Iran, Iraq "Finalize" Payment Mechanism
Governors of the central banks of Iran and Iraq signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries. The deal on the payment mechanism was signed in a meeting between Iran’s Abdolnaser Hemmati and Iraq’s Ali Mohsen al-Allaq in Baghdad on Tuesday night. Speaking at the […]
Eni eyes New Opportunities in Iraq
By John Lee. Oil Minister Thamir A. Al-Ghadhban met Eni’s CEO Claudio Descalzi on Monday in Baghdad. Eni's CEO outlined the Company's current activities in the country in light of the recent achievements of the Zubair field development. Mr. Al-Ghadhban and Mr. Descalzi also discussed future opportunities and development investments that will further strengthen Eni’s […]
Jordan to Buy Discounted Oil From Iraq
By John Lee. Jordan has reportedly agreed to buy 10,000 barrels per day (bpd) of Kirkuk crude oil from Iraq. According to The Jordan Times, Jordan's Minister of Energy and Mineral Resources, Hala Zawati (pictured), said the oil will be bought at a discount of $16 to Brent crude, to cover the difference of transport […]
Docomo Digital, Zain launch Mobile Gaming in Iraq
By John Lee. Docomo Digital, part of Japan's NTT Docomo, has said it is launching a mobile gaming platform with Zain Iraq, giving more than 16 million subscribers the ability to access hundreds of titles using direct carrier billing on monthly phone bills. Zain Games' GamEmpire is a bundle of native and HTML5 games that […]
PM receives the Putin's Special Envoy to MEA
By John Lee. Prime Minister Adil Abd Al-Mahdi has received the Russian President's Special Envoy to the Middle East and Africa, the Deputy Foreign Minister of Russia and his accompanying delegation, Mr. Mikhail Bogdanov, who conveyed the greetings of the Russian President and the Russian Prime Minister to His Excellency, renewing the support of the […]
US Firm Wins $29m VSAT Contract in Iraq
By John Lee. Florida-based NIC4 Inc., a division of Network Innovations Group, has been awarded a $28,812,143 firm-fixed-price Foreign Military Sales (Iraq) contract for capabilities to operate, sustain, support and expand Iraq’s Very Small Aperture Terminal (VSAT) network. Bids were solicited via the internet with five received. Work locations and funding will be determined with […]
Iraq Gains one place in Transparency Ranking
By John Lee. Transparency International has said that Iraq's ranking has risen one place in its global Corruption Perceptions Index (CPI). From a total of 180 countries, Iraq came in at number 168; last year’s position was 169 out of 180 countries. This result puts it on equal ranking with Venezuela, behind countries such as […]
Video: Govt Misses Deadline for Reforms
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq's Prime Minister Adel Abdul Mahdi has been in power since last October. When he was appointed, he gave parliament 100 days to end its deadlock and begin implementing much-needed reforms. That deadline […]
Turkey to provide $5bn Loan to Iraq
By John Lee. Turkey will reportedly provide around $5 billion in loans for the reconstruction of Iraq. According to Anadolu Agency, Foreign Minister Mevlut Cavusoglu (pictured) told a meeting in Istanbul on Sunday: “We will provide $5 billion credit ... We have already begun coordination of these works for the reconstruction of Iraq,” (Source: Anadolu Agency)
Genel Energy gives update on Taq Taq Field
Genel Energy has announced an update on activity at the Taq Taq Field (Genel 44% working interest). Testing of the TT-32 well has now completed. The well flowed oil from three separate zones, with a maximum individual zone flow rate of c.5,500 bopd with a 36/64" choke. The free water level was encountered at 1458 […]
January Oil Exports: Volume Down, Revenue Up
By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for January of 113,111,437 barrels, giving an average for the month of 3.649 million barrels per day (bpd), down from the 3.726 bpd exported in December. These exports from the oilfields in central and southern Iraq amounted to 110,245,281 barrels, while exports from Kirkuk […]
Iraq-Lebanon Oil Pipeline expected back in Service
By John Lee. Reports from Lebanon suggest that an old pipeline between Iraq's Kirkuk oilfield and the Lebanese city of Tripoli is expected to be brought back into service. Cesar Abi Khalil (pictured), Lebanon's Acting Minister for Energy and Water, is quoted as saying that Lebanon is in contact with officials in Iraq and Syria […]