Analysis Energy 145 billion barrels of oil, but patience is running dry in Iraq Iraq has vast reserves of crude oil – 145 billion barrels as of 2022 and more than 8 percent of the global total – but economists and analysts have warned that Baghdad will struggle to meet its output targets unless it offers better operating terms to Western oil majors. The country remains hugely reliant on […] March 21, 2023
Energy Iraq in final stages of talks on $27bn TotalEnergies deal Talks between French oil major TotalEnergies and Iraq to resolve sticking points in a long-delayed $27 billion energy deal “have reached advanced stages”, Iraqi oil minister Hayan Abdel Ghani said. “We will activate the deal very soon,” Abdel Ghani said at an energy event. The proposed deal, which Baghdad hopes will revive foreign investment in […] March 20, 2023
Economy Iraq cabinet approves 2023 draft budget of $136bn Iraq’s cabinet has approved a 2023 draft budget of 197.828 trillion Iraqi dinars ($135.6 billion), Prime Minister Shia Al-Sudani said. The deficit is estimated to come to 63 trillion dinars in the new budget, he added. The draft budget will be referred to parliament for approval. In February, Iraq’s central bank said it plans […] March 14, 2023
Banking & Finance Iraq’s central bank to allow trade with China in yuan Iraq’s central bank has said it plans to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access to foreign currency. The central bank has been taking urgent steps to compensate for a dollar shortage in local markets, which prompted the cabinet to approve a […] February 23, 2023
Energy UAE’s Crescent Petroleum signs oil and gas deals in Iraq Crescent Petroleum, the UAE’s privately owned upstream oil and gas company, has signed three 20-year agreements to develop new oil and gas fields in Iraq. The deal with Iraq’s Ministry of Oil will see the company appraise, develop and produce oil and gas from two blocks in Diyala governorate and one in Basra governorate. The […] February 21, 2023
Banking & Finance Iraq revalues currency and sets new exchange rate Iraq’s cabinet approved a currency revaluation on Tuesday and set the exchange rate at 1,300 dinars per US dollar, a cabinet statement said on Tuesday. The Iraqi dinar had been selling at 1,470 dinars against the dollar before the New York Federal Reserve introduced tighter controls on international dollar transactions by commercial Iraqi banks in […] February 8, 2023
Energy Qatar said to take 20-25% stake in TotalEnergies’ Iraq project The head of Iraq’s Basra Oil Company (BOC) told Reuters on Wednesday that he expects Qatar to acquire a 20-25 percent stake in TotalEnergies’ $27 billion cluster of energy projects in the country, with the Baghdad government aiming to hold around 40 percent. A major investment in the projects by a Gulf state would be […] February 2, 2023
Economy High inflation boosts demand for gold Demand for gold coins, bars and jewellery soared in the Middle East last year, according to the World Gold Council. In 2022 demand for gold coins and bars in the Mena region surged 42 percent year-on-year to 77.8 tonnes, the highest annual total since 2018. “Egypt, Qatar, Iraq, the UAE and Oman significantly boosted their […] February 1, 2023
Banking & Finance Iraqi dinar’s slide triggers price rise in imported goods Hundreds of people demonstrated near central bank headquarters in Baghdad on Wednesday to protest at the recent slide of the Iraqi dinar against the dollar that has triggered a rise in prices of imported consumer goods. Masses from different regions across the country waved Iraqi flags or carried banners demanding government intervention to stop the […] January 26, 2023
Energy Germany in talks with Iraq over possible gas imports Germany is in talks with Iraq over the possibility of importing natural gas from the oil-rich country, Chancellor Olaf Scholz said on Friday, as Berlin scrambles to diversify its energy sources to replace a drop in Russian fossil fuel shipments. “We also talked about possible gas deliveries to Germany and agreed to stay in close […] January 15, 2023
Energy Siemens Energy signs pact to develop Iraq’s power grid Siemens Energy plans to boost its cooperation with Iraq in the coming years, the company said on Friday, as its CEO inked a deal with the Iraqi government to develop the country’s power network. Siemens Energy CEO Christian Bruch signed a memorandum of understanding with Iraqi electricity minister Ziyad Ali to provide an additional 11 […] January 15, 2023
Energy Iraq’s oil revenue crosses $115bn in 2022 Iraq’s oil revenues exceeded $115 billion in 2022, according to figures announced this week by the oil ministry. Over 1.209 billion barrels of oil were exported, said the state-owned Iraqi News Agency reported, citing figures from deputy prime minister for energy affairs and minister of oil, Hayan Abdul-Ghani. Most of the exports were to China, […] January 4, 2023
Analysis Banking & Finance Iraq: a hidden gem for bargain-hungry tech investors Flush with oil and boasting one of the Middle East’s largest and youngest populations, war-blighted Iraq could yet be the region’s next big investment destination. Many of the apparent disadvantages of Iraq, such as being a cash-based society and low startup valuations, present opportunities for the right investors looking to use their cash for maximum […] December 6, 2022
Retail Lulu Group targets Iraq and Africa ahead of Abu Dhabi IPO Lulu Group International is planning a listing on the Abu Dhabi Securities Exchange in 2023 and has hired investment bank Moelis & Co to advise it. The supermarket chain, which has its headquarters in Abu Dhabi, also confirmed to AGBI that it will add new outlets to its network as it consolidates in the Middle […] October 14, 2022
Energy France’s TotalEnergies sells 18% interest in Iraqi Sarsang oil field French multi-energy company TotalEnergies has sold its 18 percent interest in the onshore Sarsang oil field in the Kurdistan region of Iraq for $155 million, the company said in a statement. Depending on production and oil prices, additional contingent consideration of $15 million will be payable in the future. The stake was sold to ShaMaran […] September 16, 2022
Analysis Economy Nadhim Zahawi: the Iraqi tasked with rebuilding the UK economy New British chancellor of the exchequer Nadhim Zahawi says his rise from “an immigrant boy” to hold the job as steward of the country’s treasury showed what a great country Britain was. Zahawi was appointed chancellor late yesterday after a series of ministerial resignations in protest at Boris Johnson’s premiership, including that of former chancellor […] July 6, 2022
Opinion Development How global brands can get on the road to Babylon The scars of war are rarely seen as Iraq opens its doors to international business June 23, 2022
Analysis Energy Oil sector revs up to exploit higher prices The Iraqi oil sector is surging, with revenues hitting $11.1 billion in March – the highest monthly oil export figure since 1972. In April, crude oil exports (excluding the Kurdistan region) rose by 3.9 percent to 3.38 million barrels a day. Buoyed by promising increases in output and high oil prices, Baghdad is setting optimistic […] June 23, 2022
Environment Sweltering heatwave adds to power cuts misery Iraq’s problems are piling up and threatening protests: Price increases, a faltering power grid and a summer heatwave made all the more unbearable by electricity outages limiting air conditioning and the use of fridges for many. While the southern city of Basra is used to scorching summers, this year it has started sooner than expected, […] June 23, 2022
Analysis Development Political impasse overshadows oil bonanza Precious time is slipping away in Iraq. Since parliamentary elections eight months ago, a political impasse has blocked any moves to deal with the country’s bundle of crises: the lack of access to basic services, insecurity, high unemployment and rampant corruption. The Sadrist Movement, which won the most seats in the October 2021 election, proposed […] June 23, 2022
Analysis Development Power infrastructure continues to generate headaches As the peak summer months draw near and political stalemate continues to block hopes for reform in Iraq, concern is mounting that the poor performance of the country’s power sector could spark a return to mass protests. Iraq’s electricity infrastructure is in dire straits. Ravaged by war, decades of mismanagement, political chaos and corruption, power […] June 23, 2022
‘No development’ in Tehran-Riyadh talks, says minister Iran’s foreign ministry said yesterday there has been “no new development” since April in talks between Iran and Saudi Arabia, shortly after a lawmaker said top diplomats of the rival countries will meet soon. Earlier, an Iranian lawmaker told the semi-official Fars news agency that Iran’s Hossein Amirabdollahian will soon meet his Saudi counterpart Faisal […] May 18, 2022
