By John Lee. Irish-based Petrel Resources last week issued an unaudited interim statement for the six months ended 30 June 2024. The company, which last year submitted an updated development proposal for the Merjan oil field to Itaq's Ministry of Oil, with a view to finalising a licence agreement, said: "... the fiscal terms available […]
By John Lee. The Iraqi Ministry of Defense has signed a contract with a South Korean company to supply advanced medium-range air defense batteries. It said the new defense system will bolster Iraq's military capabilities, ensuring better protection of its airspace and contributing to regional stability. While the lengthy statement from the Ministry gave no […]
By John Lee. Saudi Arabia's Ambassador to Iraq, Abdulaziz Al-Shammari, is quoted as saying that a commercial representation office for Saudi Arabia is being established in Erbil, as part of broader efforts to strengthen trade ties between Saudi Arabia and Iraq. The office will function under the commercial consulate in Baghdad. In a statement to […]
By John Lee. The United Nations Development Programme (UNDP) and the United States Agency for International Development (USAID), in collaboration with the Ministry of Environment, have announced the launch of the National Strategy for the Protection and Improvement of the Environment in Iraq (2024-2030). This strategy marks a critical milestone in Iraq's efforts to tackle […]
By John Lee. Prime Minister Mohammed Shia' Al-Sudani inaugurated several electricity projects in the provinces of Nineveh and Salahuddin aimed at reducing bottlenecks in the transmission and distribution sectors. The projects include: the Mosul Dam station with two transformers (2x 250 MVA); the Yarmja South station (KVA 132); transmission lines from Yarmja to Qayara station […]
By John Lee. Iraq's Minister of Finance, Taif Sami Mohammed, signed an agreement with the Austrian ambassador to Baghdad to secure a €262.16 million [$291 million] loan from Austria's Erste Group Bank. The loan will fund the development of pivot irrigation systems for the Ministry of Agriculture, with Austrian company Bauer leading the project's execution. […]
By John Lee. The Azerbaijan-Iraq Business Forum, held in Baku, focused on expanding cooperation in trade, tourism, and other sectors between the two countries. The event, organized by the Azerbaijan Export and İnvestment Promotion Agency (AZPROMO) and the Federation of Iraqi Chambers of Commerce, brought together over 100 business representatives from industries such as agriculture, […]
By John Lee. The Iraqi Securities Commission (ISC) has received reports that some electronic payment companies are collaborating with foreign brokerage firms to attract Iraqi investors and traders into trading foreign stocks outside Iraq's financial markets. It warns that these brokerage firms are unlicensed and unauthorized to conduct such activities. "We warn investors (individuals and […]
By John Lee. Iraq's Prime Minister, Mohammed Shia' Al-Sudani, met with a delegation from Apple Inc., alongside the head of the Communications and Media Commission (CMC), Ali Al-Muayyed. The discussion centered on Iraq's ongoing digital transformation, led by Al-Sudani through the High Committee for Digital Transformation. The Prime Minister highlighted Iraq's evolution into a successful […]
By John Lee. Iraq's Prime Minister, Mohammed Shia' Al-Sudani, presided over a regular meeting of the Iraq Development Fund's Board of Directors. During the meeting, Al-Sudani emphasized the importance of the fund operating in line with international financial expectations to attract both domestic and foreign investors. He highlighted ongoing housing and school construction projects, reinforcing […]
By John Lee. Iraq's Prime Minister, Mohammed Shia' Al-Sudani, announced the country's openness to partnerships for its flagship "Development Road" project, during a forum in Baghdad titled "Development Road - Opportunities and Growth." The forum was hosted by Enki Foundation for Studies and Research. The event brought together economists, investors, and business leaders to discuss […]
By John Lee. Iraq's Prime Minister, Mohammed Shia' Al-Sudani, emphasized the importance of private sector partnerships to reduce reliance on imports and meet domestic industrial needs. On Thursday, Al-Sudani oversaw the signing of three industrial contracts with private companies to boost production in the fertilizer and chemical sectors: A 1 million ton/year urea fertilizer plant […]
