Petrofac Fined $105m; Shares Rally Further
By John Lee. Shares in Petrofac were trading up more than 7 percent on Monday, as the company was ordered to pay GBP 77 million [$105 million] after the UK's Serious Fraud Office (SFO) secured further convictions in its investigation into bribery and corruption at the Jersey-registered energy services company. On Friday, Petrofac Limited pleaded […]
$250m Wheat Marketing Center Opened in Erbil
By John Lee. The Prime Minister of the Kurdistan Regional Government (KRG) has opened a new wheat marketing center in Erbil, a year after announcing the project. In a statement on Twitter, Masrour Barzani said: "In less than a year, we are back to inaugurate the $250-million wheat marketing project in Erbil. A great new […]
Iran Ready to Extend Gas Export Deal with Iraq
By John Lee. The CEO of the National Iranian Gas Company (NIGC) has said Iran is ready to extend its gas export deal with Iraq. Majid Chegeni, who is also the Deputy Minister of Petroleum for Gas Affairs, said: "Our relationship with Iraq is strategic and apart from economic relations, we have deep cultural and […]
Textron awarded $15m Iraq Contract
By John Lee. US-based Textron Aviation Defense has been awarded a $15,669,011 firm-fixed-price contract with cost-plus-fixed-fee and cost-reimbursable contract line item numbers for support and sustainment of the Iraq Peace Dragon program. This contract provides for field service representatives, program management, core/field engineering, and repair-and-return. Work will be performed in Wichita, Kansas; and Martyr Mohammed […]
$100m to Support COVID-19 Vaccination in Iraq
By John Lee. The World Bank has approved a new US$100 million project to scale up Iraq's health sector response to the COVID-19 pandemic. The Iraq COVID-19 Vaccination Project will support the rollout of COVID-19 vaccinations to priority population groups and strengthen the institutional systems needed to enable the safe and effective distribution and use […]
Iraq to Close Airports and Borders for October Election
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. Iraq to Close Airports and Borders for October Election Iraqi authorities have prioritized security in the lead-up to the first election since 2018. Click here to read the full article.
Shadow Contracts and Corruption keep Lights Out in Iraq
By John Lee. A revealing report by Samya Kullab, for AP News, exposes the system of corruption and patronage that keeps Iraq's electricity system in the dark ages. Click here the read the full report. (Source: AP News)
Improved Basic Services in Western Anbar
Western Anbar communities see improved basic services with the completion of USAID-funded projects The United Nations Development Programme (UNDP) and the United States Agency for International Development (USAID) are pleased to announce the reopening of five facilities in western Anbar to provide essential services to more than 210,000 residents. UNDP rehabilitated these facilities with funding from […]
Iraqi Ministers meet with ILO to discuss Working Conditions
Ministers of Labour and Social Affairs and social partners meet with ILO to discuss joint activities to advance decent work in Iraq, with support of the European Union A Steering Committee, represented by ILO's tripartite partners, held its first meeting to discuss progress made in the implementation of a project, supported by the European Union, […]
Pro-Israel Summit in Erbil Breaks New Ground
By Dennis Ross, 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. A Pro-Israel Summit in Erbil Breaks New Ground At great personal risk, Iraqi civil society leaders gathered to demand entry into the Abraham Accords, and […]
Iraq Oil Exports increase in September
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for September of 92,422,485 barrels, giving an average for the month of 3.081 million barrels per day (bpd), up slightly from the 3.054 million bpd exported in August. The exports from the oilfields in central and southern Iraq amounted to approximately 89,224,354 barrels, […]
Miswag "Raises $1.6 Million" in Funding Round
By John Lee. Miswag, the Iraq-based B2C online marketplace, is reported to have successfully raised $1.6 million in a "Pre-Series A" funding round. According to The Start-up Scene, this brings its total investment raised to nearly $3 million since 2019. It adds that Miswag will use the funding to expand its commercial and technological teams […]