Nokia Wins Contract with Asiacell in Iraq
By John Lee. Finland's Nokia has announced that Asiacell Telecom has chosen the company to provide nationwide network optimization for two years starting January 2021. According to a press release: "This partnership will leverage Nokia's global capabilities in network planning and optimization technology to boost Asiacell's competitive edge and transform its operational platforms for the […]
Moody's announces Periodic Review of Iraq's Ratings
By John Lee. Moody's Investors Service has said that Iraq's credit profile (issuer rating Caa1) "is supported by the country's 'ba2' economic strength ... its 'caa3' institutions and governance strength ... its 'ba3' fiscal strength ... and its 'caa' susceptibility to event risk". The company made the announcement on Monday following its periodic review of […]
Iraqi Dinar Falls in Value
By John Lee. Dinar value falls as Iraq contemplates currency devaluation MPs say Iraq's 2021 budget is likely to bring a significant drop in the value of the dinar, helping the government's balance sheet but hurting the purchasing power of most Iraqis. More details here from Iraq Oil Report (subscription required) (Source: Iraq Oil Report) […]
Egypt wins Strong Foothold in Iraq's Reconstruction
By Amr Mostafa for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Egypt wins strong foothold in Iraq's reconstruction Millions of Egyptian workers may benefit from their government's involvement in Iraq's massive reconstruction process. Click here to read the full story.
Iraqi Govt presses ahead with Early Elections
By Omar al-Jaffal for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi government presses ahead with early elections next year The Iraqi government is striving to make the legal and political preparations for elections in June 2021, amid multiple political […]
KRG to Resume Override Payments to Genel
By John Lee. Genel Energy has received notice from the Kurdistan Regional Government ('KRG') that override payments, whereby Genel receives 4.5% of monthly Tawke gross field revenues, will resume with the January 2021 invoice, to be paid in February 2021. Assuming the prevailing oil price, this translates into over $5 million of additional cash proceeds […]
China "Set to Bail Out Iraq" with Oil Deal
By John Lee. Iraq is reportedly poised to sign a multibillion-dollar contract with China's ZhenHua Oil, in what Bloomberg describes as a bailout from Beijing. Under the deal, Iraq's cash-strapped government which will receive money upfront in exchange for long-term oil supplies. Click here to read the full article. (Source: Bloomberg)
Iraqi Govt authorises 4 Private Colleges
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 agreed to authorise the Ministry of Higher Education and Scientific Research to grant licences to new private colleges in Baghdad, Anbar, Basra and Al-Muthanna provinces. (Source: Govt of Iraq)
Direct Flights Resume between London and Iraq
Iraqi Airways has announced that it is resuming its regular service between London Gatwick and the Iraqi airports of Baghdad, Erbil and Sulaymaniyah. The first flights will operate on 19th December from Baghdad and Erbil. More details here.
Iraqi Govt considers Sales Tax
By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi government considers sales tax to relieve budget crisis Iraq is mulling the possibility of imposing a sales tax amid concerns over the consequences of such a move on […]
Oryx Petroleum Changes Name, Plans $51m Capex
By John Lee. Oryx Petroleum Corporation has announced that it has changed its name to Forza Petroleum Limited. 2021 Budgeted Capital Expenditures Budgeted capital expenditures for 2021 are $51 million and dedicated exclusively to the Hawler license area. The planned work program involves drilling five new wells into proven, producing reservoirs and reservoirs still being […]
Gazprom Neft developing Fourth Well at Sarqala
By John Lee. Russia's Gazprom Neft has produced its four-millionth tonne (32-millionth barrel) of oil since starting commercial development of the Sarqala field in the Kurdistan Region of Iraq (KRI). Three wells are now in operation at this field, with daily production running at about 3,100 tonnes (24,000 barrels) per day. Limitations arising under the COVID-19 pandemic notwithstanding, Gazprom […]