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  • Investors Iraq News's Avatar
    Today, 04:11 AM
    By John Lee. A report from UK-based newspaper The Guardian says that British Government-backed projects to tackle the aftermath of the war in Iraq have been hindered by the UK’s continuing “hostile” immigration policy. It cites the example of a civil service training scheme involving a £330,000 contract between the General Company for the Ports of Iraq (GCPI) and Middle East Graduate (MEG), a Sheffield-based student recruitment agency; the scheme now faces being axed after immigration officials rejected dozens of student visa applications. Another project, funded by the UK government to research gender-based displacement and violence in Iraqi Kurdistan, was hampered when six members of the project’s Iraq-based team were denied visas. More here. (Source: The Guardian) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 12 view(s)
  • Investors Iraq News's Avatar
    Today, 04:11 AM
    By John Lee. Two companies have won tenders to supply “Hook & Line equipment and Metal Detectors” to the United Nations Office for Project Services (UNOPS) in Iraq. The contract with South Africa-based LVP Technology is valued at $608,292, while the contract with Monaco-based MKG sarl is valued at $144,845. (Source: UNGM) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 14 view(s)
  • Investors Iraq News's Avatar
    Today, 04:11 AM
    Iraqi religious leaders have laid the cornerstone to rebuild Mosul’s landmark Al-Nouri Grand Mosque, which was blown up in the battle with Daesh terrorists in 2017. The mosque and its iconic leaning minaret were built in the 12th century. Iraqi forces defeated the terror group in the last of its urban strongholds last year, recapturing Mosul in a fierce battle that saw the Al-Nouri Mosque destroyed. Dignitaries from the EU and the UN attended the ceremony in the mosque’s courtyard, where Abdulateef al-Humayim, head of Iraq’s Sunni endowments, led the proceedings on Sunday, AP reported. The UAE donated $50.4 million to rebuild the mosque. Construction is expected to take five years. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 13 view(s)
  • Investors Iraq News's Avatar
    Today, 04:11 AM
    The central banks of Iran and Iraq are finalizing negotiations to begin trade in their own currencies, chairman of Iran-Iraq Chamber of Commerce said. Speaking to Tasnim, Yahya Ale-Eshaq said negotiations between the central banks of Iran and Iraq are under way to reach an agreement on using rial and dinar in bilateral trade. Once finalized, the agreement would allow the banks of the two countries to issue letters of credit on the basis of Iranian rial and Iraqi dinar, he added. Ale-Eshaq also noted that the value of Iran’s exports to Iraq in the first eight months of the current Iranian year (March 21- November 21) reached $8 billion, equal to the total amount of exports to Iraq in the previous year. On Saturday, secretary general of Iran-Iraq joint chamber of commerce, Hamid Hosseini, said the daily value of Iran’s exports to Iraq stands at $45 million and sometimes reaches $70 million. Iraq’s new Foreign Minister Mohamed Ali Alhakim has made it clear that his country cannot cut off trade ties with Iran under the US sanctions, saying the value of annual trade between Iran and Iraq amounts to $12 billion. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 16 view(s)
  • Investors Iraq News's Avatar
    Today, 04:11 AM
    By John Lee. The State-owned Trade Bank of Iraq (TBI) is reportedly looking to acquire a lender in Turkey, the country’s biggest trade partner, after abandoning a previous attempt. Chairman Faisal Al Haimus is quoted by The National as saying that the TBI is keen on a conventional bank rather than a Sharia-compliant bank, but he declined to name a target. Buying a Turkish bank would be the TBI’s first overseas acquisition, which will be financed from $350 million the lender earmarked for buying assets. More here. (Source: The National) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 15 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 02:36 PM
    Ms. Jeanine Hennis-Plasschaert assumed her responsibilities today as Special Representative for Iraq of the United Nations Secretary-General and Head of the United Nations Assistance Mission for Iraq (UNAMI), pledging continued UN support for Iraq in its post-conflict recovery. “I am delighted to be here in Baghdad and ready to get down to work. We will continue our efforts in support of Iraq as the country recovers from the fight against terrorism and looks towards a brighter future,” the Special Representative said. “I count on the support of the experienced staff in UNAMI and the UN family in Iraq, and the continued excellent cooperation of the host country so that together we can deliver on our programmes in the service of Iraq and the Iraqis. It is my intention to make the wellbeing of the Iraqis a top priority, and work towards that goal in the security, humanitarian, political, economic and development fields.” Ms. Hennis-Plasschaert, of the Netherlands, brings over 20 years of political and diplomatic experience, having served in several high-level Government and parliamentary positions. She was Minister for Defence of the Netherlands (2012-2017). Ms. Plasschaert also served as a member of the House of Representatives of the Netherlands (2010-2012) and a member of the European Parliament (2004-2010). She worked for the European Commission in Brussels and in Riga, Latvia, and for the City of Amsterdam. UN Secretary-General Antonio Gueterres appointed Ms. Hennis-Plasschaert on 31 August 2018. She succeeded Mr. Ján Kubiš who has served in the post for almost four years. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 33 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 02:36 PM
    By John Lee. More than 100 top executives from more than 50 US companies visitied Iraq last week as part of a US-Iraq trade mission. Steve Lutes, vice president of Middle East Affairs at the U.S. Chamber of Commerce, said: “We want to expand and diversify the US involvement in commercial activity … We look forward to building on this momentum and exploring next steps!” U.S. Ambassador Douglas Silliman described the event as, “the largest US Chamber of Commerce business delegation anywhere in the world this year!” “Now we work to negotiate real contracts and investments,” he added. (Sources: Govt of Iraq, US Chamber of Commerce) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 33 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 02:36 PM
    His Excellency Prime Minister Adil Abd Al-Mahdi expressed his country’s pride in the level of relations with Japan, commended the Japanese government for its support in the fields of security, stability, reconstruction projects, economic and cultural cooperation.His Excellency said during his reception to the Japanese Prime Minister’s Special Adviser Kentaro Sonoura and his accompanying delegation: Japan will be an excellent partner for Iraq, while many infrastructure and service projects in Iraq have been done and we have a lot of interests and ambitions for future projects, underscoring that Iraq has begun to regain stability, health and doing vital role while the countries of the world coming to us because they do feel our country stability, strengthening the security and democratic life. His Excellency Prime Minister presented an initiative for partnership, economic and rebuilding cooperation between the Iraqi and Japanese governments, including the call for the establishment of a joint fund to finance reconstruction projects through the quantities of Iraqi oil exported to Japan. The Fund also funds the Japanese side to encourage Japanese companies to operate in Iraq, The Iraqi government will provide a package of projects in a way that ensures the success of the work of Japanese companies and accelerate their efforts and smooth work. Concerning that initiative, His Excellency Prime Minister confirmed that this initiative will strengthen the Mutual relationship between the two countries, accelerate reconstruction efforts, establishing economic projects, provide job opportunities for Iraqis, diversify national wealth and reduce dependence on oil, also providing opportunities for Japan’s presence in the Iraqi market and the region in general. The Japanese official expressed his interest in the project; He said that he was present when His Excellency Prime Minister presented those projects during His Excellency visit to Japan as oil minister, assuring that he expressed interesting in that vision. It was agreed that the Iraqi side will submit a statement of the main lines of the project through the Japanese Embassy in Baghdad to be studied by the Japanese authorities, thus contributing to the consolidation of cooperation between the two parties. The Japanese official conveyed greetings and congratulations to His Excellency Prime Minister on the occasion of the government formation, reaffirming the Japanese government’s aspiration to expand mutual relations with Iraq in all areas and move more effectively in support of Iraq’s stability, reconstruction, completion of service projects, supporting the Iraqi government’s efforts to develop the Iraqi economy, strengthening security and stability and empowering democratic experience. (Source: Media Office of the Prime Minister) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 28 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 02:36 PM
    By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Restraining the Game-Changer: A Decade of Uneven Development in Iraq Petroleum SectorThe development of the Iraqi petroleum sector during the period 2008-2018 represents, from all related aspects, a distinct phase in the sector and in its role in the national economy. Sector-wide petroleum comprises three different but organically liked sub-sectors through critical forward-backward linkages: Upstream (including exploration, field development and production); Midstream (pipeline, storage, export terminals and related infrastructures); Downstream (mainly, crude oil refining, gas processing, petroleum product distribution and petrochemical industries). Though the “State” has been the dominant actor in petroleum sector development, the post 2003 period witnessed an erosion of that role through a grand opening of the sector for International Oil Companies- IOCs; different contractual modalities, mostly reflecting the peculiarities and realities of each sub-sector, were proposed or adopted to govern the legal relations with the IOCs. Thorough and continuing follow-up and research suggest that most of the evidenced development has taken place in the upstream sub-sector, with heavy IOCs involvement in a significant part of the country’ proven oil reserves through four bid rounds that contracted the most prized oilfields; while other two sub-sectors continue-trapped in their chronic misalignment, obsolete technologies and wasteful practices of invaluable natural resource. Moreover, the “triple shocks”; collapsing oil prices since June 2014 (economic risks) accompanied by Da’esh (security risks) effects and Kurdistan Regional Government-KRG taking-over some of North Oil Company-NOC oilfields (June 2014-October 2017) (political risks) made matters even more devastating. And with the then prevailed notions of “the new normal” and the prospect of “lower-for-longer oil price” that contributed into further deepening the fiscal crisis of the state had elevated the “fear-factor” among Iraqi decision makers. That, combining with apparent human, systemic and institutional capacity-gaps limitations (business risks), had resulted in: Iraq giving important concessions to IOCs without having tangible benefits in return; Weakened severely Iraq’s strength in any future negotiation with the IOCs; Establishing a powerful precedent for costly domino effects. Accordingly, the article would argue that, analytically and empirically, a sub-sector focused policy could generate triple-negativities: on the development in that sub-sector; on the entire sector itself and on the sector’s contribution to the development of the national economy. That, obviously, is a testimony of and an indication to the absence of well thought, coherent and integrated petroleum and energy policy; and to the futility of the “indicative non- mandatory” National Development Plan-NDP. Hence, the logical consequences and outcomes would exacerbate structural imbalances, deepen vulnerabilities to external factors and increase dependency on oil revenues, which prohibits desirable structural change, diversification and transformation; a vicious circle of dependency and uneven development. The nature of the topic decides the research methodology. Hence, the article is a multi-disciplinary in its approach focusing on the relevant and important economic, legal, institutional, political economy and geopolitical analytical frameworks and aspects. Also, the article offers evidence-based analysis by relying on official, verifiable and crossed-checked data, information and documentation. Time-series and charts for the ten-years covered period are necessary, and available, for elaboration but avoided for space restriction. The article adopts a holistic view by addressing the three interrelated levels of analysis: micro, sectoral and macro (national), excluding KRG. Throughout the article, many questions were posed indicating the need for further scholarly work and research investigation. Finally, because of my constant follow-up and frequent contributions on Iraqi energy and petroleum sector, this article refers heavily to some of my previous works and publications. The article comprises two parts and concluding remarks: part one identifies and analyzes the most important milestones in petroleum upstream development while part two provides assessment of successes and failures in the petroleum sector-wide and their implications for Iraq. The above is an edited “Abstract and Introduction” of my article published by the academic periodical-IJCIS: Jiyad, A. M. (2018), ‘Restraining the game-changer: A decade of uneven development in the petroleum sector’, International Journal of Contemporary Iraqi Studies, 12:3, pp. 239–67, doi: 10.1386/jcis.12.3.239_1) Kindly note that IJCIS, publishes by Intellect Books-UK, is a subscription periodical with a possibility to purchase, online, the entire issue or any of its articles; web-access link will be provided once the printed copy issue is released in the coming days. Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad’s biography here. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 32 view(s)
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