to […]
KOGAS in $4.9 Billion Project
By Patrick Schmidt. On Monday, Korea Gas Corporation (KOGAS) announced that it will invest $4.9 billion in the Zubair oil field project. The investment will help establish the facilities needed to launch the project and help Zubair reach its potential of over 800,000 barrel per day production. KOGAS have a 23% stake in the Zubair […]
Al-Khatteeb: The Abadi I Know
By Robert Tollast. Iraq Energy Institute Director and Brookings Fellow Luay al-Khatteeb (pictured) has written a biography piece for Haider-al Abadi for The Huffington Post. Al-Khatteeb outlines some of the huge challenges Abadi faces, but notes that from 24 years of knowing PM Abadi, the new Iraqi premier is well suited to take on the momentous […]
US Plans New Iraq Strategy
By John Lee. The United States is now far more open to Iraqi requests for increased military support to fight ISIS, The Wall Street Journal reports. Previously, initiatives to sell arms and rapidly transfer foreign military sales such as F-16s and Hellfire missiles have been slowed by concerns in Congress regarding Nouri-al Maliki's authoritarian style of leadership. […]
Pro-Government Sunnis Launch Offensive
By John Lee. Thousands of fighters from as many as 25 pro-government tribes have launched a coordinated offensive against ISIS fighters in the Western Iraqi province of al-Anbar. The leader of these "Sahwa" fighters, Sheikh Abdel Jabbar Abu Risha, announced that the offensive was not related to Maliki stepping down and had been planned for […]