Telecoms Iraqi telecoms firm loses appeal against $1.5bn corruption award A $1.5 billion decision against an Iraqi telecom operator and a prominent Iraqi businessman has been upheld by the International Court of Arbitration, part of the International Chamber of Commerce (ICC). The arbitrators found that Korek Telecom and its chairman and top shareholder, Sirwan Saber Barzani, had “participated in a corrupt scheme” to defraud the […] September 16, 2024
Banking & Finance Iraq reviews 70 digital bank applications Iraq’s central bank is reviewing applications for 70 digital banks to drive fintech growth. Digital banks are prevalent worldwide, managing financial transactions between $5 to $7 trillion annually, state-run Iraqi News Agency reported, citing Central Bank of Iraq governor Ali Al-Alaq. He said Iraq has conducted thorough studies before establishing the regulatory framework for licensing […] September 16, 2024
Oil & Gas Iraq targets 6m bpd crude oil output by 2028 Iraq will increase its crude oil production to 6 million barrels per day (bpd) by 2028, a senior government official has said. The ambitious plan aims to support production levels and increase exports, state-owned Iraqi News Agency (INA) reported, citing deputy minister for extraction affairs Basim Khudair. Iraq, the second-largest producer in Opec, extracts more […] September 9, 2024
Opinion Oil & Gas October presents Opec+ with a quandary The oil group wants to bring barrels back to the market but it could bow to global uncertainty September 2, 2024
Infrastructure Ministers meet in Istanbul for Development Road talks Transportation ministers from Turkey, the UAE, Iraq and Qatar met in Istanbul on Thursday to advance talks on the proposed Development Road project, which aims to establish uninterrupted transportation from Grand Faw Port in Iraq to London. The project is expected to save 15 days in transportation of goods to Europe through Turkey and Iraq, […] August 30, 2024
Renewable Energy Iraq to issue first licence for blue ammonia plant Iraq will soon issue a license to build its first blue ammonia plant, in an attempt to cut the country’s carbon footprint. The National Investment Commission (NIC), which is entrusted with drawing foreign investments in the country, is working on completing the requirements to grant an investment license for the plant in the Basra region, […] August 29, 2024
Analysis Oil & Gas India’s Russian oil imports dent Gulf’s market share Energy-hungry India has overtaken China as the world’s top importer of Russian oil as New Delhi takes advantage of sizeable discounts and shuns Gulf exporters to satisfy growing demand. India’s oil intake from Russia rocketed to record levels of more than 2 million barrels per day in July, from just 88,000 bpd in 2021-22, according […] August 29, 2024
Infrastructure Second phase of Jordan-Iraq power link to be ready in 2025 Jordan will complete the second phase of its electrical connection project with Iraq by the first quarter of 2025, its ministry of energy and mineral resources said in its 2023 annual report. The project is progressing as planned with ongoing civil and engineering work that includes supplying essential materials, circuit breakers, transformers and related equipment, […] August 27, 2024
Oil & Gas BP CEO signs non-binding deal to return to Iraqi oilfield BP, the London-listed oil major, has signed a non-binding memorandum of understanding with the Iraqi government to return to the super-giant Kirkuk oilfield in the north of the country. The agreement includes the Baba and Avanah domes and three adjacent fields – Bai Hassan, Jambur and Khabbaz – which are operated by the government of […] August 2, 2024
Oil & Gas Opec quotas force Iraq, Russia and Kazakhstan oil cuts Opec+ members that have failed to comply with output cuts, including Iraq, Russia and Kazakhstan, have agreed to reduce their production in the coming months to compensate for breaking agreed quotas. The combined overproduction from the three members totalled 2.3 million barrels per day (bpd) during the first half of the year, according to an […] July 25, 2024
Energy Gas flaring to end in next five years, says Iraq Iraq has confirmed it will halt all gas flaring activities in the next five years. Investment is being made through several projects in the southern region of Basra, where production capacities have been increased, the state-run Iraqi News Agency reported, quoting the assistant director general for technical affairs for the Southern Gas Company, Majid Al-Shawaf. […] July 22, 2024
Transport UAE company in joint venture to build Baghdad metro A Malaysian engineering company and its UAE affiliate have jointly won a $316 million contract to oversee the construction of the new Baghdad metro. The building of the planned 148-kilometre network and its 64 stations across the Iraqi capital was slated to begin this month and end in 2029. This timeline might be delayed, however, […] July 19, 2024
Trade Iraq resumes talks to join World Trade Organization Iraq has resumed discussions to join the World Trade Organization, almost 20 years since first applying for membership. Negotiation teams from Iraq began preparatory meetings at the Geneva headquarters of the WTO this week. The country’s first application was submitted in 2004 with the creation of a working party, although there has been little movement […] July 18, 2024
Aviation Iraq given boost in plan to lift European flight ban Iraq has moved a step closer to returning its flag carrier to European skies after receiving the support of the International Air Transport Association (IATA). Iraqi Airways was originally banned from Europe in 1991 due to safety concerns. Restrictions were briefly lifted in 2009 but enforced again in 2015 as the airline failed to meet […] July 17, 2024
Aviation Iraq signs deals to advance new civil airport project Iraq has signed two contracts for the construction of Nasiriyah International Airport in Southern Iraq. The Iraqi transport ministry this week signed an addendum to the construction contract with China State Construction Engineering Corporation (CSCEC) and the consulting contract with Turkey’s Kiklop Design Hertz Insaat, the state-run Iraqi News Agency reported. The Turkish company will […] July 17, 2024
Aviation Iraqi Airways resumes direct flights to Beijing Iraqi Airways has resumed direct flights from Baghdad to Beijing, ending a hiatus that lasted several years, with hopes of increased business travel and tourism. The Ministry of Transport announced that the first flight departed from Baghdad International Airport in Iraq to Beijing Daxing International Airport in China this week. “In line with the directives […] July 10, 2024
Infrastructure Japan to increase investment in Iraq Japanese companies are set to expand their investments in Iraq, launching critical infrastructure projects to aid the country’s economic recovery and development. Futoshi Matsumoto, the Japanese ambassador, told Iraq state news agency that companies like Komatsu, a construction equipment supplier, are “eager” to enter the Iraqi market. A delegation from the company recently visited Basra, […] July 5, 2024
Oil & Gas Iran, Iraq and Libya among worst offenders on gas flaring Environmentally ruinous flaring of gas at upstream oil and gas facilities has risen to its highest level for five years, despite pledges to end the practice, the World Bank has said. Iran, Iraq and Libya were among the biggest contributors in 2023, according to a World Bank report published on June 20. Along with six […] June 25, 2024
Infrastructure US firm wins $46m contract to boost Iraq infrastructure US engineering giant KBR has won a five-year $46 million contract to support Iraq’s infrastructure development and future energy projects, including mega-projects. The company is expanding its presence in Iraq, establishing a new office in Baghdad and said it is also considering the creation of a design centre to enhance local engineering skills. NewsletterGet the […] June 21, 2024
Energy UK company to work on Iraq’s $10bn gas project London-listed UK contractor John Wood Group, commonly known as Wood, has won a $46 million contract from French oil major TotalEnergies to build a gas development project in southern Iraq. The three-year contract entails front-end engineering design (Feed), detailed design, procurement support and construction and commissioning assistance for the first phase of the associated gas upstream […] June 13, 2024
Oil & Gas Deal for Iraq oil via Turkish pipeline coming ‘soon’ A deal is expected soon for Iraq to resume oil exports via a pipeline to the Turkish port of Ceyhan on the Mediterranean coast. The Iraqi oil ministry, Kurdistan’s Ministry of Natural Resources and international oil companies met on Sunday in Baghdad to discuss resuming production and exports, said Iraq’s oil minister, Hayan Abdul Ghani. […] June 10, 2024
Real Estate Eagle Hills launches $1.5bn golf resort in Baghdad UAE developer Eagle Hills has revealed plans to build a mega mixed-use development in Iraq’s capital city. Abu Dhabi-based Eagle Hills has acquired land to develop the $1.5 billion Baghdad Golf Course and Spa, including an international golf course, high-end residential buildings, a five-star hotel and a resort club. “Baghdad is a city with a […] June 6, 2024
