SOMO Discloses Data on its Spot Sales
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. SOMO Discloses Data on its Spot Sales[1] In an unprecedented move, SOMO and the Ministry of Oil-MoO disclosed recently detailed data on quantities and revenues of crude oil sold directly through "electronic […]
Siemens in $310m Iraq Power Plant Deal
Germany's Siemens has received an order to supply the key components and long-term power generation services for the 840-megawatt (MW) Maisan combined cycle power plant in Iraq. CITIC Construction Co., Ltd., the Chinese engineering procurement and construction firm building the plant, and Iraqi developer MPC, part of Raban Al-Safina for Energy Projects (RASEP) awarded the […]
World Bank to lend $200m for Electricity Improvement
By John Lee. The World Bank will reportedly lend a total of $200 million to Iraq for upgrades to its electricity grid. According to Basnews, the agreement was signed by Finance Minister Fuad Hussein and Yara Salim, a representative to the World Bank. "There will be attempts to address the problem of power supply in […]
Iraq throws Turkey curveball in Bilateral Trade
By Fehim Tastekin for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Turkish exporters are reeling from an unprecedented blow in trade with Iraq that has splashed cold water on Ankara’s hopes to launch a second border crossing with its southern neighbor and boost bilateral trade […]
Market Review: “Heatwaves and Budget Surpluses”
By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The market took a breather, after the blistering May rally, to end the month down -0.71% as measured by the Rabee Securities RSISX USD Index […]
GKP announces Share Buyback
By John Lee. Gulf Keystone Petroleum (GKP) has announced its intention to commence a share buyback programme, using the company's existing cash resources to make market purchases of Gulf Keystone common shares for a maximum consideration of US$25 million, with the first stage of that programme being initiated now to purchase Gulf Keystone shares for […]
Babylon declared a UNESCO World Heritage Site
By John Lee. Iraq's ancient city of Babylon has been designated a UNESCO World Heritage Site. Situated 85 km south of Baghdad, the property includes the ruins of the city which, between 626 and 539 BCE, was the capital of the Neo-Babylonian Empire. It includes villages and agricultural areas surrounding the ancient city. Its remains, […]
Iran Urges Closer Military Ties with Iraq
Defense Minister of Iran Brigadier General Amir Hatami called for the expansion of military and defense ties between Tehran and Baghdad, describing support for Iraq as a principled policy of the Islamic Republic. In a telephone conversation with his new Iraqi counterpart, General Hatami congratulated Najah Hassan Ali Al-Shammari on taking the post. Hailing Iraq […]
Iraq could surpass Saudi Arabia in Oil Production
By Padraig O'Hannelly. A senior oil executive has predicted that Iraq could surpass Saudi Arabia as an oil producer. Addressing delegates at CWC's Iraq Petroleum conference in London, Majid Jafar (pictured), CEO of Sharjah-based Crescent Petroleum, said: "Iraq is hugely underexplored. We at Crescent know of 300 structures just in the Western Desert that have […]
IDPs in Iraq to benefit from EUR 100m Assistance Package
EU adopts new €100 million assistance package to benefit refugees and local communities in Lebanon, Jordan, and Iraq The European Union (EU) – via the EU Regional Trust Fund in Response to the Syrian Crisis - adopted a €100 million new assistance package to support the resilience of refugees, internally displaced person (IDP) host communities […]
HRW: Thousands Detained in Degrading Conditions
Iraq: Thousands Detained, Including Children, in Degrading Conditions Nineveh’s extremely overcrowded detention facilities are holding thousands of prisoners in Iraq, most on terrorism charges, for extended periods in conditions so degrading that they amount to ill-treatment. The authorities should ensure that prisoners are not held in inhuman conditions and that there is a clear legal […]
Iraq, Oman to Cooperate on Oil and Gas
By John Lee. Iraq and Oman have signed a memorandum of understanding (MoU) on cooperation in the oil and gas sector. Both sides will investigate the construction of oil storage facilities in both countries, the export crude oil to Oman, and the import of oil products back into Iraq. They will also consider building a […]