Iraq's Remarkable Stock Exchange
By John Lee. Arabian Business has published a revealing interview with Iraqi Stock Exchange (ISX) chief Taha Abdulsalam al-Rubaye, outlining the incredible challenges the stock exchange has faced since its creation from the old "Baghdad stock exchange" under Iraq's sanctions hit economy of the 1990s. Despite terrifying security challenges, the ISX success has been monumental, but […]
Italy Enters KRG Oil Controversy
By John Lee. The Italian Industry Ministry has issued a letter to refineries and traders, warning of legal action that may be taken by Iraq's State Oil Marketing Company in the event of purchasing oil from the Kurdish region. At the time of writing, the cargo vessel United Leadership was moored in the Mediterranean, laden with […]
Kurdish Oil Ship in Search of a Port
By Ufuk Sanli for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Kurdish administration in northern Iraq and the Baghdad government are at loggerheads over oil exports. The tanker carrying the first cargo of independently exported oil from northern Iraq is crisscrossing […]
Lukoil: New Contract Helps Iraq, Investors
By John Lee. Lukoil have announced changes to their contract to work on West Qurna-2, following talks with the Iraqi Minister of Oil Abdul Kareem Luaibi. The new alteration expands the scope of the work to include the Tuba-Fao pipeline, as well as speeding up the process of cost recovery for investors. The Tuba-Fao pipeline […]
Iraqi F-16's Ready For Shipment
By John Lee. The first of 36 Iraqi F-16's will shortly be shipped from Texas to the Iraqi air force, Lockheed Martin have announced. An official ceremony to mark the transfer of the jets will take place at Lockheed Martin's plant at Fort Worth, attended by Iraqi Ambassador to the US Lukman Faily. Iraq Business […]
Iraq Buys 120,000 Tons of Rice
By John Lee. Iraq has purchased 120,000 tons of rice from the United States, Uruguay and Vietnam, according to Business Recorder. At the closing of the Iraq State Grain Board tender, 30,000 tons of the rice had been acquired from the US, 30,000 tons had come from Vietnam and a further 60,000 tons came from Uruguay, […]
Iraqi Clerics Challenge Sectarianism
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq has a long history of conflict and rapprochement between Sunni and Shiite clerics, which has played a major role in the sectarian conflict or cohesion among the country’s sects. This […]
DNO: Tawke Production Hits 120,000 bpd
By John Lee. DNO International ASA ("DNO"), the Norwegian oil and gas operator, today announced that production from the Tawke field in the Kurdistan region of Iraq reached 120,021 barrels of oil per day in May, the first time average monthly production has exceeded 100,000 barrel per day. May production was split 60-40 between local […]
Iraq is Accelerating - Don't fall Behind!
If anyone doubts the fact that Iraq is changing, and for the better, just look at the top three headlines in our Newsletter this week: $7.8bn ‘Petrodollars’ Allocated for Development Iraq to Launch Satellite this Month Dubai Proposes Twinning with Erbil Of course there are still challenges to be overcome in the area of security, […]
$7.8bn 'Petrodollars' Allocated for Development
By John Lee. The Iraqi cabinet has allocated $7.8 billion for development projects in oil-producing provinces, according to Al-Shorfa. The Minister of Planning Ali al-Shukri (pictured) said. "The amounts are allocated for various economic, social, and service development projects in the housing, education and energy sectors, and for environmental protection projects, treatment of environmental effects […]
Iraq to Benefit from Aqaba Expansion
By John Lee. APM Terminals, operator of Aqaba Container Terminal in Jordan, has announced plans to upgrade the supply chain capabilities of its subsidiary, Aqaba Logistics Village (ALV). to serve the growing demand from importers and exporters for more efficient logistics services. The IMF forecasts GDP for Iraq and Jordan combined at 8% annual growth […]
Zagrosjet Starts Flights Between Iraq and Cyprus
By John Lee. Zagrosjet Airlines is launching flights between Erbil and Larnaka, Cyprus. The airline will connect Larnaka with the city of Erbil in Iraq. The Larnaka-Erbil route will be performed once a week and will be operated with Airbus 320 and 321 type aircraft. Wes Porter, the Chief Executive Officer of Hermes Airports, which […]