Cabinet approves $480m Drilling Deal in Southern Iraq
By John Lee. The Iraqi Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi. Following discussions, the Cabinet approved a bid from Schlumberger to drill 96 wells for the Basra Oil Company (BOC) and ExxonMobil. The company has previously worked at ExxonMobil's West Qurna 1 field in southern Iraq. […]
GKP Resumes Kurdistan Investment Programme
Gulf Keystone Petroleum (GKP) has announce the resumption of the Company's growth plans to ramp-up gross production towards 55,000 barrels of oil per day ("bopd"). Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "After a year of successfully managing the impact of COVID-19 on our people and production operations at Shaikan, we are pleased […]
Launch of Consultations for Iraq's Voluntary National Reviews
UNDP Iraq supports Ministry of Planning to launch consultations for Iraq's second Voluntary National Reviews The effects of the COVID-19 crisis have had far-reaching impacts in Iraq, including those related to progress toward achieving the United Nations Sustainable Development Goals (SDGs) by 2030. Accordingly, the Iraqi Ministry of Planning in cooperation with the United Nations […]
UNESCO trains Police on Dangers to Iraqi Women Journalists
UNESCO Iraq trains female police officers to respond to the dangers and threats facing Iraqi women journalists Within the multi-donor program MDP grant, UNESCO Iraq Office, CI, organized a three-day training course targeting 18 police officers from the Crimes Against Journalists Investigation Unit. This session comes as part of UNESCO's efforts to strengthen the national […]
Petrofac Wins Contract Extension in Iraq
By John Lee. Petrofac has announced that its Engineering & Production Services division ('EPS') has secured a one-year contract extension worth around US$80 million with a key client in Iraq. While not mentioning the specific project, the company said: "The award is recognition of Petrofac's successful eight-year track record of safe delivery as the incumbent […]
Iraq launches New Educational TV Channel
By John Lee. Iraq's Ministry of Education has launched Madrasty, a new educational TV channel. The channel will be broadcast via satellite from 9:00 a.m. to 4:00 p.m. each day. There will also be a facility for students to contact their teachers by phone. The Head of Iraq Educational TV, Ahmed Adil, said the new […]
Textron awarded $12m Iraq Contract
By John Lee. US-based Textron Aviation Defense has been awarded a $12,548,081 firm-fixed-price modification (P00033) to contract FA8620-17-C-3011 for the Iraq Air Force Peace Dragon Program. This modification adds the six months to Option Year Three of the multi-year basic contract. Work will be performed in Wichita, Kansas, and is expected to be completed March […]
Iraq seeks to Recover Looted Funds
By John Lee. The Iraqi President, Barham Salih (pictured), has reportedly announced new legal measures to recover funds looted from Iraq. Economist Basem Jamil Antoun told Asharq Al-Awsat that funds stolen since the fall of Saddam Hussein in 2003 are estimated at $250 billion. Click here to read the full story. (Source: Asharq Al-Awsat)
Local Development Programme prioritizes Decentralization
Steering Committee of EU-funded local development programme prioritizes decentralization and donor coordination The Steering Committee of the programme Supporting Recovery and Stability in Iraq through Local Development held its second meeting on 08 March 2021, online, to discuss the way forward. The programme is funded by the European Union (EU) and implemented by the United […]
New York Convention: Legal Opinion
By Mohammed Koperly (LLB, PstgD), Associate, Al Nesoor Law. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq finally says YES to Arbitration. The Law on the Accession of the Republic of Iraq to the New York Convention 1958 on the Recognition and Enforcement […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th March 2021). Please click here to view a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD952 (+7.8%) / $840 (+7.8%) (weekly change) (+31.2% and +26.7% YTD change, respectively). The number of week traded […]
Iraq Ratifies New York Convention on Arbitration
By John Lee. The Iraqi Parliament has ratified a previous decision of the Iraqi Cabinet to accede to the New York Convention (1958) on the arbitration of international disputes. The law will be implemented from the date of its publication in the official gazette. It is expected to give greater protection to international companies doing […]