By Ahmed Mousa Jiyad. Midyear Review of the State Budget and Oil Export Revenues The State budget for 2015 was based on an oil export volume of 3.3 million barrels per day (mbd) and a price of $56 a barrel. Accordingly, oil export revenues were estimated to finance 83% of budget revenues. Despite marked improvement […]
By John Lee. The agreement between the Kurdistan Regional Government (KRG) and the Iraqi central government agreement on budget and oil exports looks set to collapse. Kurdish MP Ardalan Nouraddin told BasNews that a new agreement will be signed, adding, “the details are yet to be revealed.” Under the December agreement, the KRG was to […]
By John Lee. Oil firms expecting to load Kirkuk crude at the Turkish port of Ceyhan have had to cancel tankers, as the Kurdistan Regional Government ramps up independent oil sales at the expense of sales through the State Oil Marketing Organization (SOMO). According to a report from Reuters, tanker cancellations included Eni’s Seanostrum, Socar’s […]
U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported. Officials reported details of the latest strikes, which took place between 8 a.m. Sunday and 8 a.m. Monday, local time, noting that assessments of results […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. A bomb fell from an Iraqi Sukhoi warplane and exploded in eastern Baghdad on Monday because of a "technical problem", killing at least eight people and wounding 17, officials said.
By John Lee. On Sunday, Prime Minister Haider al-Abadi received the new Minister of Industry, Mohammed al-Darraji [Daraji, Derraji]. Al-Darraji takes over from Naseer al-Issawi, who submitted his resignation at the request of his political bloc, the Ahrar bloc of the Sadrist movement. He served as Minister for Housing and Reconstruction in the previous al-Maliki administration. […]
By John Lee. The Kurdistan Regional Government (KRG) has reacted angrily to a statement from Sharjah-based Dana Gas. Shares in the company jumped 13.7 percent on the Abu-Dhabi stock exchange on Sunday after the company won a ruling in the London Court of International Arbitration (LCIA) in its long-running dispute with the KRG in Iraq […]
The Kurdistan Regional Government's Ministry of Electricity and the UN Development Programme (UNDP) have extended their partnership to improve the electricity sector. UNDP will play a pivotal role in updating the region’s master plan and strengthening the institutional capacity of the regional government by establishing a training centre in Erbil. UNDP will continue to help […]
By John Lee. The Iraqi Federal Government is reportedly looking to purchase helicopters and military equipment, including de-mining devices, from the UK. The Minister of Interior, Mohammed al-Ghabban, met with the British Ambassador to Iraq, Frank Baker, to discuss the security situation in the country and the latest developments in the fight against the Islamic […]
U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported. Officials reported details of the latest strikes, which took place approximately between 8 a.m. Saturday and 8 a.m. Sunday, local time, noting that assessments of […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. With wooden crosses around their necks and others tattooed on their arms, several dozen Iraqi Christians are training to recapture their homes overrun by the Islamic State jihadist group.
By John Lee. The World Bank had reportedly agreed to lend Iraq $1.7 billion (2.0 trillion Iraqi dinars) to help meet its budget deficit. $1 billion of the amount will be a Development Policy Loan (DPL), with a further $350 million allocated to reconstruction and restoring stability to areas liberated from the Islamic State (IS, […]
