By John Lee. Russian oil firm Lukoil has signed an agreement extending its contract at Iraq's West Qurna 2 oilfield by 10 years, taking it to 2045. Full statement from Lukoil: The representatives of PJSC LUKOIL and Basra Oil Company signed a Supplementary Agreement to the contract on the development and production of oil at […]
By John Lee. China's Zhongman Petroleum and Natural Gas Group Corporation (ZPEC) has announced that it has received a letter from Iraq's Petroleum Contracts and Licensing Directorate (PCLD) confirming the successful approval of its qualifications for Iraq's oil and gas field development and operations. In a statement on Thursday to the Shanghai Stock Exchange, the […]
By Mohammed Muayad Koperly and Osama Tuma Fakhir, for Al Nesoor Law. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's Central Bank Introduces Rigorous Regulations for Foreign Currency in Cross-Border Transaction The Central Bank of Iraq (CBI) recently released revised guidelines for foreign […]
From the Iraq Britain Business Council (IBBC): IBBC Autumn Conference in Dubai examines: 'Iraq - Building a sustainable future'. For the first time in over 30 years, Iraq is currently experiencing a relatively golden scenario with high oil prices and government surpluses, a stable government, and peaceful borders. A stable economy is also leading to […]
New Leadership at Five One Labs Charts Exciting Path Forward in Iraq Five One Labs, a global startup incubator supporting frontier-market entrepreneurs, has recently announced the appointment of new Managing Directors for Iraq and the Kurdistan Region of Iraq. Savo Bakhtiar Rasoul, the new Managing Director for Ecosystem, and Shwan Ali Qaradaghi, the new Managing […]
By John Lee. Mobile phone service Asiacell has reported strong growth in revenue and EBITDA. In its financial results for the nine-month period ended 30 September 2023, parent company Ooredoo said: "Asiacell maintained its strong performance into Q3, delivering double-digit revenue and EBITDA growth. Asiacell' customer base remained stable at 17.1 million customers. "Revenue increased […]
By John Lee. The Iraqi Ministry of Transport has announced the resumption of direct flights between Iraq and Germany and Denmark. According to a statement from the Ministry's media office, Minister Razak Mahjoub Al-Saadi conducted several high-level meetings with European officials, where the possibility of direct flights between Baghdad and various European capitals and cities […]
The KRG announced that the National Bank of Iraq (NBI) has formally joined the 'My Account' financial inclusion initiative, bringing the number of participating banks to five: Ashur, BBAC, Cihan, NBI, and RT. This is part of efforts to provide beneficiaries with more banking choices, products, and services and foster healthy competition in the financial […]
By John Lee. Jordan's Ministry of Energy and Mineral Resources has said that a number of tankers carrying crude oil from Iraq to Jordan have returned before entering Jordan due to protests at the Terbil [Trebel] border crossing. It said this decision was made to ensure the safety of drivers and the tankers. It added […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th October 2023). 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 1,383.6 -3.6% 52.0% RSISX USD Index 1,360.5 […]
By John Lee. Iraq's Oil Minister, Hayan Abdul Ghani, has unveiled the draft of an investment project for the Nahr Bin Umar gas field in Basra Province. The project will be submitted for approval to the Ministerial Energy Council and later to the Cabinet. This announcement came during a meeting of the advisory body to […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for September: Total exports of crude oil: 103,143,199 barrels. Revenues from crude oil exports: $9.422 billion, the highest since August 2022. Oil fields in central and southern Iraq accounted for 102,220,441 barrels of crude oil exports. Exports from Kirkuk through the port of […]
