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Iraq Business News

A tanker carrying crude oil from Iraqi Kurdistan is hours away from the Port of Galveston in Texas, according to Reuters ship tracking data and the U.S. Coast Guard, its arrival imminent despite Washington's concerns about independent oil sales from the autonomous region.
It has been reported that a tanker, carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's long-standing concern over independent oil sales from the autonomous region.
On Thursday, Iraqi lawmakers elected Fuad Masoum as the new president of Iraq, signaling the progress of forming new government in Iraq.
On Thursday, Brent crude was steady above $108 a barrel, holding on to the previous day's gains, after a surprisingly strong reading on Chinese manufacturing bolstered hopes for higher demand in the world's second-biggest oil consumer.
Oil ministry of Iraq reported on last Wednesday that Russia's Gazprom Neft, the oil arm of state-run Gazprom, has commenced first stage of oil production from the Badra oilfield of Iraq.
Assem Jihad, oil ministry spokesperson for Iraq, said that operations of the oil pumping and filling the reservoirs within the CPU in the field of Badra oil started from the wells (BD5, BD4).
Turkey’s exports to Iraq have plummeted by 35 percent since the Islamic State of Iraq and the Levant (ISIL) seized control of Mosul, Economy Minister Nihat Zeybekci has said, expressing hope that some of this loss will be recovered by the end of the year.
Iraq's cabinet said on Tuesday it had approved a $607 million contract with China Petroleum Pipeline (CPP) for the construction of an oil storage depot near its Nassiriya oilfield in the south of the country.
Iraq's oil exports from its southern terminals in July rose to a near-record rate, according to loading data and industry sources, remaining unaffected by fighting in other parts of the country.
The General Company of Exhibitions & Business Services announced the date of the commencement of the 41 session of the Baghdad International Fair for this year.
The financial expert Ali Fukaiki emphasized on importance of adopting measures of trading with local currencies across the borders for its role in facilitating the smooth flow of international goods through countries that adopt this process.
Turkish officials announced last week that the Ceyhan oil port had reached its storage capacity and the flow of Kurdish oil to it had stopped. However, officials stated that oil shipments to the energy hub will restart in the coming days after the oil tankers in Ceyhan are loaded. Last week Turkish Energy Minister Taner Yıldız announced that crude oil shipments from the Kurdistan Regional Government (KRG) stopped because the storage capacity was full at Ceyhan's port.
Vice President and Secretary of the Iraqi Business Council Saad Naji said, "Iraq has reached the final stages of the rehabilitation of the company executing the Basra – Aqaba oil pipeline project." He also mentioned, "The qualification procedures go according to the scheme by both the Iraqi side and Jordanian."
Baghdad Provincial Council plans to reduce the price of amps for the government and private generators after the Oil Ministry has increased the share of kerosene to 30 liters per (KVA) for the upcoming month of August for the owners of generators that officially registered in Baghdad and other provinces of Iraq.
Iraq Stock Exchange announced that next Thursday, July 24, 2014 is the last trading session before the holiday Eid al-Fitr, which will run throughout the upcoming week.
General Company for Iraqi Ports announced a plan to be implemented this year, aiming to increase the area of Abu Floos port in order to raise its capacity.
On June 15, five days after the Islamic State (IS, formerly known as the Islamic State of Iraq and al-Sham, or ISIS) occupied the Iraqi province of Ninevah, Baghdad International Airport was jammed with passengers. As situation is deteriorating fast,
Speaking on the latest developments concerning the Kurdistan Regional Government's (KRG) sale of oil via Turkey, Turkish Energy Minister Taner Yıldız said that a crude oil pipeline agreement signed in 1973 between Iraq and Turkey is still in effect and an amendment made in 2010 is also valid.
On last Thursday, Turkish Energy Minister, Taner Yildiz, said, "The pumping of crude oil from the Kurdistan region to the port of Ceyhan stopped because of its full reservoirs." He also added that pumping would restart in a matter of few days.
A senior official from Iraq stated that autonomous Kurdistan region of Iraq has begun to pump oil from its Kirkuk oilfield, which was previously controlled by Iraq’s central government.
Maysan Oil Company has announced the increasing of production Halfaya field of natural gas, which is used as fuel the power plants in central and southern governorates.
Oil minister of Iraq, Abdul-Karim Luaibi said on Wednesday that Iraq is presently producing 3.15 million barrels per day of crude oil and the country is expecting hitting 2.6 million barrels per day exports in the month of July, 2014.
On Tuesday, increasing sales of the dollar have been noted by the Iraqi Central Bank at an auction on the sale and purchase of foreign currencies. In the previous auction the sales record was 77.875 million dollars, against a stable exchange rate at 1166 dinars per dollar.
On Tuesday, the General Company for Iraqi Ports has announced the achievement rate in the first part of Faw Port development. It has been revealed that development in eastern breakwater is around 70 percent and in addition to that works have been started in the western breakwater.
On Monday, Iraqi government said that it has resumed operations at two factories in Abu Ghraib, which were attacked by "Islamic State of Iraq and the Levant" (ISIL) gunmen last month.
Turkish Finance Minister Mehmet Simsek said that the negative impact on the Turkish economy of developments in Iraq will be compensated for by recovery in Europe.
The airports of Baghdad, Najaf and Basra are witnessing growing commercial movement in the past few days. It is also observed that air cargo operations of receiving & transferring goods from various countries around the world have increased significantly, after the decision of suspending cargo operations at Erbil and Sulaymaniyah airports.
Ministry of oil has praised the outstanding efforts of a consortium of BP, Petro China and Southern Oil Company (SOMO), for their success in attaining significant increase in the national crude oil production by working in the Rumaila oilfield of Basra province, Iraq.
The President of Kurdistan Region, Masoud Barzani, will start a visit on Monday to Turkey.
Oil is not just a factor in international politics and conflicts but also a factor that is responsible for internal politics and differences in Iraq. In recent weeks questions, about oil have moved from verbal conflicts to very violent ones indeed.
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ممثل الأمين العام للأمم المتحدة يقول في مؤتمر صحفي في بغداد ناخبة عراقية مسنة ترفع اصبعها المضمخ بالحبر البنفسجي بعد ادلائها بصوتها في مركز انتخابي في بغدادفي الصورة مجموعة من الناخبين العراقيين في محافظة النجف يرفعون أصابعهم المضمخة بالحبر البنفسجي بعد ادالسيدة هيرو خان إبراهيم زوجة الرئيس العراقي جلال طالباني تدلي بصوتها في مسقط رأسها في كركوك علما أن جهاز الكترونيبيان تعليمات التصويتسيدة عراقية تتوجه الى المركز الانتخابينساء يرتدين النقاب يدلين بأصواتهن في مركز انتخابي في منطقة الكرادة وسط مدينة بغداد
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