By John Lee. Iraq has signed a memorandum of understanding (MoU) with Siemens Energy and Schlumberger (SLB) to invest in and cease flaring associated gas from oil fields. This effort aims to convert the gas into productive energy to supply power stations and the national grid. During the signing ceremony, Mr. Hayan Abdul Ghani, the […]
By John Lee. Iraq's Ministry of Transport has announced what it described as "significantly increased revenues" for three of its wholly-owned businesss in 2023, compared to the previous year: The General Company for Maritime Transport: The company recorded profits 45.7 billion dinars [$34.9 million] in 2023, up from 37.4 billion dinars in 2022; The General […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi Ministry of Oil Abandons Transparency, Denies Iraqis their Constitutional Rights and Reneges on International Obligations Both the Ministry of Oil and the State Oil Marketing Organization (SOMO) recently published data […]
By John Lee. Ziad Ali Fadel, Iraq's Minister of Electricity, announced the signing of an agreement with Siemens of Germany to convert associated gas into electricity within six months. The minister signed the agreement in Berlin, Germany, aiming to convert associated gas into electrical energy to sustainably and securely meet citizens' needs. The minister emphasized […]
By John Lee. Iraq's Minister of Electricity, Ziad Ali Fadel, recently hosted the Finnish Ambassador to Iraq, Ms. Anu Saarela, along with a delegation from Wärtsilä, a company specializing in the installation and maintenance of engines. During the meeting, the minister emphasized the government and ministry's commitment to fostering common prospects, job opportunities, and partnerships, […]
By John Lee. The Iraqi Cabinet has approved recommendations from a consultative meeting aimed at addressing traffic congestion and regulating working hours for state departments. The key measures are: Adjusted Office Hours: Official working hours for government departments in Baghdad will be trialed for three months after Eid al-Fitr, with reevaluation afterward. Different start and […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 29th March 2024). Please click here to view a table of listed companies and their associated ticker codes. RSISX Index Change RSISX Index Closings Change (w/w) (%) Change (YTD) (%) RSISX IQD Index 1,555.7 -8.2% 0.1% RSISX USD Index 1,529.7 […]
By John Lee. Ziad Ali Fadel, Iraq's Minister of Electricity, has signed a five-year gas supply agreement with the Iranian National Gas Company (INGC). The contract involves daily gas delivery rates of up to 50 million cubic meters, adjustable based on system requirements. This initiative aims to sustain the momentum of power generation stations, ensuring […]
By John Lee. The Iraqi Securities Commission (ISC) has announced the signing of a mutual cooperation agreement with the UK's Chartered Institute for Securities and Investment (CISI), marking the first Iraqi-British agreement in the financial market sector. This pact entails the exchange of information related to financial training programs and signifies a significant advancement in […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil export volumes for February, but has still not disclosed the value of oil exports for the month. This follows an increasing trend of delayed or missing oil export data from the Ministry. Total exports of crude oil: 99,592,311 barrels. Oil fields in central and […]
By John Lee. The Iraqi Oil Ministry has responded to criticism from the trade body representing international oil companies (IOCs) operating in Iraqi Kurdistan, as they mark the one-year anniversary of the closure of the Iraq-Turkey Pipeline (ITP) connecting northern Iraq with the Mediterranean port of Ceyhan. Highlighting the economic cost of the pipeline closure, […]
By John Lee. Iraq's Ministry of Transport has said it will add 50 new locomotives to its rail fleet, in addition to repairing all existing locomotives and bringing them back into service. The maintenance and rehabilitation work will be carried out at facilities including Al-Shalchiya maintenance facility in Baghdad, Samawah (Middle Euphrates Railways), Beiji (Eastern […]
