S&P Affirms Iraq at 'B-/B'; Outlook Stable
By John Lee. S&P Global Ratings has affirmed its 'B-' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Iraq. "The outlook is stable," it added. More details, including economic stats, here. (Source: S&P Global Ratings)
Sulaymaniya Firm to Build $2bn Kirkuk Refinery
By John Lee. Kirkuk Governor Ribwar Taha Mustafa has signed a contract for the construction of the Kirkuk Refinery, which has a planned production capacity of 70,000 barrels per day (bpd). The refinery will be built by Sulaymania-based Rania Group, and will reportedly cost around $2 billion. During the signing ceremony, attended by Kirkuk Provincial […]
Gas Production at Khor Mor expansion to start Q2 2026
By John Lee. Gas production at Khor Mor's KM250 expansion is expected to start in Q2 2026. In its results for FY 2024, Dana Gas said: "In September 2024, Pearl Petroleum took over full responsibility for the KM250 expansion project following the termination of the original EPC contractor. Construction resumed fully in December and the […]
Linxon to Upgrade Power Stations in Iraq
By John Lee. The Iraqi Ministry of Electricity has signed three contracts with Linxon to rehabilitate key 400 kV BSP stations in Baghdad and Diyala as part of the Iraqi Electrical Super Grid. The agreements, funded by SEK and EKN loans, were signed by Riyad Uraibi Muklf, General Director of the General Company for Electrical […]
Iraq and Morocco Strengthen Economic Ties
By John Lee. Iraq's Deputy Prime Minister and Foreign Minister, Fuad Hussein, met with Rachid Talbi El Alami, Speaker of the Moroccan House of Representatives, in Rabat on 6th February 2025 to discuss bilateral relations, economic cooperation, and regional developments. Minister Hussein highlighted Iraq's focus on economic development, investment, and service provision amid security stability, […]
Can Aquaculture Provide a more Stable Future for Iraq?
By Yomna Elshamy for The Fish Site. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Can aquaculture help provide a more stable future for Iraq? A project in Duhok, in Iraqi Kurdistan, aims to produce up to 60,000 tonnes of carp a year, offering […]
Iraq and Jordan Agree on Measures to Boost Trade
By John Lee. The Iraq-Jordan Joint Trade Committee has concluded its meetings in Baghdad, signing an agreement outlining several mechanisms to enhance bilateral trade and address existing challenges. The committee, holding its first meeting, was chaired by Jordan's Minister of Industry, Trade, and Supply, Yarub Qudah, and Iraq's Minister of Trade, Atheer Dawood Al-Ghurairi. Minister […]
Iraq Prepares for First Cross-Border TIR Operation
By John Lee. Iraq is set to conduct its first international transport under the global TIR transit system, marking a significant step towards trade modernisation. TIR is a global convention that streamlines procedures at borders, reducing the administrative burden for customs authorities and for transport and logistics companies. A delegation from the Swiss-based International Road […]
Iraq and Germany Strengthen Financial Cooperation
By John Lee. Iraq's Minister of Finance met with a delegation from the German Agency for International Cooperation (Deutsche Gesellschaft für Internationale Zusammenarbeit, GIZ), the European Union, and the German Embassy in Baghdad, alongside representatives from the Central Bank of Iraq (CBI), the Federal Integrity Commission, the Federal Board of Supreme Audit (FBSA), and the […]
KRG Directs Resumption of Oil Exports in Coordination with Baghdad
By John Lee. The Council of Ministers of the Kurdistan Regional Government (KRG) has instructed the Ministry of Natural Resources (MNR) to maintain coordination with the federal Ministry of Oil, State oil Marketing Organization (SOMO), and oil-producing companies in the region to ensure the swift resumption of Kurdistan Region's oil exports through SOMO, with the […]
GE Vernova Boosts Iraq's Power Capacity
By John Lee. Iraq's Ministry of Electricity and GE Vernova have completed upgrades at multiple power plants, enhancing Iraq's electricity infrastructure. The project covers 46 gas turbines across 12 sites, expected to add up to 500 MW to the national grid by summer 2025. Several plants, including Ninawa, Al-Diwaniyah, Hilla, and Karbala, have transitioned from […]
Foundation Stone laid for Kirkuk's Rahimawa Tunnel Project
By John Lee. Kirkuk Governor Ribwar Taha Mustafa and Asso Mamand, Head of the Patriotic Union of Kurdistan's (PUK) Organisational Bureau, have laid the foundation stone for the Rahimawa (Al-Ikhwan) Tunnel project, under the supervision of Kirkuk Municipality. The ceremony was attended by members of the Kirkuk Provincial Council, advisors, directors of government departments, and […]