Energy Iraq expects Kurdistan oil exports to resume shortly Iraq expects to reach an agreement with the Kurdistan Regional Government (KRG) to restart oil export flows from the country’s semi-autonomous Kurdistan region within two weeks, oil minister Hayan Abdel Ghani said at a conference in Baghdad. Turkey halted Iraq’s 450,000 barrels per day (bpd) of northern exports through the Iraq-Turkey pipeline on March 25 […] May 4, 2023
Energy Iraq’s northern oil exports show few signs of restarting Iraq’s northern oil exports showed few concrete signs of an imminent restart after a month of standstill, as aspects of an agreement between Baghdad and the Kurdistan regional government (KRG) have yet to be resolved, according to four sources. Turkey halted Iraq’s 450,000 barrels per day (bpd) of northern exports on March 25 after an […] April 25, 2023
Energy Baghdad and KRG iron out issues to resume oil exports Iraq’s federal government and the Kurdistan Regional Government (KRG) have ironed out technical issues essential to resuming northern oil exports from the Turkish port of Ceyhan to international markets, sources told Reuters on Monday. Turkey halted Iraq’s 450,000 bpd of northern exports on March 25 after an arbitration ruling by the International Chamber of Commerce […] April 18, 2023
Energy Oil bosses join talks in sign of Iraq-Kurdistan progress When Iraqi and Kurdish officials met in Baghdad this week over a long-running dispute that has halted oil exports from Iraq’s semi-autonomous region of Kurdistan, insiders said the presence of international executives underscored a new resolve. In the room on Monday was Russell Hardy, head of the world’s largest oil trader Vitol, alongside executives from […] April 7, 2023
Energy Iraq revives $10bn deal vital to increasing its oil output Iraq has agreed terms on a long-stalled $10 billion deal with France’s TotalEnergies and QatarEnergy. The deal includes building a seawater treatment plant, which is vital to increasing oil output in Iraq, Opec’s second largest crude producer. The Baghdad government wants to nearly double Iraq’s oil production to 8 million barrels per day (bpd) by […] April 5, 2023
Energy Iraq wins court battle to halt Kurdistan oil flow Iraqi Kurdistan’s control over its oil industry is in jeopardy following a landmark international court ruling in Iraq’s favour which has halted pipeline crude exports from the semi-autonomous region. Iraq had sued Turkey, arguing that only the Baghdad administration had the legal right to export oil via a pipeline to the Turkish city Ceyhan, not […] March 28, 2023
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
