Iraq Approves Tanker Leasing to Support Oil Storage
By John Lee. The Iraqi government has approved new measures to support oil marketing, storage, and domestic fuel supply, including expanded operational flexibility for key state entities. Under the decision, Iraqi Oil Tankers Company (IOTC) has been authorised to lease available tankers in the Gulf region for use in storage or other purposes aimed at extending […]
New Iraqi Pipeline Project to Increase Gas Processing
By John Lee. The South Gas Company (SGC) has launched an accelerated project to increase gas processing and supply in Basra, aiming to boost national energy output and support electricity generation. The project, implemented in cooperation with the State Company for Oil Projects (SCOP), will add 600 tonnes per day of liquefied gas to national production […]
Creative Economy Workshop to Develop Youth-Led Businesses
By John Lee. Iraq's Ministry of Trade has highlighted plans to support the development of youth-led initiatives into viable economic projects during the first Creative Economy Conference workshop. Trade Minister Atheer Dawood Al-Ghurairi said the ministry is working to adopt and support innovative initiatives that help transform entrepreneurial ideas into practical, market-ready businesses. The conference, […]
Iraqi Footballer signs Multimillion-Dollar Beauty Brand Deal
By John Lee. Global Bright Future LLC has signed Iraqi international footballer Youssef Amyn to a multi-million dollar agreement to launch a new beauty, grooming, and wellness brand. The partnership marks the 21-year-old's entry into the global personal care market. The debut collection will focus on haircare and fragrance products designed for both men and […]
Kidnapped US Journalist Reported Released
By John Lee. [Update, 8th April: The International Federation of Journalists (IFJ) confirmed the release of Ms Kittleson on 7th April.] Associated Press reports that American journalist Shelly Kittleson, who was kidnapped in Baghdad on 31 March, has been released. The release followed a statement by the Iran-aligned Kata'ib Hizbollah militia, which said it had […]
OPEC+ Agrees Production Adjustment for May
By John Lee. OPEC has announced that eight OPEC+ countries will implement a production adjustment of 206,000 barrels per day in May 2026, as part of ongoing efforts to stabilise global oil markets. The decision was taken during a virtual meeting on 5 April involving Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman. […]
Iraq Moves to Unify Customs Procedures
By John Lee. Iraq has agreed steps to unify customs procedures across all border crossings, including those in the Kurdistan Region, as part of efforts to enhance trade management and public revenues. The decisions were taken during a meeting of the Ministerial Council for the Economy, chaired by Foreign Minister Fuad Hussein and attended by […]
Turkish Firm to Expand Iraq's Flour Milling Capacity
By John Lee. Turkey's Imas has signed a third agreement with Iraq's Mokhalad Group for the construction of an additional flour mill project in Iraq, reinforcing an ongoing partnership in the country's milling sector. The latest agreement follows two earlier projects, bringing the total number of flour mills developed for Mokhalad Group to three. Each facility […]
Edita "Cuts Iraq Production"
By John Lee. Egypt's Edita Food Industries has reportedly reduced production at its Iraq facility and delayed product launches due to the impact of the ongoing regional conflict. Vice President and CFO Sameh Naguib told Zawya that the company has cut output to around 30-35 percent of capacity, compared with an initial target of 70-80 percent […]
Iraq Secures Oil Tanker Transit through Hormuz
By John Lee. In a significant development, Iraq has confirmed cooperation with Iran to allow the passage of Iraqi oil through the Strait of Hormuz, following high-level discussions in Baghdad on Sunday. Iraq's Minister of Foreign Affairs, Fuad Hussein, expressed his appreciation for allowing tankers carrying Iraqi oil to pass through the Strait, noting the […]
Tabaqchali: Iraqi Stocks Reach All-Time Highs as War Rages
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. Market Reaches All-Time Highs as War Rages The market, as measured by the Rabee Securities U.S. Dollar Equity Index (RSISX USD Index), was up 2.6% for March, […]
Iraq's March Oil Exports "Nearly $2 Billion"
By John Lee. Iraq's State Oil Marketing Organization (SOMO) has confirmed that Iraq exported approximately 18 million barrels of oil in March, generating revenues of nearly $2 billion, equivalent to about 28 percent of February's pre-crisis revenues. In a video statement, Director General Ali Nizar Al-Shatri [Shatari] said that SOMO coordinated closely with buyers and increased […]