Ukrainian Company to Develop Iraq's Akkas Gas Field?
By John Lee. Iraq's state-run Iraqi News Agency (INA) has quoted the Undersecretary of Extraction at the Ministry of Oil, Bassem Muhammad Khudair, as saying that the contract to develop the Akkas gas field will be granted in the coming days to a Ukrainian company. He did not name the company. Meanwhile, a official statement […]
Karbala Refinery Capacity Increased to 140,000 bpd
By John Lee. The Iraqi Ministry of Oil has announced the increase in production capacity at the Karbala refinery to 140,000 barrels per day (bpd), following the activation of several production units. Mr. Hamed Younis, the Deputy Minister for Refining Affairs, said that the Ministry is committed to implementing the directives of the Deputy Prime […]
Iraqi PM pushes Electronic Payment Initiatives
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani has led a meeting to discuss and monitor progress on the implementation of the Unified Treasury Account. The meeting also focused on the continued rollout of electronic payment points (POS) and explored potential incentives for citizens to encourage electronic payments. During the meeting, comprehensive updates were presented […]
Iraq Finalises Oil Export Data for August
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for August: Total exports of crude oil: 106,122,679 barrels Revenues from crude oil exports: $8.997 billion Oil fields in central and southern Iraq accounted for 105,236,963 barrels of crude oil exports. Exports from Kirkuk through the port of Ceyhan have been suspended. Oil […]
Iraq "Plans to build Gas Pipeline to Europe"
By Arya Devi for Oil & Gas Middle East. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq plans to build gas pipeline to Europe Iraq aims to bolster its economic prospects by facilitating the transportation of both gas and goods to international markets. […]
Iraq to insist that Local Transactions are in Dinars
By John Lee. Iraq will require that all transactions inside the country are made using the Iraqi dinar from 2024, and not the US dollar. Statement from the Central Bank of Iraq (CBI): In a significant development, the Central Bank of Iraq, under the leadership of Mr. Ali Mohsen Al-Alaq, has revealed its plan to […]
GKP Shares move on Increased Local Sales from Shaikan
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed up ten percent on Monday, after the company announced an increase in local sales of oil from its Shaikan field. The shares fell back five percent in trading on Tuesday morning. Statement from GKP: Update on Shaikan Field local sales Gross average sales in September […]
World Bank Corrects Iraq Debt-to-GDP Ratio in Report
From the World Bank: Statement on the Iraq Economic Monitor Spring/Summer 2023 The World Bank identified an error in the reporting of debt data for 2022 and projections for ensuing years reported in the recently published Iraq Economic Monitor (IEM) Spring/Summer 2023 issue. As a result, the debt-to-GDP ratio in 2022 was corrected from 53.8 […]
New Iraqi Law to allow Foreign Cos to Own Oil Output
By Arya Devi for Oil & Gas Middle East. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. New law allows foreign companies to own oil output After more than a decade of debates and delays, Iraq is poised to pass an oil and gas […]
Sudani Discusses Investment Opportunities with US Chamber of Commerce
By John Lee. Iraqi Prime Minister, Mr. Mohammed Shia Al-Sudani, held a meeting with members of the American Chamber of Commerce in New York on Thursday evening (local time). The meeting was attended by businessmen, investors, and representatives of major American companies. During the meeting, he praised the efforts of Mr. Steve Lutes, the Deputy […]
Iran, Iraq to Launch Joint Bank, Trade Zone
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. Iran and Iraq will jointly set up a joint bank and trade zone in the near future, the director general of the Trade Promotion Organization of Iran (TPOI) for […]
Iraq Discusses Natural Gas Investments with US Firms
By Charles Kennedy for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Discusses Natural Gas Investments With U.S. Firms Iraq's Prime Minister Mohammed Shiaa al-Sudani is meeting this week in New York with representatives of dozens of U.S. energy companies to […]