Iraq Finalises Oil Exports for October
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for October of 89,153,932 barrels, giving an average for the month of 2.876 million barrels per day (bpd), up from the 2.613 million bpd exported in September. These exports from the oilfields in central and southern Iraq amounted to approximately 86,023,204 barrels, while […]
Iraq Increases Deficit to Pay Salaries
By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq increases deficit to pay salaries The Iraqi parliament approved on November 12th the funding deficit law, entitling the government to borrow 12 trillion dinars ($10 billion) from internal […]
Why so few Women Work in Iraq
By Miriam Muller and Matthew Wai-Poi, for World Bank Blogs. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. What gets in their way? A closer look into why so few women work in Iraq, Jordan, Lebanon Less than 15 percent of women participate in […]
Biden and Iraq: A Chance to Address Past Mistakes
By Nabeel Khoury for The Arab Center Washington DC. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Biden and Iraq: A Chance to Address Past Mistakes A Biden administration is likely to change a few policies in the Middle East while keeping others […]
Chinese Firm Wins $210m Construction Contract in Erbil
By John Lee. The China Machinery Engineering Corporation (CMEC) has announced that it been awarded the contract to build the Harir cement plant in Erbil. According to a stock exchange filing, the contract is valued at approximately $210 million, and the project is expected to be completed within 30 months. (Source: CMEC)
Germany's New EUR 10m Contribution to Iraq
New €10m contribution from Germany expands UNDP Iraq's Coronavirus response into 15 governorates German Government's KfW Development Bank and the United Nations Development Programme (UNDP) in partnership with the Government of Iraq, have today signed a EUR 10 million agreement (US$11.75 million) to support Iraq's response to COVID-19. The contribution was made by the German […]
China to help Build 1,000 New Schools in Iraq
By John Lee. Iraqi Prime Minister Mustafa al-Kadhimi met on Sunday with the Supreme Committee for Building Schools in Iraq. During the meeting, they discussed the launch of a project to build 7,000 new school buildings across the country. The first phase of the project will be the construction of 1,000 new schools following a […]
Management Buyout at Intellect Code
By John Lee. Erbil-based Intellect Code, which specialises in advertising, marketing and market research, has announced the acquisition of 100 percent of the company's shares by Ahmed Gorani, who is the current CEO of the company. A statement from the company said that Mr Gorani bought the shareholdings of his partners Mohamed Emad and Waleed […]
Successful IBBC Conference in Dubai
IBBC's 5th Annual Iraq Conference in Dubai - Opportunity in Adversity The Iraq Britain Business Council (IBBC) was much praised at its conference on Thursday for pioneering in COVID-19 times by bringing together senior officials from Iraq, the UAE and the UK, prominent international and Iraqi businessmen, bankers and professional advisers as speakers and over […]
GKP Shares Rise as Workover Completed
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were trading up 5 percent on Monday morning as the company announced that the planned workover on the SH-12 well has been completed safely. Jón Ferrier (pictured), Gulf Keystone's Chief Executive Officer, said: "We continue to successfully manage the challenging macro backdrop and make operational progress. […]
China to Buy of Exxon's stake in West Qurna?
By John Lee. The China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are reportedly considering acquiring Exxon Mobil's remaining stake in Iraq's West Qurna 1 oilfield. According to sources cited by Bloomberg, the stake could fetch more than $500 million. ExxonMobil originally had a 60% stake in the field, but sold […]
Cabinet authorises Contract for Automating Customs Procedures
By John Lee. At a meeting last week under the chairmanship of Prime Minister Mustafa Al-Kadhimi, the Iraqi Cabinet agreed to: Approve the draft Pension and Social Security Law and refer it to Parliament. The draft law aims to give the same pension, social security and other rights to workers in the private sector as […]