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Iraq Business News

Ahead of discussions in Geneva on the request, On Thursday, Kuwait stated that the country has ratified an Iraqi request related to reparations imposed by the U.N. Security Council over its 1990 invasion of Kuwait.
The Minister of Oil Abdul-Mahdi arrived on Wednesday to Rumela oil field in Basra to inspect the workflow there.
Three months after he took office with a mission to unite his broken, warring country, Iraq's new prime minister has swept away the divisive legacy of his predecessor with a burst of rapid and dramatic measures.
The price of Brent crude oil has fallen below $60 a barrel for the first time since July 2009.
Two senior government officials stated that the government of Iraq has identified and stopped payment of tens of millions of dollars in salaries previously disbursed to nonexistent troops, known here as "ghost soldiers," as part of the prime minister's vow to tackle corruption in the military and regain a foothold in the battle against the Islamic State group.
Oil exports from northern Iraq are expected to be between 300,000 and 400,000 barrels per day (bpd) in 2015, the International Energy Agency said, including crude produced in the semi-autonomous Kurdistan region.
Turkish energy minister stated that the Turkish Petroleum Refineries Corporation has bought 520,000 barrels of oil brought to market by the Kurdish Regional Government (KRG) in Iraq.
A Memorandum of Understanding (MoU) has been signed by Iraq with Southern Korea in military cooperation field on Monday.
The Local Government of Diwaniya province plans to allocate lands for constructing low cost housing complexes in the province.
Iraq is seeking to postpone a final $4.6 billion installment of reparations for its 1990-91 occupation of Kuwait, Finance Minister Hoshiyar Zebari told Reuters, as it faces a cash crisis caused by falling oil prices and war with ISIL.
Foreign minister of Iraq, Ibrahim Jafari stated that his Chinese counterpart, Wang Yi, has made an offer to help Iraq fight Islamic State militants. Beijing has volunteered to assist with airstrikes, though it will not join the US-led coalition against ISIS.
While meeting with the President, Fuad Masoum, Russian Ambassador or Iraq assured his country's support to Iraq's war against terrorism and its rebuilding process at all institutions.
Iraq's Ambassador in Islamabad, Dr. Roshdi Al-Ani met Mr. Eskandar Hayat Khan, Minister of Food Security.
According to Iraqi finance minister, it has been unveiled that Iraq is now planning for implementing tax mobile phone sales for the “first time” in a bid to reduce its budget deficit which reached 35 trillion dinars ($303 billion).
OPEC, the oil producer group can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators.
Iraq stated that the decision to deepen the discount for January sales of its main crude to caters no support for claims that producers are waging a price war.
Iraq is seeking to postpone a final $4.6 billion installment of reparations for its 1990-91 occupation of Kuwait, Finance Minister Hoshiyar Zebari told Reuters, as it faces a cash crisis caused by falling oil prices and war with ISIL.
The council said in the month of November that Iraqi boarding students from flashpoint areas in the north and west of the country will soon begin to receive monthly grants from the Baghdad provincial council to help cover their living and studying expenses.
The Jordanian Prime Minister, Abdullah al-Nisour will visit Iraq on top of a governmental delegation.
Anbar Provincial Council decided to put Anbar Governor, Ahmed Khalaf al-Dulaimi, out to pasture due to his medical condition where he previously got injured in a terrorist attack.
Work is under way in Baghdad province to build four new housing complexes to accommodate Iraqi families displaced to the capital from flashpoint areas.
On Thursday, Iraqi government said that it signed a partnership agreement with the World Bank through which the bank will provide support to the country's public and private transport sector.
The Premier, Haider al-Abadi, visited the headquarters of the Ministry of Defense on Friday.
Work is under way at the Iraqi Ministry of Municipalities and Public Works to implement an emergency plan to rehabilitate the municipal services and infrastructure in regions and cities retaken from the "Islamic State of Iraq and the Levant" (ISIL).
Iraq’s defense minister said that the Iraqi army backed by tribesmen and coalition jets has made gains against the "Islamic State of Iraq and the Levant" (ISIL) in the Anbar province city of Heet.
The Prime Minister of Kurdistan Region, Nechirvan Barzani, stated that Baghdad cannot export the oil of Kirkuk province without involving Kurdistan Region.
The ministry of Education of Iraq said that it has launched a package of new educational projects worth 41 billion Iraqi dinars ($34.4 million) across the country.
The executive Manager of the Iranian Iqtisad Niween Bank, Hassan Mutamadi, assured that his bank "established the Regional Cooperation Bank in Iraq with investment participation of 68% from Iranian and Iraqi investors."
The Deputy Prime Minister, Ruz Nouri Shawis discussed with chief of Middle East Office of US Agency for International Development Andrew Plett, the implementation of the Strategic Framework agreement between the USA and Iraq.
Iraq's oil-dominated economy has been expected to shrink 0.5 percent this year, the International Monetary Fund said, a significantly smaller contraction than the 2.7 percent fall it forecast two months ago.
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