Daewoo signs $2.6bn Iraq Port Deal
By John Lee. Iraq's Ministry of Transport has signed a contract with Korea's Daewoo to complete five infrastructure projects at the Grand Faw port. The contract includes the construction of a 14-kilometer navigation channel extending to the sea, the basin for the ships that will dock at the port, and an underwater tunnel, which is […]
Iraq Increases Oil Exports for December
By John Lee. Iraq's Ministry of Oil has announced initial oil exports for December of 88,211,750 barrels, giving an average for the month of 2.846 million barrels per day (bpd), up from the 2.709 million bpd exported in November. These exports from the oilfields in central and southern Iraq amounted to approximately 85,195,608 barrels, while […]
Iraq's Switch enters Strategic Partnership with ZoodMall
By John Lee. Iraqi financial services company Switch has reportedly entered a strategic partnership with shopping app and cross-border e-commerce marketplace ZoodMall. According to Startup MGZN, all Switch cardholders, subject to approvals, will have instant access to three types of "buy-now-pay-later" solutions on ZoodMall's mobile-only shopping app. (Source: Startup MGZN)
Schneider Electric signs MoU for Electricity Distribution in Iraq
Iraqi Ministry of Electricity, Schneider Electric sign MoU to upgrade of 33/11kV Electricity Distribution Network in Iraq This is a part of the French government's efforts to rebuild Iraq and upgrade its electricity distribution network Emrah Tekdemir: The experience of Schneider Electric in energy efficiency helped our engineers gain great experience to train their peers […]
Iraqi Banks undertake Overdue Reforms
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 Banks undertake Overdue Reforms The Central Bank of Iraq (CBI) announced in a statement Dec. 19 the devaluation of the Iraqi dinar to 1,450 to help reduce the […]
Belgium enhances Support for Stabilization in Iraq
The Government of Belgium has invested an additional EUR 2 million in the Funding Facility for Stabilization (FFS). The contribution will support stabilization efforts implemented by the United Nations Development Programme (UNDP) across Iraq's five governorates in Anbar, Diyala, Kirkuk, Ninewa and Salah Al-Din. Since 2016, Belgium has contributed EUR 12.12 million to the Facility, which was recently […]
Iran to Resume Gas Exports to Iraq
By John Lee. Iran will reportedly resume gas exports to Iraq on Wednesday, following a meeting in Baghdad on Tuesday between Iranian Energy Minister Reza Ardakanian and Iraqi officials. The supply was said to have been stopped due to Iraq's arrears of more than $6 billion, but a statement from the Iraqi government claimed the […]
NBI takes over Bank Audi's Iraqi Branches
Capital Bank and Bank Audi Sign Definitive Agreements for the Sale of the Assets and Liabilities of Bank Audi Branches in Jordan and Iraq Capital Bank Group and Bank Audi Group have announced the signing of the definitive agreements for the acquisition by Capital Bank of the operations of Bank Audi's Jordan Branch Network, and […]
UN awards Contracts for Ordnance Disposal Kit
By John Lee. The United Nations Office for Project Services (UNOPS) has awarded four contracts for the supply and delivery of Explosive Ordnance Disposal (EOD), Night Vision Monocular and Detonator Box for UNMAS Iraq: Lot 1 - Hook and Line: NIC Instruments Ltd. Contract worth $66,551; Lot 2 - De-mining Equipment: Alfarez for General Contracts […]
Erbil Restaurant Owners Protest Ban on Celebrations
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Erbil hotel and restaurant owners protest ban on New Year celebrations Hotel and restaurant owners in Erbil protested on Sunday against the Kurdistan Regional Government (KRG) Ministry of Interior's decision to ban New Year […]
Iran Cuts Gas to Iraq due to Unpaid Bills
By John Lee. The National Iranian Gas Company (NIGC) has reportedly cut supplies of gas to Iraq due to Iraq's arrears of more than $6 billion. According to Reuters, Iran's Energy Minister is scheduled to visit Baghdad on Tuesday to discuss the matter. More here and here. (Sources: Shana, Reuters)
US Firm wins $15.7m Iraq Training Deal
By John Lee. Spartan Air Academy Iraq LLC, Irving, Texas, has been awarded a $15,684,449 firm-fixed-price modification (P00006) to contract FA8617-20-C-6232 for the Iraq T-6A contractor logistics support and training maintenance program. The modification provides for the exercise of an option to extend the term of the contract for the continued services needed in order […]