By John Lee. Iraq's State Oil Marketing Organization (SOMO) has reportedly notified clients that it plans to launch a third crude oil export grade in January. Sources told Reuters that the 'Basra Medium' grade will be created by splitting the existing Basra Light production into two grades. Click here to read the full article. (Source: […]
By John Lee. Egypt and Iraq have signed 15 Memorandums of Understanding (MoU) to enhance cooperation between the two countries. They signed the agreements in Baghdad in the presence of Iraqi Prime Minister Mustafa Al-Kadhimi and his Egyptian counterpart Mustafa Madbouly who co-chair the Egyptian-Iraqi Higher Committee. The areas covered included health, drugs, maritime logistics, […]
By John Lee. The Government of Iraq has issued an English-language summary of its recently-approved white paper on economic reforms: The Iraqi government has formally adopted the White Paper for Economic Reforms prepared by the Crisis Cell for Financial and Fiscal Reform. The White Paper seeks to put Iraq's economy on a path that allows […]
By Shelly Kittleson, for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Islamic State resurfaces with attacks in Iraq's Diyala province The Islamic State's gruesome killing of a sheikh and some of his relatives by rigging his corpse with explosives has […]
By Ahmed Tabaqchali, for the Atlantic Council. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. The irrefutable logic of numbers and the inevitability of reform in Iraq On October 13, Iraq's Council of Ministers endorsed the White Paper for financial and fiscal reform. […]
By John Lee. Zain Iraq's 9M 2020 revenue reached USD 708 million and EBITDA amounted to USD 285 million, reflecting EBITDA margin of 40%, according to the company's results statement for the first nine months of the year. The operation reported a net profit of USD 61 million for 9M 2020. The operator served 15.7 […]
Genel Energy has issued the following trading and operations update in respect of the third quarter and first nine months of 2020. Bill Higgs (pictured), Chief Executive of Genel, said: "Genel continues to demonstrate its resilience and ability to be move quickly to navigate changing external conditions. Production has remained robust, increasing quarter on quarter, […]
By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi parliament votes on final version of electoral law The Iraqi parliament managed to overcome the hurdle of constituencies impeding the legislative elections law, passing the final version Oct. 29 amid […]
A new online single window system for business registration in Iraq is supporting an entrepreneurial environment during COVID-19. Opening a business in Baghdad has never been easier. All that is needed is one dream, one form and one payment to complete the administrative side of establishing operations. Budding entrepreneurs can reserve a name, register, and […]
The Prime Minister of Iraq, Mustafa Al-Kadhimi, and Iraqi Oil Minister Ihsan Abdul Jabbar Ismail, received a delegation from LUKOIL on Monday, headed by its President Vagit Alekperov (pictured). The meeting was also attended by the Russian Ambassador Maxim Maximov. The parties discussed the progress of the West Qurna-2 project and Eridu field (Block-10), as […]
By John Lee. Iraq's Ministry of Oil has announced initial oil exports for October of 89,153,899 barrels, giving an average for the month of 2.876 million barrels per day (bpd), up from the 2.613 million bpd exported in September. These exports from the oilfields in central and southern Iraq amounted to approximately 86,000,000 barrels, while […]
By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Demands for payment from tribes, militias stalling investment in Iraq Economic projects in Iraq are facing major setbacks due to ongoing payment demands from tribes and armed groups. Click […]
