By John Lee. Commercial operations at the new Saudi-Iraq Arar Crossing will begin on a trial basis on 15th October. Saudi Arabia's Ambassador to Iraq, Abdul Aziz Al-Shammari, and Iraqi Ambassador to Riyadh, Qahtan Al-Janabi, made the announcement during a visit to the crossing point. The Saudi town of Arar is 70 kilometers from the […]
By John Lee. The National Investment Commission (NIC) has announced the following investment opportunities: Babel Cement Plant – Iraqi Cement State Company Sulfuric Acid plant – Al-Furat State Company for Chemical Industries and Pesticides (Source: National Investment Commission) (Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)
By Ruslan Mamedov for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. A series of alleged Israeli strikes on Iran-linked targets in Syria, Lebanon and Iraq have sent shockwaves across the region and beyond. The attacks on Iraq in particular are unprecedented, with long-term effects yet […]
By John Lee. Iraqi oil minister Thamir Ghadhban has reportedly said he plans to offer a new Basrah Super Light grade, with up to 38 API gravity, in the next few years. According to S&P Global Platts, he added that this would depend on the development of the country's southern fields. A Basrah Medium grade, […]
By John Lee. Exports from Jordan to Iraq have reportedly fallen by 10.6 percent compared with the same period last year. The news has shocked some in the Jordanian business community, especially after the signing of trade deals between the countries. (Source: The Jordan Times)
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th September 2019). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD620 (-0.3%) / $667 (-0.3%) (weekly change) (-6.0% and -6.1% YTD change, respectively). The number of week traded […]
By John Lee. Iraq's Deputy Foreign Minister Muayad Salih has said that he expects Russian companies to increase their investment in Iraq. Tass quotes him as saying that a Russian company is starting to develop of fields in the area of the Ramadi city, adding: "Hopefully investments there will top $45 billion by 2030." Meanwhile, […]
By John Lee. Iraq's Minister for Electricity has said Iraq is looking to finance a $3 billion upgrade of its power transmission and distribution network. The National quotes Minister Luay Al Khateeb as saying: “We do have a fast track plan for $3 billion to upgrade the distribution and transmission of which $2bn is for […]
Gazprom Neft subsidiary Gazpromneft-Badra has begun shipping granulated sulphur from its Badra oilfield in Iraq — the unique gas infrastructure installed by the enterprise here having made it possible not just to diversify production, but also increase associated petroleum gas (APG) utilisation to 98 percent. The pilot consignment, delivered by order of Iraqi client “Ard […]
By John Lee. The Iraqi Drilling Company (IDC) has signed a contract with the Dhi Qar Oil Company to drill 20 wells at Nasiriyah oil field. Fayyad Hassan Nehmeh, Undersecretary for Extraction Affairs, said the new wells will increase the field's oil production by 40,000 bpd, in addition to the investment of gas associated with […]
By John Lee. Iraq's Cabinet of Ministers has approved a loan agreement between the Federal Ministry of Finance, Standard Chartered Bank and the German Deutsche Bank for the purpose of financing the construction of 13 secondary substations (132) kV, and the supply of 35 high voltage transformers with the German company, Siemens, for the Ministry […]
Gulf Keystone Petroleum (GKP), a leading independent operator and producer in the Kurdistan Region of Iraq ("Kurdistan" or "Kurdistan Region"), has announced its results for the half year ended 30 June 2019. Highlights to 30 June 2019 and post reporting period Operational Average production during August was 39,269 bopd, reflecting the positive results from the […]
