Basrah Gas Company invests $87m to reduce Gas Flaring
By John Lee. Basrah Gas Company (BGC) has obtained endorsement from its shareholders to gather and process an additional 80 mmscf/d of the flared gas. On the 30th of November 2022, BGC's shareholders (South Gas Company 51%, Shell 44% and Mitsubishi 5%) signed the Final Development Decision (FDD), at the Higher Management Committee meeting, to […]
Germany funds Desalination Project in Muthanna
By John Lee. Iraq's Minister of Construction has signed a grant agreement to finance the Al-Khader and Al-Daraji water desalination project in Al-Muthanna Governorate Mr. Benkin Rikani [Bangin Rekani] signed the agreement with the Director of the German Development Bank KFW, Dr. Anna-Christine Janke, and the grant will be provided by the German Ministry of […]
Fitch Rates Iraq's Gulf Commercial Bank 'CCC+'
By John Lee. Fitch Ratings has assigned the Gulf Commercial Bank (GCB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating reflects the bank's, "weak franchise and unstable business model, operations in the highly volatile operating environment of Iraq, a high impaired loans ratio (which is […]
New App allows Iraqis to trade US-Listed Stocks
By John Lee. Ishtar Gate Company for E-Payment Systems and Services, an Iraq-based fintech company, has reportedly released an app that allows users to trade US-listed stocks via a mobile app called Bluepay. According to Newsfile, the company was recently approved by the Central Bank in Iraq (CBI) as the "first and only company to […]
UNICEF donates $2.5m PPE to Kurdistan
UNICEF donates personal protective equipment worth over $2.5 million to the Ministry of Health of the KRI UNICEF has handed over personal protective equipment (PPE) worth $2.5 million to the Ministry of Health. The ceremony was held in the presence of the Minister of Health of the Kurdistan Region Government, Dr. Saman H. Barzangy, and […]
KRG PM receives JICA delegation
KRG Prime Minister Masrour Barzani has received a delegation from the Japan International Cooperation Agency (JICA), headed by the agency's Vice President Ando Naoki. Prime Minister Barzani thanked the Japanese government and JICA for assisting the Kurdistan Regional Government (KRG) in the process of reforming and establishing a solid economic infrastructure in the Kurdistan Region […]
Darbandikhan Tunnel to Reopen Next Week
The Kurdistan Regional Government allocated 187 million Iraqi dinars [$128,000] to renovate the Darbandikhan tunnel, set to open next week. The tunnel has been closed for two months as the work the tunnel began on October 2, 2022, and it is nearing an end. "The work to renovate Darbandikhan tunnel is coming to an end, […]
Iraq's New PM vows to Clean Up the Country
From The Economist. Iraq's new prime minister vows to clean up the country The puzzle for Iraq's kleptocrats was always how to spirit their stolen billions out of the country. Foreign banks have been wary of accepting large transfers from Baghdad. Taking piles of cash out by land is risky; Kurds closely watch the frontier […]
Basrah Gas Company appoints new Managing Director
By John Lee. Basrah Gas Company (BGC) has appointed Andrew Wiper (pictured) as its new Managing Director. Andrew has more than 20 years of experience in the oil and gas industry, most recently with Shell, and previously with the Shell-associated KPO in Kazakhstan. He holds a bachelor's degree in Electronic Engineering and a master's degree […]
Iraqi Govt Committed to Exchange Rate Stability
By John Lee. The Iraqi government has confirmed its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the Iraqi dinar. In a statement, Prime Minister Muhammad Shia Al-Sudani said the government supports the steps of the Central Bank of Iraq (CBI) in […]
Iraqi PM calls for Closer Ties with China
By Al Monitor staff. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi PM calls for closer ties with China During the Arab-China Summit in Riyadh, Muhammad Shia al-Sudani expressed Iraq's willingness to join the Belt and Road Initiative and expand ties and […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 15th December 2022). Please click here to view a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD923 (+1.9%) / $784 (+0.7%) (weekly change) (+0.5% and -2.6% YTD change, respectively). The weekly trading volume was […]