Iraq joins TIR to Boost Trade and Economic Development
Iraq, at the crossroads of several trade routes in the Middle East, has become the 78th country to accede to the United Nations TIR Convention. Iraq's accession to the TIR Convention anchors its strategic role as a transit hub and supports the country's economic vision to expand its non-oil sectors. The TIR system will boost […]
Iraq and Russia sign Visa Waiver Agreement
By John Lee. The Iraqi and Russian governments have signed a draft agreement exempting diplomatic, service, and private passport holders from entry visas. Dr. Abdul Rahman Al-Husseini, the Undersecretary for Administrative and Technical Affairs, signed on behalf of Iraq, and Russian Ambassador Elbrus Kutrashev on behalf of Russia. According to a statement from Iraq's Ministry […]
Amarinth Wins Order for Pumps at Majnoon Oil Field
By John Lee. UK-based pump maker Amarinth has won an order from Azku Global Services for $200K of API 610 OH1 pumps for the Majnoon oil field. This is Amarinth's first order from Azku Global Services and follows numerous projects that Amarinth has successfully delivered into Iraq. The $200K order is for two API 610 […]
20 Years after US Invasion of Iraq, What Lessons Remain?
By Gilles Kepel for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. 20 years after US invasion of Iraq, what lessons remain? With the Pentagon now refocusing elsewhere, and with Iran getting closer to nuclear weapons by the day, the widening […]
Tabaqchali on the 20-yr Anniversary of US invasion of Iraq
Iraq Business News Expert Blogger, Ahmed Tabaqchali, has just published his thoughts on the 20-year anniversary of the US invasion of Iraq, for the Atlantic Council. Click here to read the full article.
Iraq and others to Reduce Oil Production; Oil Prices Surge
By John Lee. Oil prices surged on Monday after several producers, including Iraq, announced an unexpected cut in production. Iraq's Ministry of Oil said it has voluntarily decided to reduce production by 211,000 barrels per day (bpd), starting from May, and continuring until the end of 2023. According to BBC, Saudi Arabia is reducing output […]
PM Opens Karbala Refinery
By John Lee. The Karbala Oil Refinery, Iraq's first oil refinery to operate with modern technologies, has been opened by Prime Minister Mohammed S. Al-Sudani. Built by Korean company Hyundai, the refinery has a capacity of 140,000 barrels per day and meets the latest environmental-friendly European standards. It includes a power plant with a capacity […]
Iraq Achieves $7.4bn Oil Exports in March
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for March: Total exports: 100,913,027 barrels Revenues: $7.404 billion Average daily exports: 3.255 million barrels Average price per barrel: $73.37 Exports from central and southern Iraq: 98,875,692 barrels Exports from Kirkuk through the port of Ceyhan: 1,727,494 barrels While not explicitly stated by […]
Iraq and Oman finalising MoU on Anti-Corruption
By John Lee. Iraq and the Sultanate of Oman are finalising a memorandum of understanding (MoU) in the field of combating corruption. The Iraqi Integrity Commission's head, Judge Haider Hanoun, praised Oman's cooperation with the commission regarding extradition, including the arrest of fugitives by Omani authorities. Talks are underway to conclude the MoU to exchange […]
UN Awards New Contracts in Iraq
By John Lee. The United Nations (UN) Secretariat has awarded several Iraq-related contracts recently: Supply and installation of prefab unit offices for Ninewa Water Directorate and Mosul Municipality: Granted to Jibal Al-Madina co. for general contracts Ltd. Contract value $39,900; Rehabilitation of 26 Damaged Houses in Jafriyah Village, Sinjar District, Ninewa Governorate: Granted to Aswar Al-Hadhaba […]
Saudi EXIM Bank agrees Credit Line with Iraqi Islamic Bank
By John Lee. The Saudi EXIM Bank has announced the signing of an agreement with Iraqi Islamic Bank for Investment and Development for a new, SAR75-million [$20 million] credit line. The new credit line is the latest addition to the broad portfolio of financial instruments that Saudi EXIM Bank provides to national financial institutions to […]
Govt to Clamp Down on Corruption at Umm Qasr Port
By John Lee. The Prime Minister of Iraq, Mohammed S. Al-Sudani, has approved the recommendations of a committee investigating corruption in the Umm Qasr port. The committee found that private companies operating at the General Company for Iraqi Ports were charging additional fees not approved by the Ministry of Transportation, leading to increased prices for […]