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Iraq Business News

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.
Dr Fouad Kadhim Shati Al Musawi, Deputy Minister for Ministry of Higher Education and Science and Technology, Iraq, and Mr Dazhu Yang, IAEA Deputy Director General and Head of the Department of Technical Cooperation, have signed agreement for Iraq’s Country Program Framework (CPF) for the period of 2018–2023. Mr. Oudai Al Khairallah, Ambassador of the Republic of Iraq was present in that ceremony.
Despite of growth in oil production since 2009, water constraints, midstream infrastructure woes, contract terms and other aboveground factors have hindered Iraq’s ability to hit production targets.
Islamic state’s defeat in Iraq is a good thing for Iraq without any doubt. The country can now focus on other issues that have made it a financially crippling nation. For Iraq, the long term test will be how it sustains relations with its surrounding Arab countries through trade and freedom of movement. For economic reasons, Iraq has to rely on Anbar province and the Hashemite Kingdom of Jordan to ensure Iraq’s primary gateway to the world remains open
For new project in Iraqi Kurdistan, Gazprom Neft has started discussions. Chief Executive Officer of the Russian oil major, Alexander Dyukov, has revealed this information.
Permission for building an oil refinery has been given by the Iraqi government in Kirkuk. The project value shall be around $5 billion.
By 10th of June 2017, Iraqi forces hope to eliminate Islamic state militants from Mosul of Iraq. After three years’ reign of IS in this second largest city of Iraq, the group is finally going to accept its defeat soon.
The head of the OPEC member's oil marketer SOMO said that Iraq may look at hedging part of its crude oil production as a way to protect government revenue against the risk of oil price volatility.
The central bank of Iraq has decided to open two branches in Erbil and Sulaimani next month after a year of talks with the Kurdish government.
All flights from London’s Heathrow and Gatwick airports have been canceled by British Airways. It said that the organization was having massive IT failure around the world. However, it has not disclosed the real reasons or problems.
Last week a horrific suicide attack on a pop concert in Britain had shocked the world. This incident received a lot of media attention, though increase in violence in other regions of the world like Philippines and Indonesia.
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