By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

Iran questions Iraq’s promise to import oil despite sanctions

Iran and Iraq have quite different views of their relationship status, with Tehran claiming it’s been jilted and Baghdad declaring it’s being faithful.

Iranian Minister of Petroleum Bijan Zangeneh (pictured) surprised Iraqi officials Feb. 7 when he very publicly expressed dissatisfaction with Iraq “reversing some oil agreements, and refusing to invest in the border oil fields and to pay Iran its [$2 billion in] debts.”

He indicated that “Baghdad’s commitment to the US sanctions has prompted [Iraq] to revoke minor agreements, such as the Kirkuk deal, under which we traded 11,000 barrels of oil a day.”

Iraq ended that deal in November under US pressure. The United States has imposed sanctions on Tehran and countries that defy those sanctions by continuing to do business with Iran.

Zangeneh’s remarks contradict the outcome of his meeting in Baghdad with Iraqi Oil Minister Thamir Ghadhban last month, when they agreed that Iraq would import gas from Iran and develop some border fields.

Click here to read the full story.

UK Export Finance (UKEF) will support a €30.2 million contract for the refurbishment of Al Mussaib power station in southern Iraq, the UK government has announced.

The support will enable the rehabilitation of a 320 megawatt (MW) turbine, that will help improve the overall efficiency and output at the power station.

Al Mussaib power station, located close to Baghdad, is one of the main providers of electricity for the city. Increasing its output will help secure the supply of basic electricity to Baghdad residents.

Minister of State for Trade and Export Promotion, Baroness Fairhead (pictured) said:

I am delighted that UK Export Finance is supporting the first phase of the refurbishment, which will have such a significant impact on the supply and security of electricity in southern Iraq.

“The demand for UK expertise on complex projects like this highlights the UK’s leadership in this sector and I am delighted that UK Export Finance is supporting projects that will have such a direct impact on improving the country’s infrastructure and the lives of the Iraqi people.

“I encourage likeminded businesses to get in touch with UKEF to learn more about the kind of financial support we can provide.”

This announcement follows the agreement between the governments of the UK and Iraq signed in March 2017, which re-affirmed the UK’s commitment to Iraq’s continued economic development.

Darren Davidson, Managing Director – Power Generation Services, Power & Gas, Siemens UK said:

“The refurbishment of the Al Mussaib power plant will be hugely important both for the citizens of Baghdad and for our international business. UKEF’s support demonstrates the UK government’s commitment to improving Iraq’s infrastructure and the UK’s energy sector.”

(Source: UKEF)

By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

 Baghdad defends advantages of Iraq-Jordan agreement from critics

Iraqi Prime Minister Adel Abdul Mahdi and his Jordanian counterpart, Omar al-Razza, signed 14 economic agreements Feb. 2 between the two countries, during their meetings on the Iraqi-Jordan border, where a joint industrial city will be established.

The agreements include the transport, trade, health, agriculture, finance and energy sectors.

The recent economic agreements between the Iraqi and Jordanian governments have raised controversy in Iraq, as some Iraqi political and economic institutions believe these understandings favor Jordan and harm Iraq. The Asaib Ahl al-Haq (League of the Righteous), headed by Qais Khazali, said “the Iraqi citizens will pay the tax of these agreements.

As with most other issues in Iraq, these agreements divided Iraqi political camps into two. One was welcoming, and the other denounced the agreements as having no economic feasibility for Iraq — especially those related to extending a pipeline from Iraq’s oil-rich government of Basra to Aqaba.

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Euphrates Advisors LLC and AUIS announce establishment of Euphrates Fund Scholarship

Euphrates Advisors LLC and American University of Iraq, Sulaimani (AUIS) announced today the establishment of the Euphrates Fund Scholarship (EFS), a generous grant that will cover the tuition of one University student each year.

Euphrates Advisors is an investment firm that manages the Euphrates Iraq Fund Ltd., which invests in Iraqi companies listed on the Iraq Stock Exchange (ISX). The Fund has invested more than $130 million since it was established in 2010.

Geoffrey Batt, managing director and founder of Euphrates Advisors LLC, said:

AUIS – by providing a rigorous higher education rooted in a liberal arts tradition to promising Iraqi youth – is playing an essential role in building a more prosperous and humane Iraq. We are proud to support your work with this scholarship.”

Euphrates Advisors has an existing relationship with AUIS, recruiting talented alumni to join its workforce. AUIS alumnus Qusay M. Muhyaldeen joined the firm as a consultant in the Baghdad office before moving on the the Washington, DC office as an analyst.

Grant Felgenhauer, Managing Partner of Euphrates Advisors, added:

“AUIS students graduate with deep critical thinking and analytical skills, together with a desire to contribute to the future development of Iraq — which is why we hire them.”

Christine van den Toorn, AUIS’ Executive Director of External Relations and Policy said of the scholarship:

“Through support like this from the private sector, AUIS is able to educate more Iraqi youth, preparing them to be engaged citizens and successful young professionals. The majority of our graduates work in the private sector, for leading US and multinational and local companies, and I’d say AUIS is really fueling the Iraqi private sector, and so we appreciate that they give back to AUIS in this way that benefits us both.”

To learn more about opportunities to support the education of Iraq’s future leaders, contact Christine van den Toorn (EU/MENA) at, or Mrs. Liza O’Connor-Stroud (US) at

(Source: AUIS)

Al-Hamdani: Iraq seeks access to the World Trade Organization and its integration into the global economy

Al-Hamdani: Iraq seeks to reach the World Trade Organization and integrate it with the global economy skip after: Economy 2019/02/25 11:05 115

Baghdad Chamber of Commerce chief Jafar al-Hamdani said Monday (25 February that Iraq is pursuing various ways, activities and events to reach the WTO agreement and integrate its economy with the global economy.

"After Iraq signed the trade agreement with the Jordanian side, the trade and economic relations with the merchants and businessmen of both countries have been revived," al-Hamdani said during the signing of an agreement between the Baghdad Chamber of Commerce and the Amman Chamber of Industry in a statement received.

"The agreement was signed during the Jordanian-Iraqi business forum, which was attended by Iraqi minister of Industry and Minerals Saleh al-Jabouri and a selection of Iraqi industrial and commercial figures, as well as Jordanian minister of Industry, Minerals and trade Tariq al-Hamouri and Jordanian personalities," the statement added. Other ".

"Iraq is in dire need of a joint Arab economic project to return to the Arab and international incubator," Al-Hamdani said, noting that "the agreements signed with Jordan will be the real breakthrough."

"Iraq wants to be present at the Arab and international economic events and to arrive as soon as possible with the World Trade Organization Agreement and the integration of Iraq into the global economy," he said, pointing out that "the agreements will be an opportunity to reach the Red Sea ports through Jordan."

"Iraq wants Jordan to reach out to international banks, to establish economic partnerships with Jordanian businessmen and to supply goods through Aqaba," al-Hamdani said.…84%D9%84%D9%88

"NATO " reveals the mission of its forces in Iraq: identified/"NATO " reveals the mission of its forces in Iraq: identified

The NATO/NATO mission in Iraq on Monday (25 February 2019) disclosed the mission of its forces, which was confirmed four months ago.

"This task has been identified about four months from now, our goal is to advise the Iraqi Ministry of Defence, the Office of the National Security Advisor, the Prime Minister and the General Operations Centre," said the commander of NATO forces in Iraq, Danny Fortin, in a press statement.

"We also train military school instructors and provide them with professional military education," he said, adding that "this mission includes Baghdad and a number of other areas of Iraq."

"Thanks to our history (NATO), which is renowned for providing specialties and our expertise in training, exercise and qualification in a number of countries, we can help the Iraqi army evolve in several areas and become a professional force," he said.

"His forces have recently started training Iraqi soldiers, working with various branches of the Ministry of Defense, and starting from military schools, we are preparing military instructors,"

he said, "although their numbers are few but we are working as a complement to other efforts, and we are working side by side with the Ministry of Defense on Prepare those trainers who will become the future military instructors in schools. "

"His forces aim to make the Iraqis reach a level where they are able to train their troops instead of resorting to foreigners, like us, to train their troops," Fortin said.

That’s the point. Our task is not to fight battles and combat, not to train in battlefields or to provide field advice. "What we do is to provide training in schools and military colleges, to help the Iraqi army to be better and more professional."…88%D8%A7%D8%AA

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st February 2019).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD605 (-3.7%) / $650 (-3.7%) (weekly change) (-8.3% and -8.5% YTD change, respectively). The number of week traded shares was 3.1 bn and the weekly trading volume was IQD1.4 bn ($1.2 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,352,877 on Sunday (Feb. 24, 2019). [Table: 2.3]
  • ISX will suspend trading of International Islamic Bank (BINT) starting Mar. 4, 2019 due to the AGM* that will be held on Mar. 7, 2019 to discuss increasing the capital from IQD100 bn to IQD250 bn through 150% rights issue.
  • Union Bank of Iraq (BUOI) will hold an AGM* on Mar. 6, 2019 to discuss and approve 2016 annual financial results. The bank has been suspended from trading since Aug. 6, 2017 by an ISC decision.
  • ISX will suspend trading of Modern Animal & Agricultural Production (AMAP) starting Feb. 25, 2019 due to the GA that will be held on Feb. 28, 2019 to elect 7 new original and 7 alternative board members. AMAP will resume trading on Mar. 3, 2019.
  • ISX suspended trading of Credit Bank of Iraq (BROI) starting Feb. 20, 2019 due to the AGM* that will be held on Feb. 25, 2019 to discuss and approve 2017 annual financial results.
  • Al-Qurtas Islamic Bank for Investment and Finance (BQUR) having a capital of IQD250bn paid-in capital, started trading in non-regular market on Feb. 19, 2019.
  • Cross Transactions: 11.5 bn shares of International Islamic Bank (BINT) on Feb. 11, 2019.
Learn about Iraq’s credit rating


Baghdad – Iraq’s credit rating will remain B- / B with a stable outlook, Standard & Poor’s ratings agency said.

The agency said on Saturday that a stable outlook reflected its view that risks to the performance of public finances in Iraq would be contained.

It said it did not expect to raise its ratings for Iraq over the next 12 months.…storyid=189479

Iraq participates in the Arab-European summit


BAGHDAD / President of the Republic Luqman al-Fili said on Saturday that President Barham Saleh will participate in the Arab-European summit to be held on Sunday in Sharm el-Sheikh.

"The president will meet on the sidelines of the conference, "Iraq will participate in the conference’s axes, which include strengthening Arab-European relations in the fields of security, counter-terrorism, trade, investment, pluralism and migration, as well as the situation in the region," he said.

"The president will travel to France after a two-day working visit to France at the invitation of French President Emmanuel Macaron, and it is hoped that he will meet with senior French officials," Faily said. And senators. "…-%D8%A7%D9%84/

Iraq adopts a new currency by dealing with Iran and is close to completing a deal

Baghdad is close to completing a deal to import energy from Iran by moving away from the dollar and adopting other currencies in trade accounts between the two countries, Prime Minister Abdul Karim Hashim Mustafa’s adviser said on Thursday.

"A large delegation from the Central Bank of Iran has proposed the idea of ​​trading with Iran in European currency, Iraqi dinar or oil," Mustafa said in a recent interview in Moscow on the sidelines of the Valdae International Conference on the Middle East.

"The sanctions against Iran are American and we have the right to protect our national interests; we always tell the Americans: ‘We are friends, but we are not part of your policy in the region.’