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Iraq Business News

Along with the United Arab Emirates and Kazakhstan, Iraq has declared commitment to a global pact to cut crude oil output at a meeting with industry officials in Abu Dhabi.
Oil import from Iraq has risen to 31.5% for India in July from a month ago, shipping data showed, allowing the country to retain the top supplier spot for the fourth consecutive month amid declines from sellers such as Venezuela and Iran.
According to a report, Norway-based Hexagon Composites' subsidiary Hexagon Ragasco has received a new order for LPG cylinders from Iraq’s Gas Filling Company (GFC) worth around $15 million.
UK-based oilfield services company Petrofac has secured a new contract and the extension of an existing deal to provide engineering services for two international oil companies (IOCs) in Iraq, with an aggregate value of $100m.
On a press meeting, Iraqi Prime Minister Haider al-Abadi said that the referendum that Kurdistan Regional Government (KRG) plans to hold in northern Iraq in "not constitutional."
Estonian-developed ride-hailing app Taxify launched its platform in Baghdad, Iraq on Thursday, with hundreds of drivers already signed up and ready to accept rides.
A contract has been bagged by Baker Hughes from Iraqi government for developing advanced solutions for flare gas at the Nassiriya and Al Gharraf oilfields using its modular gas processing technology.
Together Iraq and Iran signed a memorandum of understanding (MoU) for setting up joint industrial zones.
On coming 25th September, 2017, the Kurdistan Regional Government will hold a referendum on independence for the region.
On last Tuesday, oil prices rose slightly as Saudi exports fell and solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of an OPEC-led supply reduction pact complicated the outlook.
In Canada, a court has issued a warrant for the seizure of hundreds of thousands of barrels of oil reportedly originating from the Kurdistan Region in a tanker recently seen off North America's eastern seaboard. A court in Halifax, Canada, has recorded a “warrant for the arrest of the cargo of 721,915 barrels of crude oil abroad the M/T [motor tanker] Neverland,” on June 29, 2017.
On last Sunday, Iraq’s oil marketing company stated that the country exported 592.378 million barrels of petroleum during the first half of 2017.
As the initial phase of the new Karbala International Airport (KIA) becomes operational, a major addition to the Middle East’s portfolio of airports will appear as early as 2018. The airport will be situated on the outskirts of Karbala, about 60 KM southwest of Baghdad and about 40 KM north of Najaf. It is expected to be particularly used for religious tourism traffic.
In Baghdad, Iraqis recall first anniversary of devastating ‘Karrada bombing’ that killed more than 300 people. This was the deadliest attack on the country since 2003. In one year, much of the damage has been repaired, but a massive banner bearing images of the victims still hangs at the site, and the psychological wounds inflicted by the fear and loss are far from healed.
A project of constructing 3,812 houses in the Southeastern Maysan governorate has been approved by Iraq.
On last week, State Department Spokesperson Heather Nauert described the referendum on Kurdish independence as “an internal Iraqi matter.” This has come up as a clear indication that the stand towards Kurdish independence is gradually shifting.
Amidst airstrikes on the last pockets of territory held by the Islamic State group in Mosul, hundreds of civilians are fleeing. A large portion of them are badly injured and obviously they require quality medical attention.
As Mosul is liberated from IS ‘caliphate’, rumors have emerged in social media that end of ISIS is also nearing at Syria.
After a long time of rising flaring in Iraq, political unrest in the country causes major damages in the initiative. However, with new investment, things are getting improved further. Senior government advisor Thamir Ghadhban said that three new gas processing plants in southern Iraq will significantly reduce gas flaring at the nation’s sprawling oilfields. Work by producers during 2016 may have reversed the recent steep increase.
About three years earlier, 800 jihadist fighters in northern Iraq were poised to become new global threats. Having taken over Mosul, Iraq's second largest city, the extremists proclaimed the birth of their so-called "Islamic State".
Militants of Islamic States (IS) have admitted that defeat in the city of Mosul during sermons that also revived suspicions regarding the death of the group’s supreme leader.
After eight month long warfare, Iraqi government troops on Thursday captured the ruined mosque at the heart of the Islamic State of Iraq and the Levant (ISIL) militant group’s de facto capital Mosul. With this Iraq’s prime minister has declared ISIL’s self-styled caliphate at an end.
Iraqis on Twitter and Facebook circulated pictures of Iraqi state television, which announced the entry of Iraqi forces in the area of Al-Nouri Mosque and the destroyed Hadba Manara, which transferred field commanders to Iraqi forces control over what remains of the symbolic mosque.
Situation in Iraq is at critical stage. The government security forces, backed by United States and its coalition partners, have successfully freed the territories that were occupied by IS militants. This is a good thing and encouraging for the country. However, the country has many other battles to fight.
It was 2014, when ISIS leader Abu Bakr al-Baghdadi stood in the pulpit of the iconic 12th-century al-Nuri mosque in Mosul, Iraq, and delivered a now-infamous sermon declaring the creation of a new ISIS “caliphate”.
From the field owned by the central government in Baghdad, oil export for Iraq is at around 3.27 million barrels per day (bpd) so far in June. Oil Minister Jabar al-Luaibi had disclosed this data last week.
The Iraqi authorities and an International Monetary Fund (IMF) team reached a staff-level agreement on the second review of the Stand-By Arrangement (SBA) that was approved by the IMF Executive Board on July 7, 2016.
In 2017, Genel Energy’s Taq Taq oilfield has seen falling output. However, the rate of decline has slowed down of late.
As diplomatic clash emerges between OPEC member, specifically between Saudi Arabia and Qatar, earlier gains of oil has erased out. Futures slipped 0.6% in New York, erasing an earlier gain of 1.6%. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from Qatar, escalating a crisis that started over its relationship with Iran.
Kurdistan Workers’ Party (PKK) in Rojava (Syrian Kurdistan) is planning to open a trade route with Iraq.
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