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Iraq

Mohammed Shia Al-Sudani, Iraq’s prime minister, has revealed plans for major oil, gas and petrochemical projects

Iraq makes huge oil discovery but faces Opec restrictions

Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […]

Iraq Iran gas Hayan Abdel Ghani

‘It’s costing huge sums’ – Iraq may stop buying Iranian gas

Iraq may stop importing natural gas from its neighbour Iran when projects to develop the country’s unexploited gas resources are complete, the country’s oil minister has hinted.  Hayan Abdel Ghani told the official Iraqi news agency that the bill for Iranian gas imports was sapping Iraq’s coffers, and the Iranian supplies were no longer secure, […]

Clothing, Coat, Person The Central Bank of Iraq said that it will an existing ceiling of 500 million Iraqi dinars to 100 million dinars above which property transactions must be disclosed to the authorities money laundering

Iraq lowers ceiling to crack down on money laundering

Iraq is slashing the ceiling of the value of property transactions that require dealers to make disclosure to the authorities. The Central Bank’s decision on Thursday is the latest in a series of measures taken by the Opec member over the past few years to tighten its grip on the local market and to combat […]

Halliburton will help Iraq increase production at the Nahr Bin Omar oilfield from the current 50,000 bpd to 300,000 bpd

Iraq and Halliburton near deal to up oilfield output by 500%

Iraq is close to finalising a development deal with Halliburton, a US oil services provider, to expand the capacity of its Nahr Bin Omar oilfield by 500 percent, a news report said. The oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, Bassem Abdul Karim, director general of state-owned […]

Britain’s prime minister Keir Starmer meets with Iraqi prime minister Mohammed Al-Sudani at 10 Downing Street in London

Iraq and UK sign $15bn deal to strengthen trade ties

Iraq has signed a set of agreements with the UK worth £12.3 billion ($14.98 billion) as the two countries aim to bolster their growing trade relationship. The package, more than 10 times last year’s total UK-Iraq bilateral trade, was disclosed following a meeting between British Prime Minister Keir Starmer and his Iraqi counterpart Mohammed Shia Al-Sudani […]

Mohammed Al Sudani, Iraq's prime minister, said that restructuring would begin in a few months

Iraq hires EY to explore restructuring of state banks

Iraq is considering merging its two largest state banks as part of a restructuring plan prompted by a sharp erosion of their assets over recent years because of accumulating non-performing loans, local media has reported. London-based auditing firm Ernst & Young (EY) is conducting a study on the restructuring of the Rafidain and Rasheed banks […]

Fire, Explosion, Utility Pole

Iraq breaks ground on first facility to stop gas flaring

A consortium comprising state-owned QatarEnergy has begun constructing the first processing facility for the associated gas from the Ratawi field in Iraq’s Basra region. The facility, part of the gas growth integrated Project (GGIP), will be developed at an investment of $250 million and will process 50 million cubic feet per day (cfd) of gas […]

A solar power project at the Faihaa oil field in Basra, Iraq. The country is engaged in a programme to tackle persistent power supply failures

Acwa Power awarded 1GW solar project in Iraq

Iraq has invited Saudi Arabian utilities major Acwa Power to finalise an agreement for the construction of a 1,000 megawatt (MW) solar energy plant, local media reported. The country, Opec’s second largest oil producer, is engaged in a post-war programme to tackle a persistent power supply deficit. The plant in the Central Najaf governorate is […]

An Iraqi worker looks at the Shuaiba oil refinery in southwest Basra; Iraq is on a drive expand and update its refineries to meet a steady rise in demand

Iraq proposes moving one of its oldest oil refineries

Iraq is considering dismantling one of its oldest oil refineries and moving it outside the capital Baghdad for environmental reasons, but it faces parliamentary objections because of the high cost of the removal. A member of parliament’s oil and gas committee said that dismantling and moving Daura refinery to a remote location outside Baghdad could […]

Workers building a secondary school in Baghdad. Construction is one of the sectors driving an increase in Iraq's non-oil revenues

Iraq targets 20% non-oil revenue to close fiscal gap

Iraq has set a target to raise non-oil revenues to 20 percent of national income to tackle the country’s persistent budget deficit, a senior official has said. Non-oil revenues – which include tax and customs as well as earnings outside the hydrocarbon sector – rose to nearly 12 percent in the first nine months of […]

A tunnel being constructed at Iraq's Faw Port will take traffic under a river and onto the Road Of Development, which will cross Iraq up to the border with Turkey

Iraq expects road and rail project to provide 20,000 jobs

Iraq’s planned $17 billion project to build a rail line and motorway up to the border with Turkey aims to create at least 20,000 jobs for citizens, officials said. Transport minister Razzak Al-Saadawi said the Road Of Development project, which is backed by the UAE and Qatar, will include the construction of several industry cities […]

Gas imports from Turkmenistan will help ease Iraqi domestic shortages due to Iran halting the flow of gas supplies

Iraq turns to Turkmenistan to plug Iranian gas gap

Iraq has always considered neighbouring Iran as a stable and reliable supplier of natural gas needed to run its power facilities, but experts now believe that alternative sources and domestic Iranian needs have put this relationship in doubt. Iran’s gas exports to Iraq have fluctuated sharply and the shortage has played havoc with Iraq’s power […]

Oil workers in Iraq. The country's oil exports are increasingly headed to Asia, leading some to question the necessity of rebuilding the Syria pipeline

Assad’s fall spurs calls to revive Iraq-Syria oil pipeline

The overthrow of the former Syrian president, Bashar Al-Assad, has brought calls for the revival of the now-defunct pipeline that once carried crude oil from Iraq to a Syrian port on the Mediterranean. Several Iraqi experts have urged their government to consider rebuilding the facility as an outlet for the Opec member’s oil exports to […]

The Basrah-Haditha oil pipeline will be funded under the Iraq-China agreement

Iraq gives go-ahead to $4.6bn oil pipeline

Iraq has approved the construction of the 5.97 trillion dinars ($4.6 billion) Basrah-Haditha oil pipeline, according to a local media report. The project is being developed by state-backed Basra Oil Company and Oil Projects Company, and funded under the Iraq-China agreement, Shafaq News reported. In August, the oil ministry proposed a pipeline to transport crude […]

Opec's oil quota for Iraq is lower than its production capacity, and it has granted new contracts such as with BP for development of Kirkuk

Iraq has a tough job to balance Opec quotas with its capacity goals

Iraq is facing some tough choices and conflicts when it comes to its national oil policy. While its oil production is expected to rise by only around 200,000 barrels per day (bpd) in the next two years, in line with a new supply restraint accord by Opec+, it already has plans to boost output capacity […]

Outdoors, Pipeline, Architecture

BP and Iraq agree terms on redeveloping Kirkuk oilfield

British oil major BP has finalised the technical terms with the Iraqi government for redeveloping the Kirkuk oil and gas fields. In August, it signed an agreement with Iraq to develop and explore the Kirkuk oilfield, including plans to build power plants and solar capacity, Reuters reported. Iraq, the second-largest oil producer in Opec, has a production capacity of almost 5 […]

The Iraqi cabinet approved the plan to roll out a 5G network in October 2023

Vodafone gets licence to operate Iraq’s 5G network

The Iraqi cabinet has approved a licence for Vodafone Global Telecommunications to operate the country’s first 5G network. The cabinet directed the ministry of communications to proceed with the project, state-run Iraq News Agency (INA) reported, citing a statement by the prime minister’s media office. Vodafone said it was discussing a role as an advisor in […]

The solar power plant in Iraq will be developed in phases and will come online between 2025 and 2027

QatarEnergy to develop solar project in Iraq with Total  

State-backed QatarEnergy and France’s TotalEnergies have signed an agreement to develop a solar power plant as part of the gas growth integrated project (GGIP) in Iraq. The two companies will equally own the project, but the agreement is subject to regulatory approvals. The project, “one of the largest in the world”, will consist of two […]

BP Iraq Kuwait

BP seeking new investments in Iraq and Kuwait

BP is in talks for new investments in Iraq and Kuwait as the company refocuses on oil and gas. The British energy giant is in discussions to invest in three new projects in Iraq, including one in the Majnoon field near Basra, sources have told Reuters. In August BP signed an agreement with the Iraqi […]