Oil & Gas Iraq targets oil exports to Africa in expansion plan Iraq is considering exporting crude oil to Africa amid a market expansion plan, oil minister Hayan Abdul Ghani has said. “The government is evaluating the feasibility of entering African markets,” he told state-run Iraqi News Agency. Iraq signed 44 contracts under the latest oil licensing rounds across 14 provinces. The state-owned Basra Oil Company, which […] March 24, 2025
Oil & Gas Iraq approves Kirkuk oilfield development deal with BP Iraq has officially endorsed an agreement with UK energy major BP for the development of four oilfields in the northern Kurdish Kirkuk region. The cabinet gave its final approval to the multi-billion dollar contract at a meeting this week headed by Prime Minister Mohammed Al-Sudani, the official news agency said. BP expects to invest up […] March 19, 2025
Infrastructure Iraq’s long delayed Faw port nears completion Iraq’s long-delayed redevelopment and construction of its Faw port near the Arabian Gulf will be completed this year, the Iraq state news agency reported, paving the way for improved access for goods to Iraq and beyond. South Korea’s Daewoo won a $2.6 billion contract to build five main piers at the port in 2010 and […] March 17, 2025
Analysis Oil & Gas Final kink obstructs reopening of Iraq-Turkey pipeline Oil pipeline closed for two years Turkey needs Iraqi oil Financial argument persists Iraq’s oil pipeline through Turkey – which has been closed for two years – is not just a pipeline. It raises a cornucopia of issues: declining Russi... Register now: It’s easy and free This content is available for registered members only. Register […] March 17, 2025
Construction Iraq plans to build one million houses in two years The Iraqi government has set an ambitious target to construct 1 million houses within the next two years to tackle a festering post-war housing crisis, according to an adviser to the prime minister quoted in local media. The government is facing elections in October. The new units would be built within 11 projects and involve […] March 13, 2025
Oil & Gas Iraq ramps up LNG import projects after US ends Iran waiver Iraq is ramping up development of an offshore liquefied natural gas terminal and a 40km pipeline, as Baghdad seeks to import more LNG following a US decision to end the country’s exemption to restrictions of the purchase of gas from Iran, according to local media. Ali Shaddad, a member of the parliament’s oil and gas […] March 10, 2025
Renewable Energy TotalEnergies starts building Iraq’s largest solar plant France’s TotalEnergies has started constructing Iraq’s largest solar power plant as part of a $27 billion energy deal it signed in 2023. The plant, based in the southern oil hub of Basra, has a production capacity of 1,000 megawatt (MW) and includes installing two million solar panels, the official news agency said, citing an Electricity […] March 7, 2025
Energy BP to develop Iraq oil fields at potential cost of $25bn British oil company BP has finalised an agreement with the Iraqi government to redevelop four oil and gas fields in the northern Kirkuk region. BP is expected to invest up to $25 billion in the project over its lifetime, according to previous reports. The deal aims to rejuvenate Iraq’s oil production capacity. It also aligns […] February 26, 2025
Banking & Finance Iraq plans digital currency to replace paper notes Iraq’s central bank is planning to issue its own digital currency to gradually replace local paper notes. The country’s central bank governor Ali Al-Allaq told a local press conference in Baghdad that the new currency is part of “radical” changes in the global financial and banking system. “These changes include the decline of paper notes […] February 26, 2025
Oil & Gas Iraq to propose new plan to offset extra oil output Iraq reaffirmed its commitment to the Opec+ agreement on Monday and said it would present an updated plan to compensate for any overproduction in previous periods, according to a statement from the Iraqi oil ministry. Baghdad, Opec’s second largest producer, said its oil minister Hayan Abdel-Ghani had spoken with Saudi Arabia’s energy minister Prince Abdulaziz […] February 25, 2025
Employment Iraq sets ambitious unemployment target The Iraqi government, which faces re-election later this year, has set ambitious targets to slash double-digit unemployment despite previous attempts foundering due to persistent instability. Mudhar Saleh, an adviser to prime minister Mohammed Al-Sudani, told the official Iraqi news agency last week that the government wants to gradually cut the jobless figure “from a double-digit […] February 24, 2025
Oil & Gas Iraq to export 185,000 bpd of crude from Kurdistan Iraq will export 185,000 barrels per day (bpd) from Kurdistan’s oilfields through the Iraq-Turkey pipeline once oil shipments resume, an Iraqi oil ministry official said on Sunday. Basim Mohammed, deputy oil minister for upstream operations, told Iraq’s state news agency that the quantity currently available for export from Kurdistan regional government oilfields is 300,000 bpd. […] February 24, 2025
Banking & Finance Oliver Wyman joins EY in Iraq bank restructuring Iraq has hired two of the world’s most prominent financial consulting firms to help restructure its banking sector, which has been wrecked by long-term violence, according to an adviser to the prime minister. London-based EY and Oliver Wyman of the US will prepare a roadmap for a plan that could include merging the country’s two […] February 21, 2025
Opinion Energy Iraq must act fast to avoid a domestic energy crisis Things are never simple in the land of the two rivers but Baghdad needs solutions now February 18, 2025
Oil & Gas Kurdistan to resume oil exports next week Oil exports from the semi-autonomous Kurdistan region will resume next week, Iraq’s oil minister said on Monday, resolving a near two-year dispute as ties between Baghdad and Erbil improve, potentially adding more supply to the oil market and weighing on prices. The oil flows were halted by Turkey in March 2023 after the International Chamber […] February 18, 2025
Oil & Gas Two new LNG terminals in Iraq to replace Iran gas Iraq is planning to build two offshore liquefied natural gas (LNG) terminals to tackle a persistent electricity supply shortage, its oil minister said on Monday. One facility to receive imported LNG needed to run its power stations will be located in the Faw port under construction in southern Iraq. The other will be at the […] February 17, 2025
Banking & Finance Iraq bans five local banks from US dollar deals Iraq’s central bank will ban five more local banks from engaging in US dollar transactions following meetings with US treasury officials. The move is in line with efforts to combat money laundering, dollar smuggling and other violations, two sources with direct knowledge of the matter told Reuters on Sunday. Meetings were held in Dubai last […] February 17, 2025
Oil & Gas Iraq-Turkmenistan gas deal unlikely to happen A gas supply agreement signed by Iraq and Turkmenistan in 2023 may never begin because of challenges with transiting the gas through neighbouring Iran, Iraqi analysts say. The deal was for nearly 20 million cubic metres of natural gas per day to supply Iraq’s power facilities, but Iraq and Turkmenistan do not share a border. […] February 13, 2025
Economy Iraq risks higher budget deficit after oil sales fall short Iraq’s budget deficit could be higher than forecast after the Opec member reported $92 billion in oil exports — less than expected — for the first 11 months of last of year. In June its parliament approved 2024 spending of around $163 billion, with revenue forecast at nearly $123 billion. This left a budget deficit […] February 11, 2025
Real Estate Iraq awards another major project in housing drive Iraq has awarded a construction and development contract for a 120,000-unit housing project to two companies, one Egyptian and one Chinese. Egypt’s Mountain View Company and China Railway will partner with Iraq’s Al-Safi Group to build Palm City in the southern Basra area, provincial Governor Asaad Al-Idani said, according to the Iraqi national news agency. In […] February 10, 2025
Economy Iraq’s external debt halves as projects start to pay off Iraq’s external debt has more than halved, driven by revenue-generating projects that help repay loans, according to a news report. External debt has declined to $9.8 billion from $20.9 billion, state-run Iraq News Agency reported, quoting technical advisor to the prime minister Mohammed Sahib Al-Daraji. He said the government is focussing on investing in productive […] February 7, 2025
Oil & Gas Iraq to stop taking Iranian gas by 2028 Iraq will phase out gas imports from neighboring Iran within three years because of persistent supply disruptions. It will instead increasingly rely on more domestic production to fuel its power stations, and electricity from other neighbours including Saudi Arabia and Jordan. Mohammed Al-Sudani, the Iraqi prime minister, said Iraq’s decision to end Iranian imports in […] February 7, 2025
