Russia to help Iraq with Nuclear Technology
By John Lee. An official at the Russian Foreign Ministry has reportedly said that Russia is ready to supply Iraq with "isotope products", and to assist Baghdad in the field of non-energy nuclear technology. According to RIA Novosti, Alexander Kinshchak, the Ministry's Director for the Middle East and North Africa, added that Russia's Rosatom and […]
Kurdistan Oil Output "Could Halve without Investment"
By John Lee. According to a report from Reuters, oil production in Iraqi Kurdistan could almost halve by 2027 if there is no new exploration or major investment in the sector. Click here to read the full report. (Source: Reuters)
The Trouble with Muqtada al-Sadr
By Sajad Jiyad, for New Lines magazine. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. The Trouble With Muqtada al-Sadr Endlessly underestimated and treated as an anomaly, Muqtada al-Sadr retains his strength out of a belief that he is the sole legitimate representative […]
Iraq Oil Revenue falls below $10bn in August
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for August of 101,859,528 barrels, giving an average for the month of 3.286 million barrels per day (bpd), down from the 3.303 million bpd exported in July. The exports from the oilfields in central and southern Iraq amounted to approximately 100,750,000 barrels, while […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 1st September 2022). Please click here to view a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD934 (+5.1%) / $816 (+5.1%) (weekly change) (+1.7% and +1.4% YTD change, respectively). The number of week traded […]
US Consul says Existing KRG Oil Contracts must be respected
By John Lee. The US's newly-appointed Consul General in Erbil has said that existing contracts between international oil companies (IOCs) and the Kurdistan Regional Government (KRG) must be respected. Consul Irvin Hicks Jr. made the comment following a meeting with the KRG's Minister of Natural Resources, Kamal Muhammed Salih, on Wednesday. In a statement issued […]
GKP Profits more than Double
Gulf Keystone Petroleum (GKP) has today announced its results for the half year ended 30 June 2022. Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "With the strengthening oil price and increased production, we have delivered strong profitability and cash flow generation in the first half of the year. As we progress towards approval […]
Iraqi Company Buys Romanian Power Plant
By John Lee. Iraq's Mass Group Holding has bought a power plant in Romania. 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 auction. Mass Global Energy Rom, a subsidiary […]
Work Starts at New Pharma Plant in Samarra
By John Lee. Iraq's General Company for the Pharmaceutical Industry and Medical Supplies has started erecting steel columns for its new factory in Samarra. The 3,000-square-meter plant will produce sterile products including ampoules, liquid vials, dental carbolates, sulfasporins and betyllactan derivatives. The project is implemented by Sarh Technology Company for General Trading, which has invested […]
Removing All Militias From Baghdad's International Zone
By Michael Knights, for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Removing All Militias From Baghdad's International Zone Iran-backed PMF units shot first in the latest showdown, so they should hardly be the ones left in […]
Iraqi Bank to open branch in Saudi Arabia
By John Lee. The National Bank of Iraq (NBI) has opened its first branch in Saudi Arabia. The bank, which is a subsidiary of Jordan's Capital Bank Group, said the new branch in Riyadh will encourage and facilitate trade between Iraq and Saudi Arabia. In June 2022, Capital Bank Group took in the Saudi Public […]
KRG Condemns SOMO Threats to Buyers of Kurdish Crude Oil
From the Kurdistan Regional Government: The Kurdistan Regional Government strongly condemns the letter issued on 23 August 2022, by Iraq's State Oil Marketing Organization (SOMO) that threatens legal action against buyers and traders of crude oil produced in the Kurdistan Region. SOMO's letter is nothing more than another drip in a stream of disinformation published […]