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Iraq Business News

GPK has declared the Shewashan light oil discovery commercial and is preparing the Field Development Plan (FDP) for submission to the MNR in accordance with the Khalakan PSC.
Iraqi Transport Minister Baqir al-Zubaidi discussed with the Japanese Charge d'Affairs the participation of Japanese companies in Greater Fao Terminal, railway projects and rehabilitation of Baghdad airport.
Karbala Investment Commission charged some ministries and governmental departments of obstructing the process of investment in the province, including not handing the lands to the investors.
It was announced that Mayor of Baghdad Na'eem Aboub al-Ka'bi decided to review and increase the prices of water supply in order to assist the mayoralty implement its strategic projects.
On Monday, the US government said that it had approved the sale to Iraq of $600 million in tank ammunition manufactured by General Dynamics Corp, saying it would help the Iraqi government establish an integrated ground defense capability.
On Wednesday, Transworld Group of Dubai and Nawah announced that the two firms have entered into a formal agreement to service Iraq’s growing demand for imports by linking their considerable shipping, logistics, marine services and port capabilities.
$8 million financial support has been vowed by Canada to help educate children fleeing violence in Syria and Iraq, with a contribution to extend UNICEF's “No Lost Generation” campaign in Iraq.
On October 16th, Hanwha E&C (CEO Lee Geun-po) announced that the company received the fourth deposit of US$387.5 million for the construction of Bismayah New City in Iraq, the largest overseas construction project ever for a Korean company worth US$8 billion.
Iraqi lawmakers approved Prime Minister Haider al-Abadi's remaining Cabinet nominees on Saturday, including for the critical defense and interior portfolios, completing the formation of a government that will strive to push the Islamic State extremist group out of the sprawling territory it has seized in recent months.
A sudden slump in oil prices is having political and economical repercussions across the world. Crude oil exporting nations are bracing for budget cuts that are likely to be devastating, while importing countries are benefiting from the lowest oil prices recorded in four years.
A steep decline in oil prices is straining the budgets of major petroleum-exporting countries around the globe, raising a specter of spending cuts in Russia, where the economy is under pressure from Western sanctions, and posing a potentially grave security challenge for Iraq, which is already struggling to finance its fight against the Islamic State.
GE (NYSE: GE) has signed a contract with ENKA to supply power generation equipment for a new 750-megawatt (MW) combined-cycle plant being developed by Qaiwan Group in Iraq. GE will provide four 9E gas turbines and one steam turbine for a new power plant in Sulaimaniyah to support the government’s goal of strengthening the electricity infrastructure in the Kurdistan region.
Citing Western and Iraqi officials, on Tuesday, in its monthly report the International Energy Agency said that U.S.-led air strikes have significantly reduced Islamic State of Syria and Iraq’s ISIS) ability to produce, smuggle and refine oil.
Iraq wants its mobile operators to each pay $307 million for spectrum for third-generation (3G) services despite large parts of the country falling under rebel control, according to three sources familiar with the matter.
On Wednesday, Australian Prime Minister Tony Abbott said that troops sent to Iraq remain idle in the United Arab Emirates as the Iraqi government is yet to provide the necessary legal guarantees for its forces. The 200 Australian special operations troops have been sent to “advice and assist” local security forces in the battle against the Islamic State group in Iraq.
On Wednesday, DNO, the Norwegian oil exploration company, said that it faces continued delays to plans to ramp up production at its Tawke oilfield in Kurdish Iraq because of fighting in the region.
Conditions are right to move ahead with further development of the West Qurna oil field in Iraq, the director of Russia's Lukoil said Wednesday from Baghdad.
The commodity space saw some buying interest on the first day of the week despite renewed strength in the US dollar.
Despite of large swatches of the country being under the control of terrorist group Daesh, a company executive claimed that Ericsson remains optimistic on Iraq.
Dubai based companies, Transworld Group and NAWAH announced today that the two firms have entered into a formal agreement to service Iraq's growing demand for imports, linking their considerable shipping, logistics, marine services and port capabilities.
Brent crude dropped to the lowest level in almost four years after Iraq followed Saudi Arabia and Iran in cutting prices. West Texas Intermediate’s discount to Brent narrowed.
On Monday, Iraq’s defense ministry denied the reported presence of Islamic State (IS) militants in Abu Ghraib area near Baghdad international airport, stressing that security is under control.
In the month of September, Organization of the Petroleum Exporting Countries (OPEC)'s oil output rose to the highest level since last summer, as per the monthly updates shown by the organization itself.
Avantha Group Company CG has landed a $25mn contract for the design, construction and delivery of 16 mobile substations in Iraq.
Minister of Youth and Sports Abdul Hussein Abtan called the Turkish government to press its companies to resume work and complete sports and youth establishments in Iraq.
The match between the Iraqi football team U-19 versus its Qatari counterpart within the Asian Championship 2014 ended with draw.
Since over a decade, Iraq has been suffering from unclear economic planning. Due to this, it is only smaller, private projects that ever seem to be completed. Large, strategic, government-funded projects are either never started or never finished.
In spite of Middle East crisis and Russian turmoil, world oil prices are plummeting. We’ll look at why and what it means for rising clean energy.
Shipping market sources said that Iraq has banned three oil tankers -- two Suezmaxes and one Panamax -- from loading at its oil terminals in response to direct exports of crude by the Kurdistan Regional Government over the objections of Baghdad.
Hanwha Engineering and Construction, which is recently expanding its presence in the booming Iraqi construction market, showed its support for the Iraqi team and athletes during the Incheon Asian Games that ended last week.
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