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Iraq Business News

Empty malls, with half the shops closed, are a common feature in the Kurdistan capital of Erbil. It has been reported that most of the malls in Kurdistan are not even matching international standards. Though, it seems that Kurdistan government is still keen on focusing on the shopping mall concept.
The announcement of Black Diamond Company has been denied by the Ministry of Natural Resources of the Kurdistan Regional Government, It is noteworthy that few days earlier, the company had made an announcement, regarding signing of a contract for the purchase crude oil from the Taq Taq oil field in Kurdistan.
A source in the North Oil Company said that the lines of crude oil tanker near the Baiji refinery were targeted, west of Kirkuk.
GlaxoSmithKline Plc (GSK), the U.K. drugmaker under investigation for corruption in China, said it disciplined an employee in Poland in connection with a bribery probe. This has been reported by BBC in its website.
A contract has been awarded to Alstom worth approximately €225 million ($311mn) to provide power generation equipment for the Al-Anbar gas-fired combined-cycle power plant being built in the Anbar province in Iraq.
Black Diamond Oil and the Rezhwan will be going to jointly operate a new oil refinery in the Kurdistan Region of Iraq. The refinery near the Kurdish capital Erbil will be operated by the private Kurdish group Rezhwan Co., which will process the crude from purchasing above ground reserves in Taq Taq.
As the cloud technology is emerging, companies and government in the Kurdistan Region are shrinking Information Technology (IT) departments and storing information online in servers often thousands of miles away.
The Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq. After that some banking errors appeared and Army lost $6.5 million.
Ambassador Extraordinary and Plenipotentiary of Belarus to Turkey and Iraq, Andrei Savinykh and Iraqi Foreign Minister Hoshyar Zebari have met in Baghdad to discuss how Belarusian companies can help Iraq restore its economy, BelTA learnt from the press service of the Belarusian Foreign Ministry.
A $200-million integrated medical city has opened in central al-Sulaimaniya, the Construction and Housing Ministry in northern Iraq said Tuesday (April 15th).
On last Tuesday, Iraq’s cabinet has approved $588.8 million oilfield service contract with South Korea's Daewoo Engineering & Construction (047040.KS) for the development of the Zubair oil field.
Upon an invitation from the European Union Representative and German Ambassador, Foreign Minister Hoshyar Zebari reviewed at the German Embassy, for the European states' ambassadors accredited in Baghdad, the preparations of the Iraqi government to hold the elections on time.
Minister of Finance Agency Safi-ddin al-Safi touched in Washington with the head of the Middle East and North Africa of the International Monetary Fund Masood Ahmed to discuss the possibility of support given to the Ministry of Finance.
Hamza al-Jawahiri, an oil industry expert, has ruled out the impact of lower exports of Iraqi oil, the Saudi and Libyan on the production of the Organization of Petroleum Exporting Countries (OPEC).
Travelport, a leading distribution services and e-commerce provider for the global travel industry, has today announced the renewal of a multi-year distribution partnership with Rawat-Al Hajer for Travelport technology and services in Iraq.
An oil refinery construction agreement between Iraq's Mosul province and the Kurdish Regional Administration was signed on Monday, says Mosul governor.
Travelport, a leading distribution services and e-commerce provider for the global travel industry, has today announced the renewal of a multi-year distribution partnership with Rawat-Al Hajer for Travelport technology and services in Iraq.
Iraq's largely autonomous Kurdistan region opened the doors to a joint venture refinery operation between Black Diamond Oil Co. and the Rezhwan Co. The new oil refinery will start refining Taq Taq crude oil next week with 1,500 tons being refined on a daily bases.
From May 5th to 8th, next month, the first exclusive exhibition of Iranian goods and modern technology services (Iran Technology Show-IRTEC) will be held in Erbil province of Iraqi Kurdistan.
From the Sumerian period, relationship between Iraq and the Sultanate of Oman has deep historical ties. In addition to the deep Arab and religious ties between the two countries, many Omani tribes settled in Basra during the Caliphs’ era, particularly the Abbasid and Umayyad Caliphates, such as the Azad, Aljhadm, Hidan, Mawel and Hanai tribes.
The central bank of Iraq has announced that printing new banknotes with new photos, confirming that the current banknotes shall be used now and future.
Basra Governorate announced that the start of granting loans for unemployed people within the national strategy of eliminating unemployment and alleviate poverty.
A World Bank funded p0roject has been approved by Iraq to construct an international highway to Jordan to enhance trade between the two countries, the Ministry of Housing and Construction said Thursday (April 10th).
According to the data, received from International Energy Agency, OPEC will need to pump more crude in the second half of the year to meet demand after its production plunged to a five-month low in March.
Lebanon’s Middle East Airlines said that the war in Syria has wiped out a revival in tourist flows that had built since the end of the country’s own conflicts, with first-quarter passenger numbers down 7 percent.
Basra gas Co. has let a contract to Technip for the front-end engineering and design for NGL processing construction in Iraq. The contract, which is in partnership with China HuanQiu Contracting & Engineering Corp., is for Ar Ratawi NGL Train 1 at North Rumaila, Basra Province. Basra Gas is a joint venture of Iraq South Gas Co. 51%, Royal Dutch Shell PLC 44%, and Mitsubishi 5%.
Sales of dollar by the Central Bank of Iraq and purchase of other foreign currencies rose on today's meeting to 194 million and 938 thousand dollars, after only hit on yesterday session the level of 174 million 383 thousand dollars at a stable exchange price of / 1166 / dinars per dollar.
Iraq's rush to pump more oil to Asia has coincided with complaints from some buyers about the quality of its crude, casting doubt on whether Baghdad can increase the volumes of its key Basra Light grade to the region by a third in 2014.
From being foes, PLDT Home TVolution Philippines will hope and pray for a victory by former conqueror Iraq South Gas Sports Club when the latter clashes with Mongolia Saturday in a match that could decide the Filipinos’ fates in the 2014 Asian Men’s Club Volleyball Championship presented by PLDT Home Fibr at the MOA Arena in Pasay City.
The Government of Iraq has renewed its one-year $960K PR contract with Podesta Group to "promote a better understanding with the US of its priorities and concerns," according to the contract between the two parties.
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