Japan Funds Development of Basra Refinery
By John Lee. Iraq and Japan have signed a memorandum granting a Japanese loan for the Basra Refinery Development Project (Phase IV). The agreement was signed on Wednesday by Iraq's Minister of Finance, Taif Sami Mohammed, the Chargé d'Affaires of the Japanese Embassy in Baghdad, Masamoto Kenichi, and the Executive Director of JICA Iraq Office, […]
Plans to Increase Oil Production at Rumaila
By John Lee. The Iraqi Minister of Oil, Hayan Abdul-Ghani, has said that Iraq wants to increase production capacity of the giant Rumaila oilfield by 300,000 barrels per day (bpd). This would give it a potential output of 1.7 million bpd. He made the statement during his visit to to the field earlier this week, […]
UAE invests in Kurdistan's Agriculture and Livestock Sectors
UAE invests in Kurdistan Region's agriculture and livestock sectors The Kurdistan Regional Government's (KRG) Investment Board met with a delegation from the Emirati Al Abrar Company to discuss enhancing cooperation in the Kurdistan Region's agriculture and livestock sectors. "In the past, we have we conducted more than 10 research projects in the Kurdistan Region for […]
Iraqi Company Completes Purchase of Romanian Power Plant
By John Lee. Iraq's Mass Group Holding has completed its purchase of a power plant in Romania on Tuesday (27th December). According to a statement from the administrator, Expert Insolventa SRL, the company has bought the Mintia thermal power plant (pictured) from Complexului Energetic Hunedoara SA for 91.2 million euro ($91 million) in a public […]
PM urges CBI to halt Fall in Iraqi Dinar
By John Lee. Prime Minister Muhammad Shia Al-Sudani has urged the Central Bank of Iraq (CBI) to sell foreign currency at official prices to citizens through purchasing with electronic cards, opening sales outlets for travelers, or clients outside Iraq, or financing foreign trade. The order came at a meeting with the Governor of the CBI, […]
Iraq Confirms November Oil Exports
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for November of 99,868,029 barrels, giving an average for the month of 3.329 million barrels per day (bpd), up from the 3.282 million bpd exported in October. The exports from the oilfields in central and southern Iraq amounted to approximately 97,204,696 barrels, while […]
KCA Deutag to Drill more Wells in Kurdistan
By John Lee. Scottish-based KCA Deutag, the global drilling, engineering and technology provider, has secured contract awards and extensions in Oman, Northern Iraq and Europe worth more than $85 million. The work, in Kurdistan, involves the company's T63 rig drilling two wells, with two more optional wells. (Source: KCA Deutag)
Fake Starbucks reported in Baghdad
By John Lee. According to a report from Associated Press (AP), a chain of three unauthorised "Starbucks" coffee shops is operating in Baghdad. It says genuine Starbucks merchandise is imported from neighboring countries, but without permission from the US-based corporation. Starbucks is reported to have filed a lawsuit for trademark violation, but the case was […]
Australia Wins Order for Wheat to Iraq
By John Lee. Iraq is understood to have purchased about 150,000 tonnes of wheat from Australia. According to a report from Reuters, a tender for a nominal 50,000 tonnes from either the United States, Australia or Canada closed on 18th December. More here. (Source: Reuters)
Iraq to Tighten Border with Turkey and Iran
By John Lee. The Iraqi Border Guard is reportedly set to build 200 new outposts along the border with Turkey and Iran. According to Kurdistan 24, the Force has also recently announced job openings for an additional 3,000 soldiers. A spokesperson also added that new military-grade thermal cameras will monitor movements along the border. More […]
Video: Climate Change Endangers Fisheries
From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Fish farming communities in Iraq are seeing a decline in their harvests for the second year. Climate change is also taking a toll on the inland fishing industry. The city's catch is down […]
Enhanced Climate Resilience in Southern Iraq
FAO launches the SIDA funded project, Enhanced Climate Resilience of vulnerable agriculture households in Southern Iraq Under the patronage of the Minister of Agriculture, H.E Abbas JabrAl-Aliawi, the Food and Agriculture Organization of the United Nations (FAO) in Iraq launched in Najaf the project "Enhanced Climate Resilience of vulnerable agriculture households in Southern Iraq" funded […]