Russia's Gazprom to Develop Nassiriyah Oilfield
By John Lee. The Iraqi Cabinet has agreed to invite Russia's Gazprom to develop the Nassiriyah oilfield as a single contract. While described in a statement from the Prime Minister's office as an "integrated development project", to be offered as a "single bid", it is not immediately clear if this is the originally proposed Nassiriya […]
BP Books Gain on disposal of Rumaila
By John Lee. Oil giant BP has disclosed that it booked a gain of $361 million in relation to the disposal of the group's interest in Iraq's Rumaila field. Its interest in Rumaila was transferred to Basra Energy Company (BECL) in 2021, which BP describes in its results announcement on Tuesday as "an associate of […]
Iraq urges US to Reconsider Sanctions on Iraqi Banks
By John Lee. Iraqi Foreign Minister Fuad Hussein has called on the US Treasury Department to reconsider its recent imposition of sanctions on Iraqi banks. During a phone call from the US Secretary of State, Antony Blinken, Minister Hussein explained that these banks have, "an important and major role in financing ration card expenses and […]
Iraq Improves Ranking in Corruption Perceptions Index
By John Lee. Transparency International has said that Iraq has improved its ranking, and maintained its score, in the global Corruption Perceptions Index (CPI) for 2023. From a total of 180 countries, Iraq came in at number 154, up 3 places on the previous year. This result puts it on equal ranking with Honduras, Azerbaijan […]
Markets Look Through Escalating Tensions
By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Markets Look Through Escalating Tensions The market, as measured by the Rabee Securities U. S. Dollar Equity Index (RSISX USD Index), was up 8.8% for the month. Over […]
Iraq Committed to Building Fleet of Oil Tankers
By John Lee. Iraq's Minister of Oil, Hayan Abdul Ghani, has affirmed the Ministry's commitment to building a fleet of oil tankers. His statement came during a meeting with the Chairman of the Norwegian company Batservice Mandal [Båtservice Mandal AS], Bjørn Fjellhaugen, and the accompanying delegation. The Minister praised the role of Batservice, in cooperation […]
Why Iraq's Dinar is Trading Below Official Rate
By Adam Lucente for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Why Iraq's dinar is trading below official dollar rate amid new restrictions A top US official visited Iraqi officials last week to discuss countering illicit finance and strengthening Iraq's […]
Jiyad: Iraq Oil Exports 2023 - Budget vs. Realities
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq Oil Exports 2023 - Budget vs. Realities Iraq's Budget for 2023, part of an extended federal budget covering three years of 2023 to 2025, became effective on 26 June, while the […]
New Industrial City to be built in Basra
By John Lee. A committee of the Ministry of Industry has approved a plan to build an industrial city at the site of the General Company for Iron and Steel in Basra. According to a statement from the Ministry, the new development will be built in collaboration with a Chinese company, and based on the […]
8 Iraqi Banks "Banned from Transacting in US Dollars"
By John Lee. Various media sources say that Iraq has banned eight local commercial banks from making transactions in U.S. dollars. This precludes these banks from taking part in the Central Bank's daily dollar auction. The banks are reported to be: Ashur International Bank for Investment; Investment Bank of Iraq; Union Bank of Iraq; Kurdistan […]
UNOPS awards Contract for Treasury Management Sys in Iraq
By John Lee. US-based Cdata Software has won a contract with the United Nations Office for Project Services (UNOPS) for, "provision of integration solutions for the Treasury Management System (Licenses Renewal)." The contract is valued at $32,498. (Source: UNGM)
GKP announces Management and Board Changes
By John Lee. Gulf Keystone Petroleum (GKP) has announced management and board changes as follows: Ian Weatherdon to retire as Chief Financial Officer (CFO); Gabriel Papineau-Legris, currently Chief Commercial Officer (CCO), to replace Weatherdon as CFO; Kimberley Wood, Senior independent Director, resigns from the Board due to other commitments. Full statement from GKP: Management & […]