Iraqi Dinar Falls Against Dollar
From Shafaq. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Dollar rises in Baghdad and Erbil The US dollar closed Thursday's trading higher in Iraq, hovering around 150,000 dinars per 100 dollars. Click here to read the full article. See also: US Reaffirms Support […]
Italian Firm to Manage West Qurna 2?
By John Lee. Energy Intelligence reports that Iraq's state-owned Basra Oil Company (BOC) has subcontracted management of the West Qurna-2 oil field to a consortium of Italian engineering firm Bonatti and local firm Hilal al-Basra [Crescent Basra]. West Qurna-2, operated by Lukoil under a service contract, is fully state-owned. Following recent US sanctions on Lukoil […]
Germany Assists with Roadmap for Iraq's Economic Transformation
By John Lee. Iraq's Ministry of Planning has held a steering committee meeting for the Supporting Economic Transformation (SET) project, in cooperation with the German Agency for International Cooperation (GIZ), to review progress and agree a roadmap for 2026. According to the Ministry, the meeting assessed achievements during 2025 and finalised joint planning for 2026, […]
IDC Completed 14 Oil Wells in January
By John Lee. The Iraqi Drilling Company (IDC) completed the drilling and rehabilitation of 14 oil wells across several Iraqi oilfields in January 2026, in line with approved operational plans to support and increase oil production. The work included four new wells and the rehabilitation of ten existing wells. Kazem Habash Khalaf, Deputy Director General […]
Oil Ministry Reviews Progress at Rumaila Oil Field
By John Lee. The Ministry of Oil has reviewed progress on major development projects at the Rumaila oil field in Basra governorate. On behalf of Deputy Prime Minister for Energy and Minister of Oil Hayan Abdul Ghani Al-Sawad, Undersecretary for Upstream Affairs Bassem Mohammed Khudair conducted a field visit to Rumaila to follow up on […]
Vast Sums Allocated to Fund Solar Energy Loans, but Few Takers
By John Lee. The Central Bank of Iraq (CBI) has so far issued loans worth IQD 6 billion (approximately USD 4.6 million) to support the purchase of solar energy systems, while expecting demand to increase during 2026. Speaking to the state-run Iraqi News Agency (INA), Rafel Hussein, Director of Initiatives at the CBI, said the […]
Iraq Granted 1,867 New Project Licences in 2025
By John Lee. The General Directorate for Industrial Development at the Ministry of Industry and Minerals granted 1,867 licences under establishment for new industrial projects during 2025, according to an official statement. The Director General, Ali Ibrahim, said the licences covered a wide range of sectors, including food, chemical, metal, construction, textile and engineering industries, […]
Electricity Ministry Advances GE Partnership; 24GW in New Capacity
By John Lee. The Ministry of Electricity is moving to deepen its strategic partnership with General Electric (GE) of the United States, as part of plans to add up to 24,000 megawatts of new generation capacity and strengthen the national power system. The Director General of the Planning and Studies Department, Hussein Badr, chaired a […]
NIC, South Korea Discuss Investment Cooperation
By John Lee. National Investment Commission (NIC) Chairman Haider Mohammed Makkiya met South Korean Ambassador to Iraq Lee Joon-il in Baghdad to discuss expanding bilateral cooperation in investment, trade and economic relations. The talks reviewed investment opportunities across industry, housing, energy and infrastructure, as well as measures to improve the investment environment for South Korean […]
Iraqi FM "Confirms Change in US Envoy"
From Kurdistan24. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraqi FM Confirms Change in US Envoy as Political Tensions Mount Iraqi Foreign Minister Fuad Hussein told Kurdistan24 that Mark Savaya is no longer serving as the United States' special envoy to Iraq and […]
South Refineries FCC Unit Enters Full Operation
By John Lee. The Ministry of Oil has announced the successful commissioning of the Fluid Catalytic Cracking (FCC) unit at South Refineries Company (SRC), with the start of production of high-octane upgraded petrol. Deputy Prime Minister for Energy and Minister of Oil Hayan Abdul Ghani Al-Sawad praised the workforce at South Refineries Company for achieving […]
Iraqi Oil Minister Takes Charge of Electricity Ministry
By John Lee. The Deputy Prime Minister for Energy and Minister of Oil, Hayan Abdul Ghani Al-Sawad, has formally assumed his duties as Acting Minister of Electricity, following an official mandate from the Council of Ministers. He replaces Ziyad Ali Fadhil [Fadel], who has taken up his seat as a member of parliament. According to […]