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Iraq Business News

Horn honking, smoking and political debating are a few things that some Iraqis love to practice. However, there is one village, which has blocked itself from all to beat the national doom and gloom.
Zuhair Humadi is busy plotting alternative means of defeating Islamic State, sitting in his secluded office tucked behind rows of blast walls in Baghdad’s Green Zone.
Prime Minister Haider al-Abadi said that Iraq's oil revenues are even lower than projected in the country's already austere 2015 budget. Hence, more financial troubles are waiting for Baghdad in near future.
Continuing the analysis from the presentations submitted at the Iraqi Forum for Intellectuals and Academics, held in Istanbul last May, we take up the state of the upstream oil and gas in the north and west of Iraq. This is based on what Sharif Mohsen Ali, former director-general of Internal Control and Auditing at Iraq’s Ministry of Oil said at the event.
Hans Vekab, the head of the Governing Council of Shell oil companies in Iraq, said that the work of the oil companies have not been affected by the security and political situation in Iraq.
On Monday, the U.S. Supreme Court rejected an effort by Iraq to revive a lawsuit against dozens of companies for allegedly conspiring with former leader Saddam Hussein's government to subvert the U.N. oil-for-food program and deprive Iraqi citizens of humanitarian aid.
The Minister of Finance, Hoshyar Zebari discussed with a number of global banks - JP Morgan and City Bank - and Deutsche Bank - in a second day of negotiations in Istanbul finding the financial resources to cover the deficit in 2015 budget.
Minister of Transportation, Baqir al-Zubaidi, said that the ministry the supported the State Budget with 160 Billion IQD.
The secretary general of the Iran-Iraq Joint Chamber of Commerce, Jahanbakhsh Sanjabi said that Iran’s cement exports to Iraq have dropped by 20 percent.
In Asia, Iraq has surprised Asia with a sharp increase in the official selling price of its new Basrah Heavy crude, despite the grade selling at a sharp discount in the spot market last month.
The White House says U.S. President Barack Obama has approved the deployment of up to 450 additional military personnel to a base in Iraq's Anbar Province to train and advise Iraqi forces fighting Islamic State (IS) militants.
On Tuesday, oil minister of Iraq stated that it had received an average of 288,305 barrels per day (bpd) of crude from the autonomous Kurdistan region from the beginning of the year until the end of May.
Top cadet women’s qualifier Fatimah ALMASHHADANI held off Evelien GROENEVELD to secure a compound title and a first anthem for Iraq.
The global workplace provider, Regus has declared the expansion of its global network to include Iraq, its 105th country. Its new centre in Erbil, Kurdistan, will support the activities of companies in the region, particularly in the fields of oil and gas, engineering and technology.
The momentum of its troops is growing in the battle against ISIS, as stated by Iraq recently.
Iraq is globally recognized as a wheat importing nation, where flat bread is a staple food. The country is planning for becoming a net exporter of the grain within two years, government officials said.
Estonian IT companies Aktors, Net Group and Võrguvara have created together a 5 million Euros costing electronic information system of courts in Iraq.
Senior Iraqi government officials have thanked New Zealand for its military contribution to the fight against Islamic State insurgents, Defense Minister Gerry Brownlee said.
Azerbaijan is clearly becoming a regional and maybe a global player, Iraqi Oil Minister Adil Abdul-Mahdi said.
The Ministry of Defense announced on Wednesday evening that the security forces and the popular mobilization units are progressing from three directions forward Surrogate building of Baiji district .
The top oil officials of Iraq, Venezuela and Angola said on Wednesday that $75 to $80 a barrel was now a "fair" price for oil, reflecting an emerging consensus on a possible new equilibrium for volatile markets.
Iraq initially needs to spend around $25 billion to reconstruct war-damaged areas from which the Daesh was expelled, an official was quoted on Thursday as saying.
Iraqi Prime Minister has remarked that Islamic State (IS) militants are a serious threat not just for security of the country, but also for the economy of the country. Adil Abdul Mahdi recently highlighted the significance of IS attempting to take control of oil fields to use as financial sources.
Haider al-Abadi, Iraqi prime minister, sought to reassure Saudi Arabia today that Iraq is not a "gateway for Iran" and will not take part in regional conflicts between the two countries.
Kurdish administrator stated during parliament session that the regional government of Kurdistan has the right to sell its own oil if Baghdad does not uphold its part of an oil agreement.
OPEC’s second-biggest oil producer, Iraq, is all set to increase exports after starting a new grade of crude to quell customer complaints about the quality of its oil.
Russian Foreign Minister Sergey Lavrov said o Friday evening that “the airstrikes are not enough to end ISIL presence in Iraq and Syria
Representatives of OPEC member states confirmed the group’s prior outlook for the oil market in 2015, projecting that the need for its crude will rise in the second half of the year, according to two delegates.
Russian Foreign Minister Sergey Lavrov said o Friday evening that “Russia started to
Saudi Arabia maintained crude production at a record this month, helping send OPEC output to the highest level since October 2012.
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