By John Lee. UK-based Acoustic Data has reportedly won a multi-million-dollar order from a major oilfield service company in Iraq. According to Oil Review Middle East, the company will deploy its SonicGauge wireless monitoring systems "across a substantial number of assets." It quotes Chief Commercial Officer, Jesse Tolley, as saying that it will provide "real-time […]
By John Lee. Oil giant BP has disclosed that it booked a gain of $361 million in relation to the disposal of the group's interest in Iraq's Rumaila field. Its interest in Rumaila was transferred to Basra Energy Company (BECL) in 2021, which BP describes in its results announcement on Tuesday as "an associate of […]
By John Lee. UK-listed Genel Energy has said that it has cut all non-essential activity and significantly reduced spend, while developing a new source of income through domestic sales in the Kurdistan Region. Meanwhile, an arbitration hearing into the termination of the Miran and Bina Bawi production sharing contracts (PSCs) is scheduled to start in […]
From the Iraq Britain Business Council (IBBC): IBBC are holding their flagship conference at London's mansion house this year on 27th June. Iraq is in a dynamic phase, with the economy growing, and a stable, proactive government extending numerous initiatives and development contracts to tender. Come and hear from leading businesses and government officials with access […]
By John Lee. British telecommunications company BT, and Iraq's Basrah Gas Company (BGC), have announced a new agreement to, "securely connect the company's operations in Iraq and help accelerate its digital transformation." Iraq's largest gas flare reduction company and a joint venture among the Iraqi Government, Shell and Mitsubishi, announced a new agreement to securely […]
By John Lee. The National Bank of Iraq (NBI) has announced the introduction of three new banking systems. According to Izzidin Abusalameh, Group Chief Operating Officer of Capital Bank of Jordan (majority shareholder of NBI), trade finance operations will be enhanced with the help of software from UK-based Finastra. Additionally, both NBI and Capital Bank […]
By John Lee. The Iraqi Cabinet has approved a series of contracts with UK-based professional services firm Ernst & Young (EY), aimed at reforming Iraq's banking and insurance sectors: The first contract involves a comprehensive study on the restructuring of the state-owned Rafidain Bank and Rasheed Bank, with recommendations and a roadmap expected within six […]
The Iraq Britain Business Council (IBBC) is establishing an Agritech Committee under the Chairmanship of Dr Amet Selman (pictured), CEO of AAA Holding. For its first project the committee is looking into 'AI Driven Agriculture and Sustainable Use of Fertilisers'. Dr Selman will gather interested IBBC Members and external experts to draw up a plan […]
By John Lee. France and the United Kingdom are to co-chair the Iraq Economic Contact Group (IECG) from the start of January. In a statement, the group added that, as friends and partners of Iraq, Canada, France, Germany, Italy, Japan, the European Union, the United Kingdom, the United States, and the World Bank commit to […]
By John Lee. A delegation from the Federation of Iraqi of Chambers of Commerce (FICC), led by Abdulrazzaq Al-Zuhairi, held a meeting with the Iraqi Ambassador to London, Mohammed Jafar Al-Sadr, at the Iraqi Embassy in London. The meeting, attended by Deputy Head of the State Council Dr. Abdul Latif Naif, Dr. Najib Shakir Mahmoud, […]
From the Iraq Britain Business Council (IBBC): IBBC's two-day conference success 'Building a sustainable future for Iraq'. IBBC held an expanded two- day conference in Dubai to coincide with Cop 28 to focus on 'a sustainable future for Iraq', with one day dedicated to Education and Training and one for Business, Investment, and Energy. IBBC […]
By John Lee. UK Export Finance (UKEF), the UK's export credit agency, has announced that it has secured £226 million [$285 million] in financing for the Iraqi government to develop over 350 kilometers of drainage infrastructure as well as 15 kilometers of stormwater and wastewater lifting stations near Hillah city. Upon completion, the project is […]
