Iran, Iraq eye Closer Regional Cooperation
Stressing the need to carry out an agreement on security cooperation between Iran and Iraq, the foreign ministers of the two countries weighed plans for stronger regional collaboration. In a telephone conversation on Thursday night, Iranian Foreign Minister Hossein Amirabdollahian and his Iraqi counterpart Fuad Hussein talked about the latest status of bilateral relations between […]
Iraq to buy French Fighter Jets?
By John Lee. Iraq is reportedly seeking to include Rafale fighter jets from the French company Dassault in the Iraqi Air Force. A spokesman for the Commander-in-Chief of the Armed Forces told state-run Iraqi News Agency (INA) that Iraq will purchase modern military equipment from many countries, including the Republic of France. He also emphasised […]
Rail Route Planned from Coast to Khor al-Zubair
By John Lee. The Iraqi General Authority for Railways has been assigned the task of finalizing the proposed route for a significant railway project that aims to extend from the coastal areas to the southern part of the port of Khor Al-Zubayr. The authorities emphasize the importance of planning the route outside the boundaries of […]
Basra-Aqaba Oil Pipeline "Postponed"
By John Lee. Iraqi Prime Minister Mohammed Shia al-Sudani has reportedly postponed the launch of the Basra-Aqaba Oil Pipeline (BAOP) project due to "threats from Iran-backed Shia militias" in Iraq. Assorted players in the area object to the idea that the oil may be used by Israel. According to The New Arab, other concerns include […]
Implications of Iraq's New Election Law
From Arab Gulf States Institute in Washington (AGSIW). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Implications of Iraq's New Election Law Iraq's new election law is likely to strengthen the representation of traditional political blocs and weaken smaller parties and independent candidates, however, […]
Saudi Arabia to Invest $3bn in Iraq
By John Lee. Saudi Arabia's sovereign wealth fund has reportedly capitalised its new Iraq fund with $3 billion. The Saudi-Iraqi Investment Company, which will have its headquarters in Saudi Arabia, is part of a $24-billion initiative announced last year. According to Alarabiya, the acting CEO will be Muteb Alshathri. More here. (Source: Alarabiya)
Iraq signs Contracts with Buyers of Kurdistan Oil
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq signs contracts with buyers of Kurdistan Region's oil: Minister Iraq's oil minister on Thursday told Rudaw that they have signed contracts with four companies to buy about half a million barrels of the […]
US Court Dismisses Securities Claim against Ericsson
Full text of the statement from Ericsson: Yesterday [Wednesday], the U.S. District Court for the Eastern District of New York dismissed with prejudice the securities litigation against Ericsson (NASDAQ: ERIC) brought by certain shareholders. In its ruling, the court rejected in full the plaintiff's claims that Ericsson misled investors and concluded that Ericsson did not […]
Iraq's Oil Ministry "Clarifies" statement on Saudi Aramco
By John Lee. Iraq's Ministry of Oil has issued a "clarification" on its previous statement regarding involvement of Saudi Aramco in the Akkas field in Basra. On Thursday, the Ministry originally stated that it had an agreement with Saudi Aramco to invest in the field. Later in the day, it issued a clarification, saying that […]
Iraq Expedites Construction of Rail Link to Iran
By John Lee. Iraq's Council of Ministers has approved measures to expedite the construction of the new railway connection between Basra and the Iranian city of Shalamcheh. The approved actions include facilitating the transfer of land ownership to the Ministry of Transportation, ensuring necessary facilities are provided. Additionally, the General Company for Iraqi Railways, under […]
Czech Businesses "Eager to Invest in Iraq"
By John Lee. At a meeting on Thursday between Iraqi President Abdullatif Jamal Rashid and Minister of Foreign Affairs Jan Lipavsky of the Czech Republic, President Rashid expressed hope that Czech companies would contribute to important investment projects and collaborate with Iraqi companies. Minister Lipavsky emphasized the eagerness of Czech businesses to invest in Iraq. […]
Billions of Dinars Disappear from Iraqi Ministry's Company
By John Lee. The Iraqi Ministry of Industry and Minerals has been hit by a financial scandal with the disappearance of 120 billion dinars [$92 million] from one of its companies. An Investigation and Control Division's official, who recently moved to the General Company for the Automotive and Equipment Industry in Iskandariya [Alexandria], in Babil […]