KRG Visit Bolsters Relations with Spain
The Head of the KRG Department of Foreign Relations, Minister Falah Mustafa, conducted meetings with Spanish Foreign Ministry and Parliamentary officials and spoke at a think tank in an effort to further expand the growing relationship between the KRG and Spain. Iraq's Ambassador to Spain, Mr. Wadee al-Batti, and the KRG Representative to Spain, Mr. […]
UN Casualty Figures for February
UN Casualty Figures for February 2014, Anbar province excluded According to casualty figures released today by UNAMI, a total of 703 Iraqis were killed and another 1,381 were injured in acts of terrorism and violence in February*. The number of civilians killed was 564 (including 152 civilian police), while the number of civilians injured was […]
KRG Spokesman: Talks Useful, But No Agreement
By John Lee. Following remarks by Deputy Prime Minister for Energy Hussein al-Shahristani (pictured) that Kurdish Regional Government oil exports will go through the State Oil Marketing Company (SOMO) officials from the KRG have moved to clarify that this is not in fact the case. KRG spokesman Safeen Dizayee remarked to reporters that while discussions […]
Amb. Faily Speaks at Brookings
By John Lee. Iraq's Ambassador to the US Lukman Faily (pictured) has joined the Lebanese Ambassador in Washington Antoine Chedid and a panel of experts to discuss the growing regional crisis of Syrian refugees and potential conflict overspill from the war. The event was hosted by The Washington Institute for Near East Policy and held […]
Iraqi Kurdistan Talks Independence While Locals Strike
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Conflict between Baghdad and Iraqi Kurdistan over oil exports has resulted in something of a financial crisis in the northern region. State employees haven’t been paid, MPs are threatening to resign […]
Are Iraqi Banks Too Liquid?
By Mark DeWeaver. Fund managers visiting Iraq for the first time are often surprised by the large amounts of cash Iraqi banks typically hold. While the Central Bank of Iraq (CBI) requires lenders to hold 15% of their deposits in the form of vault cash and central bank reserves, most hold well over 50%. (See […]
A Warning from the Sonangol Departure
The announcement that Sonangol is to pull out of Iraq due to security problems is disappointing for many, not least for the company, which has been working at the Qayara and Najmah fields for the past four years. But it must be remembered that while security is always a concern, the extent of the problem […]
Sonangol Pulls Out of Iraq
By John Lee. Angola's Sonangol has decided to abandon its Qayara and Najmah oilfields in Nineveh province due to security problems. Reuters reports that Anabela Fonseca, Sonangol board member in charge of international investments, told a news conference: "Our presence in Iraq was as an operator in an area with much conflict. Last year we […]
Luaibi to IOCs: We're Here to Help
By John Lee. Iraqi oil minister Abdul Kareem al-Luaibi (pictured) has moved to reassure major IOCs in the wake of growing disgruntlement over bureaucracy. He remarked to reporters that his ministry " is keen to provide all kinds of support and cooperation for all international companies operating in Iraq, including contracting with companies within the oil […]
ENI Stays in Last Minute Deal, Sonangol Exits
By John Lee. Tense negotiations between Baghdad and Italy's ENI came to a close just hours before ENI was supposedly going to call time on their Iraq operations, Reuters reports. ENI CEO Paulo Scaroni made his dissatisfaction clear to reporters on Tuesday before the new deal was struck, stating, "If they do not sign the contracts […]
Iraq’s Summer Irrigation Water Supply Threatened
By John Schnittker, Chief Economist at Schnittker Associates, and former Ministry Advisor at the US Embassy in Baghdad. The headwater areas of the Tigris and Euphrates rivers that stretch across most of eastern Turkey have been exceptionally dry this fall and winter. Precipitation over eastern Turkey during the September 2013 – February 2014 period has been less than […]
Belgian Firm Completes Kufa Water Facility
By John Lee. Belgian sewage and water treatment firm Turbo4bio have announced the completion of the new waste water treatment plant at Kufa. The 50,000 cubic meter per day capacity installation involves new technology developed by the company CEO Hans H. Badreddine. Badreddine remarked how pleased he was with the completion of work at the […]