Iraq to launch new "Basrah Medium" Crude Oil Grade
By John Lee. Platts reports that Iraq plans to launch a new Basrah Medium crude oil grade "whenever logistics allow," to provide "more stability" in existing grades. It quotes Ali Nazar al-Shatari, the Deputy Director General of the State Oil Marketing Organization (SOMO) as saying the new grade will have an API gravity of 29-30 degrees, […]
NIC announces New Investment Opportunities
By John Lee. The National Investment Commission (NIC) has announced new investment opportunities: Rehabilitation of Al-Tariq pesticide plant. Al-Furat State Company for Chemical Industries and Pesticides Production of industrial and medical gasses. Al-Zawraa State Company. Rehabilitation of Steam Iron factory. Diala State Company for Electrical Industries. (Source: NIC)
Iraq congratulated on Complete Destruction of Chemical Weapons
The Director-General of the Organisation for the Prohibition of Chemical Weapons (OPCW), Ambassador Ahmet Üzümcü, has congratulated the Government of Iraq on the completion of the destruction of the country’s chemical weapons remnants, during today’s visit of the Minister of Higher Education and Scientific Research of Iraq, H.E. Dr Abdulrazzaq Al Jaleel Essa. “I welcome […]
Russia to supply more T-90S Tanks to Iraq
By John Lee. Russia will continue to supply Iraq with T-90S main battle tanks (MBTs), according to a report from Army Recognition. Vladimir Kozhin, Russian presidential aide for military and technical cooperation, told Rossiya 24 TV: "Iraq is our traditional partner and it has been boosting its potential by ordering our equipment. Today we are […]
INOC Law: Dysfunctional, Unconstitutional and Disintegrative
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The Parliament voted in its session No. 14 of March 5, 2018 on a law reinstating the Iraqi National Oil Company-INOC. Briefly, the law passed hastily at a critical pre-election time with […]
UK Firm wins $350m Iraqi Port Deal
UK-based WRA and Associates has announced the signing of a contract with the General Company for Ports of Iraq (GCPI) for a new $350-million facility with 3-4 berths at the port of Umm Qasr, in Basra province. Built in partnership with local company Bur Al-Aman (BAM), the new development will include warehousing and all other […]
Iraq to Reduce Oil Products Imports by 25%
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has said that Iraq will reduce imports of petroleum products by 25 percent, as the country restarts production at refineries that were damaged by the Islamic State group (IS, Daesh, ISIS, ISIL). He said that restarting production at the Seeniya, Hadeetha, Qayara and Kirkuk refineries […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 8th Mar 2018). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD939 (-0.5%) / $990 (-0.7%) (weekly change) (+15.7% and +18.5% YTD change, respectively). The number of week traded […]
Iraq to continue Importing Electricity from Iran
By John Lee. Iraq’s Minister of Electricity Qassim Mohammad al-Fahdawi has met with a visiting delegation from Tehran headed by Iran's Minister of Industry, Mine and Trade, Mohammad Shariatmadari. They renewed for an additional year a contract under which Iran sells electricity to Iraq. Through four major supply lines, Iran sends 1,000 megawatts of electricity […]
Locals Criticise Uncoordinated, Propaganda-Happy Reconstruction Efforts
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. By Kamal al-Ayash. The authorities are spending a lot of money on reconstruction in the Anbar province. But locals are complaining, saying basic needs are not being fulfilled and the […]
64,000 New Homes Planned for Al-Rashid City
By John Lee. Zawya reports that the Iraqi cabinet has asked the National Investment Commission (NIC) to go ahead with the huge Al-Rashid City project planned for Baghdad. The $10-billion development is to be carried out by Dubai’s Emaar Properties and Abu Dhabi’s Eagle Hills, and will include the building of "up to" (sic) 64,000 […]
Mueller witness "Helped Broker" $4.2bn Iraq-Russia Arms Deal
By Laura Rozen for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The dealmaker: Mueller witness helped broker $4.2 billion Iraq-Russia arms deal A Lebanese-American businessman reported to be cooperating with Special Counsel Robert Mueller’s Russia probe helped broker a controversial 2012 Iraq-Russia arms deal valued at […]