Tehran, Baghdad "Keen to Expand Banking Ties"
From Tasnim, under a Creative Commons licence. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The chairman of the Iran-Iraq Joint Chamber of Commerce said banking officials from the two countries are keen to expand the monetary and banking relations. There is not any […]
Genel Energy Update on Oil Reserves
By John Lee. Genel Energy has issued an updated on oil reserves across its portfolio: Working interest oil reserves (MMbbls) 1P 2P 3P 31 December 2022 68.9 92.2 125.6 Production (4.5) (4.5) (4.5) Revision of previous estimates (1.0) 4.0 (1.8) Acquisitions and disposals - (2.7) (8.4) 31 December 2023 63.4 88.9 […]
Air Arabia announces Sharjah-Basra Route
By John Lee. Emirati low-cost airline Air Arabia has announced the launch of its new route from Sharjah to Basra in Iraq. The new direct flights will connect Sharjah International Airport to Basra International Airport with a frequency of three flights per week starting from June 03, 2024 Schedule to Basra, effective June 03, 2024 […]
Power China to build Desalination Plant in Basra
By John Lee. Following the recent visit of the Prime Minister to Basra, the Iraqi Cabinet has decided to authorise the Basra Governor to negotiate and sign the framework agreement with the coalition of companies executing the desalination project in the province. According to a statement from the Media Office of the Prime Minister, this […]
New Steel Rolling Mill Opens in Basra
By John Lee. Iraq's General Company for Iron and Steel has opened a news steel rolling mill in Basra province. The plant, rehabilitated following a 21-year hiatus, specialises in producing reinforced steel with diameters ranging from 8mm to 32mm, and has a capacity of 500,000 tons annually. The Ministry of Industry said the new facility […]
Iraq takes Delivery of New Crane Barge
By John Lee. Iraq has taken delivery of a new crane barge, the "Shanashil". Speaking at an inauguration ceremony held at Umm Qasr Port in Basra province, Oil Minister Hayan Abdul Ghani highlighted the significance of this initiative, aimed at supporting national capabilities in managing and maintaining oil ports. He said the new vessel will, […]
Iraqi Govt Reduces Import Duties on Livestock
By John Lee. Iraq's Ministerial Economic Council has reduced customs duties on live animals, including calves, sheep, and cattle, imported for slaughter or breeding purposes. The duties will be reduced to 2 percent for imported calves, sheep, and cattle intended for slaughter, and to 5 percent for those imported for breeding purposes. This decision will […]
AstraZeneca signs MoU with Iraq on Cancer Treatment
By John Lee. The British-Swedish multinational pharmaceutical company AstraZeneca has signed a memorandum of understanding with Iraq related to cancer treatments. State-run Iraqi News Agency (INA) said Minister of Health, Salih Al-Hasnawi, and the British Ambassador, Stephen Hitchen, attended the signing as "the MOU specializes in introducing innovative and modern treatments as well as diagnostic […]
Iraq Launches New Oil Tanker
By John Lee. Iraq's Deputy Prime Minister for Energy Affairs and Oil Minister has launched Iraq's latest oil tanker, the Akkad. Speaking at the event, Minister Hayan Abdul Ghani emphasized the Ministry's commitment to bolstering the Iraqi Oil Tankers Company (IOTC) with new vessels. The new tanker has a capacity of 32,000 tons, and measures […]
Iraq Approves Revival of Sulphur Production Lines
By John Lee. Iraq's High Committee for Reconstruction and Investment has decided to refer the project for rehabilitating the sulphur [sulfur] production line at Al-Mishraq to Rafidain Iraq General Trading and Contracting Company. This project is expected to achieve a production capacity of 1.5 million tons of refined sulfur annually, which is a crucial material […]
OPC Completes Rehabilitation of Baiji to Kirkuk Pipeline
By John Lee. Iraq's Oil Pipeline Company announced the completion of rehabilitation works on the 12-kilometer petroleum products pipeline from Baiji to Kirkuk. The General Manager, Ali Abdul Kareem Al-Mousawi, stated that the company's technical and engineering teams successfully rehabilitated the pipeline after it ceased operations in 2014 due to terrorist activities in the region […]
Iraqi Islamic Bank (IIB) joins 'My Account' Initiative
By John Lee. The Kurdistan Regional Government (KRG) has announced that the Iraqi Islamic Bank (IIB) has formally joined the 'My Account' financial inclusion initiative, alongside BBAC, Cihan, NBI and RT. In a statement on Tuesday, the KRG said it expects other major banks to join by the end of the month. It continues: "To […]