By John Lee. The Kurdistan Regional Government (KRG) has denied seizing the Bai Hassan and Dawd Gurg oil fields in Kirkuk from the Iraqi federal government's Ministry of Oil. On Saturday, the North Oil Company (NOC), which is owned by the Iraqi National Oil Company (INOC), claimed that the KRG took over the fields in […]
By John Lee. Zawya has reported that Chinese companies will build a major new "Science City" near the Iraqi city of Mosul. It says the deal was finalised under a landmark oil-for-projects agreement signed in 2019. The project involves the University of Alhamdaniya [Al-Hamdaniya], but the Chinese companies have not been named. (Source: Zawya)
By John Lee. Law firm Al Tamimi & Company has announced that Tom Calvert has joined the firm as Partner. In a statement, the company said that Calvert will head its corporate commercial practice in Iraq, in addition to leading the firm's China Group which will actively advise Chinese companies operating in the region on […]
From Farm to Fork: Europe Day in Iraq highlights country's vital agri-food sector The Delegation of the European Union to Iraq marked Europe Day in Baghdad today. An event that brought together partners, highlighted the country's vital agri-food sector and efforts that support its sustainable development. The one-day event was attended by representatives of the […]
By John Lee. Media in Pakistan report that Iranian LPG has been illegally imported into the country under the guise of Iraqi product. According to Business Recorder, the latest case is one of five ships which are allegedly involved in the illegal import of Iranian LPG using a falsified declaration of origin. Pakistan's Ministry of […]
DNO ASA, the Norwegian oil and gas operator, today reported an 84 percent jump in operating profit in the first quarter of 2022 to USD 236 million on the back of high oil and gas prices and solid production performance. Net debt dropped USD 126 million quarter-on-quarter to USD 27 million. "Oil and gas are […]
Genel Energy has issued the following trading and operations update ahead of the Company's Annual General Meeting ('AGM'), which is being held today: Bill Higgs, Chief Executive of Genel, said: "Our robust financial position continues to strengthen, supporting investment in our organic portfolio as well as our progressive dividend. Despite the result of Sarta-5, the […]
By John Lee. The Turkish-based private jet charter company AirSada has won a second contract to supply medical evacuation (medevac) services, this time to South Korea's Hyundai Engineering and Construction in Iraq. The contract with AirSada, which runs to September 2025, includes air ambulance and medical treatment services. It was signed by Mr Tolga Urcu, […]
Major General Giovanni Iannucci (pictured) from Italy has assumed command of NATO Mission Iraq, following a change of command ceremony held in Baghdad. He succeeds Lieutenant General Michael Lollesgaard from Denmark, who had assumed his command on 6 May 2021. On the occasion of the change of command, NATO Secretary General Jens Stoltenberg offered the […]
By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Market Review: "Ramadan & Profit Taking" The market, as measured by the Rabee Securities RSISX USD Index, declined by 7.0% for the month, and up of 8.2% […]
Iraq Business News Expert Blogger, Dr Amer K. Hirmis, has just published a book that takes readers 6000 years back to early Mesopotamian polity, culture, and religious codes which shaped the economy, and continue to shape much of the body of Iraq's polity, economy and society today. Economic inefficiency, inequality and lack of sufficient employment […]
By John Lee. A financial advisor to the Iraqi Prime Minister has said he expects Iraq's revenues this year to exceed $150 billion. Speaking to the state-controlled Iraqi News Agency (INA), Mudhar Muhammad Salih said sustained high oil prices, combined with non-oil revenues of "no less than $8-10 billion", will result in total revenues for […]
