OPEC Output Falls on Libya, Iraq Turmoil
By John Lee. OPEC crude output hit a four-month low in July as unrest and conflict in Libya and Iraq disrupted supplies, a Reuters survey found on Wednesday. Supply from the organization averaged 30.25 million bpd, down from 30.38 million bpd in June, and the lowest since March 2013 when the group pumped 30.18 million […]
UN Sec-General Concerned About Iraq Security
On July 29, the United Nations Secretary-General Ban Ki-moon expressed alarm about the deterioration of the security situation in Iraq. "The Sectretary-General condemns, in the strongest terms, the acts of terrorism and the heightened sectarian violence, which are aimed at ripping apart the country's social fabric," Ban's spokesperson said in a statement. "The killing of […]
Iraq Seeks $2bn in US Military Equipment
By John Lee. The government of Iraq wants to purchase nearly $2-billion worth military equipment from the United States. The Defense Security Cooperation Agency (DSCA) notified the US Congress of the following intended deals: 50 M1135 Stryker Nuclear, Biological, and Chemical Reconnaissance Vehicles (pictured) and associated equipment, parts, training and logistical support for an estimated […]
Sony has Big Plans for Iraq
By John Lee. Sony has recently unveiled its extensive plan for expansion in Iraq. Along with its official business partner, Modern Electronics Iraq (MEI) Sony will look to transform the Iraqi consumers’ experience through launching its entire line-up of latest technology products, introducing experiential Sony-branded stores and setting up authorised service centres in Iraq. The […]
Ukraine Targets Iraqi Market
By John Lee. Ukraine's Minister of Economic Development and Trade, Ihor Prasolov (pictured), has told his Iraqi counterpart Khairallah Hassan Babeker [Khayri-allah Babakir, Dr Khairallah Hassan Babiker] that Ukraine is interested in increasing exports of metallurgical products to Iraq. At their meeting they also discussed the further engagement of Ukrainian machine-building companies in Iraqi projects, […]
Daewoo Wins $709m Gas Contract
By John Lee. Daewoo Engineering and Construction has won a $709-million contract to upgrade the Akkas gas field in Anbar province, near the Syrian border, the Iraqi cabinet secretary announced. The South Korean company will provide engineering, procurement, construction and commissioning of a central processing facility in the field. Construction of the new facility is […]
Eversheds Advises Citi on Iraq Venture
Global law firm Eversheds has advised Citibank [Citigroup] on the registration of its representative office in Baghdad, Iraq, making it the first US bank to establish a presence in the country. According to Citi's press release, the representative office in the Iraqi capital will support Citi’s clients in the country, and the New York-based bank […]
Iraq to Cut Oil Exports in September
By John Lee. Reuters reports that Iraqi crude oil exports are to be cut by between 400,000 and 500,000 barrels per day in September. The drop is due to rehabilitation and maintenance work at Gulf ports. A third offshore terminal and a metering station are being installed to boost export capacity by 900,000 bpd, according […]
AUIS Announces Partnerships with US Unis
The American University of Iraq, Sulaimani (AUIS) is pleased to announce new institutional partnerships with the University at Albany, State University of New York (SUNY-Albany) and Miami University of Ohio (MUO). These collaborations will not only provide AUIS students with exciting new curriculum options and exchange opportunities, but also assist the University in fulfilling its […]
Video: Wave of Car Bombs Strikes Iraq
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. A wave of 13 car bombs has struck mainly Shia areas in and around the Iraqi capital, Baghdad, killing at least 33 people and injuring more than 150, security and medical officials have […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 25th July 2013). Note: The Iraqi Government has announced that next Thursday (August 1, 2013) will be a public holiday due to high temperatures. Therefore, ISX will be closed on August 1, 2013. Please click here to download a table of listed companies and their associated […]
Next Pres of Iraq: Barzani Secretly Bound for Baghdad?
By Miran Hussein. 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. Now that Massoud Barzani has ensured he is Iraqi Kurdistan’s President for another two years, many are wondering if he’s actually gunning for an even better […]