By John Lee. The Iraqi Cabinet has approved an amendment to the Budget Law, compensating the Kurdistan Regional Government (KRG) for production and transportation costs of oil produced in the region and received by the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil. It said the Federal Ministry of Finance will compensate […]
By John Lee. The International Chamber of Commerce (ICC) in Iraq has reportedly established a local arbitration committee, aimed at minimizing financial losses from external arbitration and attracting foreign investors. Mohsen Al-Humaidawi [Mohsin Al Hamed], Head of ICC Iraq, told the state-run Iraqi News Agency (INA) that the new committee, announced at the International Trade […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems. The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. Additionally, all ministries and […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed an accelerated shift from paper to digital transactions within the customs system as part of a key economic reform. During a meeting to review the detailed plan for the second phase of customs automation, Al-Sudani emphasized the need to complete fiber-optic connections across all […]
By John Lee. The Iraqi Drilling Company (IDC) has announced the successful drilling and rehabilitation of 15 oil wells in October, part of its ongoing efforts to enhance production across Iraq's oil fields. According to a statement from the Ministry of Oil, the company drilled four new wells and rehabilitated 11 others across various fields. […]
By John Lee. The Iraqi Prime Minister has said that the state-run Iraqi Media Network (IMN) should give an, "accurate, professional representation of the positive developments in [Iraq]." At a meeting with Thaer Hateet Al-Ghanimi, Chairman of the Board of Trustees of IMN, Prime Minister Al-Sudani emphasized the key role of the Board in strengthening […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has inaugurated the Mansour and Mustaqbal pharmaceutical factories, supporting a national initiative to increase self-sufficiency in medicine production. The Mansour facility, now reactivated, will produce 14 million therapeutic syrups, 140 million tablets, and specialized treatments for cancer. The Mustaqbal facility will manufacture over 300 drug types, […]
By John Lee. Iraq's Undersecretary of the Foreign Ministry for Political Planning, Ambassador Dr. Hisham Al Alawi, received the Ambassador of the Netherlands to Iraq, Ms. Janet Alberda, on 27th October to discuss a number of issues of common concern between the two countries. From a business perspective, the main points of the meeting between […]
By John Lee. Iraq's Ministry of Oil has said it has reduced its oil exports to 3.3 million barrels per day (bpd) and decreased domestic consumption. It said the move was in line with Iraq's commitment to the OPEC+ agreement on voluntary oil production cuts. "This reduction is set to continue in the coming months […]
By John Lee. The Iraqi Parliament has elected Dr. Mahmoud Al-Mashhadani (pictured) as its new speaker during a session presided over by Acting Speaker Mohsen Al-Mandalawi and attended by 271 members. Al-Mashhadani won with 182 votes in the second round, defeating contenders Salem Al-Issawi (95 votes) and Amer Abdul-Jabbar (9 votes). He had previously served […]
By John Lee. Iraq's Ministry of Electricity and US-based GE Vernova has announced the completion of five key substations ahead of schedule. According to a statement from GE Vernova, rhe five substations-Al Hindia, Al Sader, Al Qaim Saada, North Baqubah, and Yaramja South-will support more stable electricity distribution across Iraq. North Baqubah and Yaramja South […]
By John Lee. Baghdad-based Al-Jawadeen Group, which describes itself as Iraq's largest tyre supplier since 1991, has announced a strategic partnership with Japanese tyre-maker Bridgestone. According to a statement from Al Jawadeen, both companies are committed to supporting Iraq's tyre market by, "providing innovative and sustainable services that enhance customer efficiency and reliability." The statement […]
