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 […]
Genel Energy shares gain on 2020 Results
Genel Energy has announced its audited results for the year ended 31 December 2020. The shares closed the day up more than 2 percent. Bill Higgs, Chief Executive of Genel, said: "2020 was a uniquely challenging year for everyone. As for Genel, our continued progress and strong performance in 2020 has laid the foundation for […]
MASIL facilitates Successful Visit of Pope to Iraq
Al Burhan and Menzies MASIL form new joint venture and celebrate a successful Pope's visit to Iraq Al Burhan Group along with Menzies Aviation, have formed a new venture - MASIL. Working together on the logistics of the visit of Pope Francis to Baghdad international airport at the start of the first papal visit to […]
Basra-Aqaba Pipeline may be extended into Egypt
By John Lee. Iraqi and Egyptian officials have discussed the possibility of extending the Basra-Aqaba pipeline to Egypt. The matter was discussed at a meeting on Wednesday between Iraq's Oil Minister Ihssan Abdul-Jabbar Ismail the Egyptian Ambassador to Iraq. A press release after the meeting said that extending the pipeline into Egypt would be "an […]
Iraqi Govt approves purchase of Pfizer Vaccine
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 decided to approve the purchase the coronavirus vaccine from the US company Pfizer, on the basis of the manufacture and supply agreement between Pfizer Export BV and the Iraqi Ministry of […]