By Simon Kent. WesternZagros Resources has announced that an agreement has been reached with its major shareholder, Crest Energy International to defer the latest first drawdown notice date under the first tranche of its US$200 million unsecured credit facility from the original date of January 1, 2016 to May 1, 2016. The Company felt it […]
By Simon Kent. For the first time since 1972, Baghdad has held its first beauty pageant for the title of "Miss Iraq." The winner, Shaymaa Abdelrahman, a 20 year old from the contested city of Kirkuk, said that she would use her new found public profile to launch education initiatives for children displaced by fighting in […]
By Simon Kent. There is growing speculation over a planned energy initiative between Iraq and China, with both Iraqi PM Haider al Abadi and oil minister Adel Abdul Mahdi travelling to China for "deep discussions" on the proposal. According to The Wall Street Journal, Unipec, the trading branch of Chinese state refiner Sinopec, will be working with […]
By Simon Kent. It was the victory of the so called "Islamic State," also known as Daesh, that shocked the world. Ramadi, capital of Anbar province and home to half a million Sunnis, fell to ISIS over the spring despite repeated proclamations from the Obama administration that the war against the terrorists was going well. […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraq Extractive Industry Transparency Initiative (IEITI) succeeded in launching its fifth annual Report 2013 on 10th December 2015, almost three weeks earlier than its previous report. Moreover, IEITI plans to issue […]
By Simon Kent. Combined Joint Task Force Operation Inherent Resolve have released their latest press statement on the most recent air strikes in Iraq and Syria against ISIS, whom they refer to here as ISIL, or the Islamic State of Iraq and the Levant. The recent reports of strikes suggest that the so called "Islamic […]
By Simon Kent. Iraq's Central Bank have increased the price of dollars sold to currency exchange companies and banks in a bid to boost government revenues. The price of a dollar is now up 16 Dinars, or 1.37%, meaning the sale price is now 1,182 Dinars per dollar, where it was previously 1,166 dinars for a […]
By Simon Kent. Turkish President Reccip Tayyip Erdogan has announced that further withdrawals of Turkish troops are being made from Iraqi Kurdish territory following pressure from Baghdad and Washington. Baghdad had previously called the deployment of Turkish soldiers to a KDP Peshmerga base "an illegal incursion" and Barack Obama called Erdogan asking him to de-escalate tensions. […]
By Simon Kent. Iraq's oil minister Adel Abdul Mahdi (pictured) has spoken to Reuters regarding Iraq's position on OPEC's failure to agree on a production ceiling as the battle to drive out shale production continues. Abdul Mahdi said that Iraq was now looking at the "real world" and that they would have to monitor production in countries […]
By John Lee. Iraq plans to export about 3.4 million bpd of crude oil from its southern oil terminals in January, according to a report from Reuters. This represents an increase of 17.2 percent on December's estimate, and is driven by the Basra Light grade, which is planned to increase 23 percent to 2.61 million […]
By John Lee. Basra is to receive an allocation of five dollars per barrel of oil exported from the province in the 2016 budget. Local MP Hassan al-Khalati said that this will be a significant benefit to the people of Basra. (Source: Shafaaq)
A US$1.2 billion loan will support Iraq in strengthening fiscal stabilization and improving efficiency in the energy sector to help counter the effects of the drop in oil prices and rising security costs. The World Bank Group’s Board of Directors acknowledged the Government of Iraq’s engagement in a rigorous reform program and approved the Emergency […]
