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Iraq Business News

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
Iraqi government contractors will receive bonds instead of cash as payment. To get rid of delayed payments to contractors, Iraqi government has taken such decision, as stated by central bank. The bonds can be traded in the local market or cashed at banks for a discount, the central bank said in an emailed statement. It didn't indicate a maturity or interest rate
Iraq is reportedly planning for importing cooking oil from Egypt, as revealed by Iraqi trade ministry on last Sunday. As Baghdad wants to reduce its reliance over Turkish products, it has significantly come up with this decision. A trade delegation, sent by Iraqi government, is holding talks in Cairo on buying cooking oil for the monthly food ration.
In 2010 the former Iraqi Minister of Oil Hussain Shahristani, also known as a teacher, was invited to the parliament to speak about the petroleum product shortages in the country. Due to 70% utilization of the country, the refineries are not meeting the domestic demands. Shahristani left the parliament with flying colors after announcing the Ministry is working to build four refineries at the same time. The plan came about in such a way that no one quite knew on what basis the sites were selected or the fe
According to the commander in charge, an Iraqi army offensive touted as the first phase of a campaign to recapture the northern city of Mosul from Islamic State has been paused until more forces arrive to hold ground.
Textron Systems has been contracted to provide new tactical vehicles to Iraq, as the country continues to battle the Islamic State, as well as Colombia, through the U.S. Foreign Military Sales program.
With a fall of US crude stocks which was eventually balanced by rise in Iraqi exports, oil price stayed steady at $40 per barrel.
As we all know that global crude price has experience a steep slump. This has also impacted global economy. This is being echoed by a sharply falling rig count in the domestic space as reported by Houston-based oilfield services company Baker Hughes Inc. BHI in its weekly rig count. Also, Janet Yellen’s dovish stance has kept skepticism alive on the feasibility of any domestic growth.
Mosul dam generates 1,000 megawatts of electricity and holds back an estimated 11 billion cubic tons of water. If such an important dam seizes working, then the impact of citizen’s of Iraq will be immense.
Zaid Nazo, an Iraqi businessman, has always been the idea about his nation’s deep passion for food. He transformed his small coffee shop, which was established in 1999, into a casual dining and takeaway restaurant. Today, he has opened four new branches of his food joint. His joint is known to be one of the most popular joints in Iraq.
It has been 13 years long, since US, UK and their allies had made invasion in Iraq. Today, the country stands no more liberated. There are corruptions, security problems, lack of unity and lack of democratic freedom. Iraq has to worry about its future and the fragmentation that may come as a result of failing governments to safeguard the well-being of Iraqis.
Global heavy lifting and specialized transport company ALE has successfully completed the year-long operations for the Badra heavy transportation contract in Iraq.
Moqtada al-Sadr, powerful Iraqi Shit’te leader, has warned political party leaders they would face street protests if they obstruct a government overhaul planned by Prime Minister Haider al-Abadi to fight corruption.
Oil ministry spokesperson of Iraq, Asim Jihad remarked that Iraq loaded its first export cargo of 10,000 cu feet of LPG Sunday. The shipment from the port of Al-Qasr in the Persian Gulf, marks Iraq’s first step towards delivering regular LPG volumes to global markets.
First shipment of natural gas in its history has been exported by Iraq. This has been noted as a key development for the OPEC member struggling to feed a cash-strapped economy amid an expensive fight against the Islamic State of Iraq and Syria (ISIS).
A broad offensive plan has been launched by Iraqi government in order to retake the city of Hit from ISIL in the western province of Anbar. Led by the elite Counter-Terrorism Service, forces from the police, army and local tribal fighters were making a final push to retake Hit, 145 KM west of Baghdad. Major Gene
The Iraqi military said Thursday that it had captured several villages in the northern Iraqi province of Nineveh, backed by American airstrikes, in an operation that it described as an early phase of the campaign to retake the city of Mosul from Islamic State extremists.
The Iraqi Oil Minister officially presented his resignation for the Iraqi Prime Minister Haider al-Abadi on Thursday.
Mr. Adil Abd AL-Mahdi the minister of oil met with Mr. Kamal Kharrazi the Head of the Foreign Relations Strategic Council in the office Mr. Ali Khamenei the Supreme Leader of the Islamic Revolution.
Mr. Adil Abd Al-Mahdi the minister of oil participated in the Sulaimani Forum which was held for the period from 16 to 17 of March 2016 and attended by Many Iraqi, Arab and foreign politicians.
The Iraqi ministry of oil Declared its final oil exports for the previous February 2016 which was (93.500) million barrels and their achieved outcome which is about (2.249) billion dollars according to the final statistics of SOMO company.
According to a statement by Ministry of Education of Iraq, country’s representative of UNICEF claimed that he has pledged to increase educational assistance for internally displaced persons (IDPs) in the Kurdistan Region.
In the month of February, oil exports from northern Iraq nearly halved due to ongoing outage of a pipeline to Turkey, wiping $350 million off the cash-strapped Kurdistan region's revenues as it battles Islamic State.
On last Monday, President Abdel Fattah El Sisi has affirmed full support from Egypt for the unity and sovereignty of the Iraqi state on the entire territory.
Atlas Copco has appointed a new distributor – Merkez Al-Madina for Machinery and Equipment Trading Company – in order to boost commercial activities in Iraq.
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