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 […]
Three Contractors "Quit" Khor Mor Field
By John Lee. Three companies have reportedly stopped operations at Kurdistan's Khor Mor gas field following rocket attacks. According to Reuters, the companies are Texas-based Exterran, and Turkish subcontractors Havatek and Biltek. The field is operated by Pearl Petroleum, a consortium led by UAE-based Dana Gas and Crescent Petroleum. More here. (Source: Reuters)
Iran-Iraq Trade Continues Despite Disruption
By John Lee. Iran has reportedly closed its land borders to Iraq in response to the upsurge in violence in the country. According to AFP, Iranian flights to the country have also been halted. Meanwhile, Iran's Mehr News says that while passenger travel is suspended, people are being allowed to return to their home countries, […]
Deep Dive: Sadr declares 'Final Retirement'
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Deep Dive: Iraq's Sadr declares 'final retirement' as street politics escalates In Iraq, Sadrist Movement leader Muqtada Al-Sadr has announced his "final retirement" from politics. He has also reportedly gone on a "hunger […]
Curfew in Iraq as Protests lead to Deaths
By John Lee. Iraqi Prime Minister Mustafa Al-Kadhimi has ordered the suspension of official working hours on Tuesday, imposing a curfew in response to protests that have led to the deaths of an estimated 20 people. The cabinet meeting planned for this week has also been deferred. Hundreds of supporters of Muqtada al-Sadr stormed government […]
KRG launches new Digitised Driving Licence System
By John Lee. The Kurdistan Regional Government (KRG) has launched a digitised driving licence system. In a press release this week, KRG Prime Minister Barzani is seen renewing his own driving license using the new system. Prime Minister Barzani praised the Ministry of the Interior and the company in charge of implementing the new process, […]