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Iraq Business News

The Cramlington based manufacturer, Copperchase Ltd, has secured a $6m contract with Hyundai Engineering and Construction to conclude a new security project for the southern oil refinery of Iraq.
Adel Abdel Mehdi, oil minister of Iraq, has made a prediction that by the end of the year of 2015, oil price may reach at $70 a barrel.
TS2 Satellite has recently launched new KA-SAT satellite services. Using the HYLAS 2 spacecraft, the company now provides high-speed data services to Iraq, Syria and Armenia.
The Cramlington based manufacturer, Copperchase Ltd, has secured a $6m contract with Hyundai Engineering and Construction to conclude a new security project for the southern oil refinery of Iraq.
Some photos posted in the Obaidi's personal Facebook account show Obaidi participates in Sokhoi-25 Fighter in striking the ISIL shelters.
The meeting of the Arab Foreign Affairs Ministers started on Thursday afternoon in Sharm al-Shaiekh area in Egypt with participation of Iraq to prepare for holding the Arab Summit to start next Saturday.
The Prime Minister, Hayder Ebadi, Commanding General of Armed Forces arrived
An official visit has been paid to Baghdad by China's Vice President Li Yuanchao. He also met Iraq’s president Fuad Masum.
Iraq is seeking ways to improve mutual agreements that existed with the Soviet Union in the past, as stated by Ibrahim Jaafari, Foreign minister of Iraq.
A 2D seismic survey covering 130 linear km was carried out on the block in 2014. The first exploration well is anticipated to be drilled in 2015/2016.
Saudi Arabia's King Salman has invited Iraqi PM Haidar al-Abadi for a visit to the kingdom. This definitely looks like the biggest sign of improving bonding between the countries after decades of tension.
Iraq's oil exports for last month were below planned levels, the country's Oil Ministry said Wednesday, depriving the nation of badly needed funds for its battle against the Islamic state group.
Lukoil, Russian oil major, has confirmed that the company will adhere to development plans and increasing production of oil fields under its authority in Iraq.
The US Defense Ministry (Pentagon) confirmed on Tuesday that "The US will study any request from the Iraqi Government for assistance over the halt attack to return the control on Tikrit city from the terrorist ISIL organization."
Luk Oil Overseas Russian company declared that its production of oil has increased 2-4 times according to the results 2014 in addition to the production of oilfield, west of Al-Qarna/2 in Al-Basrah Province.
The parliamentary finance committee's member, Husam al-Uqabi said that Iraq has suffered a financial loss of more than 4 billion dollars.
On last Saturday, Iraqi gold price climbed up to IQD 193,000 per Mithkal [5 grams]. The price of the gold reached IQD 193290 for each Mithkal
According to the officials, OPEC’s efforts to bring non-member countries such as Russia on aboard in cutting output have shown some progress. It is expected that Iranian exports will rise soon.
According to a member of Babel Provincial Council, Chairman of Babel PC wants to resign his post due to political reasons.
Iraq earns 90% of its revenues through oil exports. It is reported that the volume of Iraqi export has fallen by a fifth. Moreover, the country is now carrying out an expensive military campaign against Islamic State (IS), the militant group that captured northern and western part of the country. Fiscal problem in Iraq is as big as its political ones.
Iraq’s southern oil export rose in the month of March, as delayed cargos of February got cleared.
Russian Foreign Minister Sergey Lavrov said that the growing relationship between Iraq and Russia in the oil and gas, energy and military-technical cooperation sectors is significant.
Vagit Alekperov, chief executive of Russian oil producer Lukoil, stated that the company will ask Iraq for more oil return on the West Qurna-2 project, otherwise it will cut investments.
A senior officer from the U.S.-led coalition stated that Iraq has not requested air support from the coalition in its campaign to retake Tikrit from IS militants.
A budget payment will be made to Kurdistan by Iraqi government, as stated by the financial ministry of Iraq.
Prime minister of Iraq, Haider al-Abadi, stated that operations to free Salah-il-Din province from ISIL militants are going on.
Electricity have successfully restored the electricity in Alam district of Salah-il-Din province, after the place has been liberated from the ISIL militants.
To fill its first strategic petroleum reserve (SPR), India is planning to import 8 million barrels of Iraqi oil. Since, crude price is cheap at this point, planning for such financial decision can prove to be highly effective.
Iraq’s central Al-Diwaniyah governorate is planning to award large projects on an investment basis in 2015, including the much-delayed 1.3-billion-dollar airport contract and a 210-million-dollar cement plant.
Iraqi officials have welcomed the decision of the US to return more than 60 smuggled precious artifacts back to Iraq. However, security concerns for those antiques are rising due to the presence of ISIS militants in Iraq.
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