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Iraq Business News

The Iraqi military will use a medieval tactic to keep control of Fallujah after recapturing it from the Islamic State group last month: It is digging a trench around the city.
On Friday, last week, oil price settled at lower side, losing 4% on the week.
It has been reported that France will send artillery to assist Iraqi armed forces. It will further deploy an aircraft carrier to the region to give more advantages to Iraqi forces to fight against ISIS.
As Islamic State is defeated in Iraq and Syria, a chance for stable political future in this region is about to begin.
Basra Provincial Council announced that the Japanese government has agreed to lend 2.1 billion US dollars to Iraq for developing Basra refinery and added that the loan will be repaid in 40 years with an interest rate of 2 per cent.
Iraqi Ministry of Oil announced on Friday a new shipment of liquid gas and other gas condensate, to the tune of 1600 tons.
The Iraqi Ministry of Oil, on Monday, announced that Iraq had exported more than 95 million barrels of oil during June from the central and southern oil fields.
NEW DELHI: Iraq has overtaken Saudi Arabia to become India's top crude oil supplier while Iran has grabbed the fourth biggest exporter slot post lifting of sanctions.
Production momentum at the Badra oil field in eastern Iraq has resulted in almost half of the total volumes emerging this year, Russian company Gazprom Neft said.
The US Defense Security Cooperation Agency (DSCA) has notified Congress of the potential foreign military sale of AC-208 sustainment, logistics and spares support to Iraq.
It has been reported that a percentage of Korean builders have yet to receive any payments for construction projects abroad, mostly from oil-producing countries in the Middle East that are experiencing financial difficulties due to low oil prices.
As per reports, Iraqi government forces have retaken most of the city of Falluja from Islamic State militants, who were holding the area since 2014.
It has been reported by First Deputy Chief Executive Officer of the company Vadim Yakovlev that Gazprom Neft plans to boost oil production at the Badra field in Iraq to 115,000 barrels daily.
President Vagit Alekperov of oil major of Russia, Lukoil plans to offset the costs on Iraqi fields in August.
Alireza Ashnagar, Iran’s Kordestan province deputy governor general for political, security and social affairs said on last Wednesday that Iran dispatched the first cargo of its gas oil to Iraq’s Kurdistan region.
As per reports, Islamic development bank has provided its initial agreement in giving $3 billion in easy loans and grants to Iraq. Iraq’s economy is down ridden due to global oil price slump. This has been reported by a spokesperson of Central bank in Baghdad.
According to reports, due to a car bomb in a Shi’ite Muslim district of Baghdad at least 52 people got killed, and Islamic States have claimed the responsibility of this human made disaster. Security has gradually improved in the Iraqi capital, which was the target of daily bombings a decade ago, but violence directed against the security forces and Shi’ite civilians is still frequent. Large blasts sometimes set off reprisal attacks against the minority Sunni community.
As top crude exporter to India, Iraq overtook Saudi Arabia in the month of April for the first time since December last year.
According to Iraqi officials, Iraqi production halted on last Wednesday due to explosion at two oil wells near territory controlled by Daesh in northern Iraq.
The latest political crisis in Iraq brings bad news for India, which relies on half of its oil imports from volatile Middle East regions. Indian basket of crude oil price has risen to nearly $45 a barrel.
Baghdad, capital city of Iraq, put forward a de facto coup, as protestors showed their rages in parliament. It was a total mess and chaos, as politicians have been found manhandling each other.
On Thursday, Joe Biden arrived to Baghdad with intent to help Iraqi leaders resolve a political crisis that has hindered efforts to defeat the Islamic State group. Biden landed at midday after an overnight flight from Washington. He was expected to meet with government officials and stress the need for unity, although the White House did not disclose his itinerary.
The World Bank’s private sector investment arm, International Finance Corporation (IFC), stated that it had arranged $375 million in financing for an Iraqi power company to provide electricity to millions of people in Kurdistan and Baghdad.
By running car dealership and fish firms in Iraq, Islamic States earns millions of dollars per month, as stated by Iraqi judicial officer. Security experts once estimated the ultra-radical Islamist group's annual income at $2.9 billion, much of it coming from oil and gas installations in Iraq and Syria. The U.S.-led coalition has targeted Islamic State's financial infrastructure, using air strikes to reduce its ability to extract, refine and transport oil and so forcing fighters to reportedly take signific
In the city of Hit, located western Iraq’s Anbar province, single Iraqi tank M1 Abrams has been deployed to counter the ISIS militants. So far, this tank is doing well, and it has been named as ‘Beast’ for showing ruthless attacking power against enemies.
Iraqi central bank manager in autonomous Kurdistan region was arrested as part of a probe into an alleged illegal bond trading scheme that may have cost the cash-strapped government more than $1 billion. Adham Karim, the head of the Iraqi central bank in the Kurdish regional capital Irbil, had been taken into custody along with his deputy.
On last Tuesday, a specialist team from Italy reached Mosul Dam of Iraq, as the dam has been anticipated to collapse due to damages.
Airport security has changed quite drastically over the last few years..
On March 20th, 2016, Iraq has exported its first gas condensate from the port at Khor al-Zubair to Fujairah in the United Arab Emirates (UAE). Hamed Zubai, undersecretary at the Iraqi Ministry of Oil, reported that the Iraqi Oil Marketing Co. had arranged for the 10,000-cubic-meter consignment, and the Basrah Gas Co. had successfully exported the shipment.
Iraqi crude output has been increased to a record level in the month of March. Noticeably, other producers are freezing production in order to curb global glut of oil price. In a statement SOMO, state oil company of Iraq, stated that crude output in the group’s second-biggest producer rose to 4.55 million barrels a day last
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