Tag Archives | cg

Iraq introduces Tax Incentives for Point-of-Sale (POS) Terminals

By John Lee. The Iraqi Cabinet has approved the recommendations of the Ministerial Council, encouraging the use of electronic point-of-sale (POS) terminals. The use of electronic transactions has been shown to improve security, efficiency and convenience for retailers and customers. Specifically, the cabinet approved the following measures: The Central Bank of Iraq (CBI) simplifies the […]

Trade Bank of Iraq (TBI) achieves Record Profits

By John Lee. The state-owned Trade Bank of Iraq (TBI) has announced a net profit of 1.267 trillion Iraqi dinars (approx. $867 million) for the year just ended, making 2022 its most profitable year since its establishment in 2003. In a statement, the bank said the increase was due to the careful management of funds […]

Switzerland supports reopening Embassy in Baghdad

By John Lee. Iraq's Deputy Prime Minister and Foreign Minister, Fuad Hussain, met with Swiss Foreign Minister, Ignace Cassis, on Tuesday, on the sidelines of the Davos conference. Minister Hussain emphasized that Iraq is playing a role in bringing the perspectives of some regional countries together, with the aim of creating a stable environment in […]

KRG Clears 2m+ Square Meters of Mined Land

By John Lee. The Kurdistan Region Government (KRG) has issued data on the clearance of mined land over the past year: 2,316,756 square meters of land was cleared of mines and IEDs in the Kurdistan Region in 2022. 47 fields were cleared of landmines, with 27 cleared by the Iraqi Kurdistan Mine Action Agency (IKMAA) […]

Japan's Sumitomo seeks business in Iraqi Kurdistan

By John Lee. The General Manager of Japan's Somitomo in Iraq, Mr Miyaki, met with the Minister of Municipalities and Tourism of the Kurdistan Regional Government (KRG), Sasan Auni, to discuss expanding coordination and joint projects in the Kurdistan Region. The meeting follows a previous visit by the Minister and a delegation to Japan where […]

Investment Opportunities in Iraq's Oil Refineries

By John Lee. Iraq's Minister of Oil has announced upcoming investment opportunities in the refining industry. Minister Hayan Abdul-Ghani said the plans include increasing refining capacities as follows: Al-Amarah refinery (150,000 barrels per day); Al-Muthanna refinery (100,000 barrels per day); Kirkuk refinery (100,000 barrels per day); Qayyarah refinery (70,000 barrels per day), and, a new […]

Karbala Oil Refinery to Begin Production in mid-March

By John Lee. The Iraqi Minister of Oil, Hayan Abdul-Ghani, has announced that the Karbala Oil Refinery will begin commercial production in mid-March 2023. The refinery's products, including gasoline and kerosene, will meet the highest European standards and specifications (Euro 5). Production capacity will gradually increase, reaching 140,000 barrels per day by the end of […]