Proposed New Diwaniyah Refinery Project
By John Lee. Iraq's Ministerial Council for Energy has decided to major develop the Diwaniyah refinery, with a capacity of 70,000 barrels per day (bpd). The decision, along with five others that were not specified in the Oil Ministry's statement, will be submitted to the Cabinet for approval. An expansion of the plant to 70,000 […]
DNO reports Increased Oil Production in Kurdistan
By John Lee. On Thursday, DNO, the Norwegian oil and gas operator, reported a 24-percent increase in revenue to USD 170 million in the third quarter of 2024, with operating profit also higher at USD 31 million, up from an operating loss of USD 3 million in the previous quarter. Regarding operations in the Kurdistan […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 7th November 2024). Please click here to view a table of listed companies and their associated ticker codes. RSISX Index Change RSISX Index Closings Change (w/w) (%) Change (YTD) (%) RSISX IQD Index 2,212.1 3.3% 42.3% RSISX USD Index […]
Al Faw Grand Port: Five Berths formally Handed Over to Iraq
By John Lee. In a ceremony at Iraq's giant Al Faw Grand Port in Basra on Thursday, South Korea's Daewoo has handed over five new berths to the Iraqi state. The port is a key part of the planned Development Road project, which will connect the Persian Gulf with the Mediterranean Sea via Iraq and […]
Iraq Launches "Real Estate Developer Program"
By John Lee. Dr. Haider Mohammed Makiyya (pictured), Chairman of Iraq's National Investment Commission (NIC), has announced the country's first "Real Estate Developer" program aimed at providing affordable serviced residential plots for citizens, in partnership with the private sector. According to a statement from the NIC, this initiative aligns with government plans to alleviate the […]
Iraq's Basra Steel Plant Set for Year-End Launch
By John Lee. Iraq's Minister of Industry and Minerals, Dr. Khaled Battal Al-Najm, supervised final preparations for the Basra steel plant, expected to begin operations by the end of this year. During his on-site visit, the minister oversaw the plant's final cold start-up phases, which utilize advanced technology from Italy's Danieli Group for steel and […]
Iraq's 2024 Budget "Not what it Appears"
Iraq Business News Expert Blogger, Ahmed Tabaqchali, has just published his thoughts on Iraq's budget, for the Atlantic Council. Delving beneath the surface of Iraq's budget framework, he uncovers how the 2024 tables both mirror and diverge from their 2023 counterparts. In essence, the budget's three-part examination sheds light on a disconnect between the projected […]
Al-Fityan to Rehabilitate Water System in Fallujah
By John Lee. Alfityan Co. for Contracting Ltd has won a contract with the United Nations Development Programme (UNDP) for the "Full Rehabilitation of Albo-Baker Water Complex 200m3/h with the Pipeline and Network in Saklawiya - Falluja." Contract value is stated as $542,040.56. (Source: UNGM)
Hungary and Bulgaria study Iraq's Development Road Project
By John Lee. Iraq's Minister of Transport has announced that Türkiye has established a four-party council, including Iraq, Hungary, and Bulgaria, to advance the Development Road project's connection with Europe. Razzaq Muhaibis Al-Saadawi told the state-run Iraqi News Agency (INA) that the initial designs for railway are complete, with final designs now underway. The expressway's […]
Chinese Company to supply Iraq with Firefighting Vehicles
By John Lee. Iraq's Council of Ministers has approved a direct contract with the Chinese company SANY to purchase 18 specialized firefighting vehicles. It also decided to exempt this contract from standard government contracting instructions and Decision No. 68 of 2016, as amended. (Source: PMO)
Saudi Arabia and Iraq sign MoU for Military Cooperation
By John Lee. Saudi Arabia and Iraq have signed a memorandum of understanding (MoU) for cooperation in the military field. The agreement was signed during a visit by Iraq's Minister of Defense, Thabet Mohammed Saeed Al-Abbasi, to Saudi Arabia. No details of the agreement were announced. Saudi Minister of Defense, Khalid bin Salman, added that […]
Iraq allocates $19m to establish Civil Defense Units
By John Lee. Iraq's Council of Ministers has approved an allocation of 25 billion dinars [$19 million] to the Ministry of Interior to establish 100 civil defense units in Baghdad and other provinces. The allocation will be funded from the emergency reserve in accordance with the Three-Year Budget Law. (Source: PMO)