By Aymen Al-Faisal, for the Al-Bayan Center for Planning and Studies. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

The Implications of the Coronavirus on the Overall Situation in Iraq

With the spread of the coronavirus globally, many countries around the world face several challenges in the absence of any looming solutions so far.

Economies are the most affected by this virus that led to restrict the movement and the freedom of travel between countries, limit the transport of goods by sea and land, and raise spending on precautionary measures to limit the virus spread.

Since the discovery of the virus in January, the stock market has not declined only in China, but it has impacted the Asian and the American markets as well.

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By John Lee.

The China Petroleum Engineering & Construction Corp (CPECC) has reportedly won a $203.5 million engineering contract to treat sour gas at the Majnoon oilfield in Iraq.

According to Reuters, the field is now producing around 240,000 barrels per day (bpd), with plans to boost output to 450,000 bpd in 2021.

Originally awarded to Shell (45%), Petronas (30%) and the Maysan Oil Company (25%) in 2009, the field was taken over by the state-owned Basra Oil Company (BOC) at the end of June 2018, with operations and maintenance contracted to Chinese company Anton Oilfield Services Group (Antonoil) and the US company KBR.

(Source: Reuters)

By John Lee.

The China Petroleum Engineering & Construction Corp (CPECC) has reportedly won a $203.5 million engineering contract to treat sour gas at the Majnoon oilfield in Iraq.

According to Reuters, the field is now producing around 240,000 barrels per day (bpd), with plans to boost output to 450,000 bpd in 2021.

Originally awarded to Shell (45%), Petronas (30%) and the Maysan Oil Company (25%) in 2009, the field was taken over by the state-owned Basra Oil Company (BOC) at the end of June 2018, with operations and maintenance contracted to Chinese company Anton Oilfield Services Group (Antonoil) and the US company KBR.

(Source: Reuters)

By John Lee.

China’s Anton Oilfield Services (AntonOil) has reported that the Group has received written confirmation from its Iraqi customer in advance that it will automatically renew the 2-year contract after its expiry on July 1, 2020 for one year.

In its unaudited interim results for the one year ended 31 December 2019, it added:

“The Group is confident to rely on quality management to continue to create value for customers and strive to provide long-term and continuous management services for the oilfield. In addition, the Group will make every effort to expand towards the markets of other international oil companies in Iraq, actively seek cooperation opportunities with more international oil companies.”

It said that its large-scale integrated oilfield management project in Iraq has been running smoothly for one and a half years, and:

in 2019, the Company obtained a total of approximately RMB2,137.2 million of new orders in the Iraqi market, an increase of approximately 22.8% compared to RMB1,740.5 million in the same period last year; the Company recorded revenue of approximately RMB1419.8 million, an increase of approximately 21.3% from the RMB1,170.6 million in the same period last year.

The company is involved in the development of the Majnoon Oil Field in Basra.

(Source: Anton Oilfield Services)

Iranian Foreign Minister Mohammad Javad Zarif and his Iraqi counterpart, Mohamed Ali al-Hakim, stressed the need for joint measures to combat the new coronavirus, known as COVID-19.

In a telephone conversation on Monday night, Zarif and Hakim exchanged views about a host of topics, including the latest developments in the region as well as ways to boost bilateral relations between Tehran and Baghdad.

The two sides also discussed the coronavirus epidemic and stressed the need for joint measures to contain the spread of the infectious disease.

According to Iran’s Health Ministry, the death toll from the COVID-19 outbreak in Iran rose to 66 on Monday, with the confirmed cases of infection surpassing 1,500.

The ministry said out of 7,280 people who have gone to medical centers across the country so far, 4,312 are suspicious cases.

Medical staffs in 20 provinces of Iran have been working tirelessly over the past days to contain the novel coronavirus that has originated from China.

Following the increase of coronavirus increase, the Iranian government ordered the shutting of schools and universities and a ban on concerts and sports events.

Several high-ranking officials, including the deputy health minister and five lawmakers, have tested positive for the coronavirus as the spread of the outbreak forced the government to call on people to stay at home.

(Source: Tasnim, under Creative Commons licence)

By John Lee.

According to statistics from Turkey’s official statistical office, TurkStat, the country sold $20 million more to Iraq in January than it imported.

In January 2020, Turkey’s main partner country for exports was Germany with $1.415 billion, followed by Italy with  $888 million, the United Kingdom with $869 million, Iraq with $816 million,s and USA with $746 million. The ratio of total  export of the first five countries in total export was 32.1 percent.

The top country for Turkey’s imports was Russia with $2.083 billion, followed by China with $1.886 billion, Germany with $1.349 billion, USA with $1.223 billion, and Iraq with $796 million. The ratio of first five countries in total import was 38.2 percent.

(Source: TurkStat)

(Picture credit: Tasnim, under Creative Commons licence)

By John Lee.

Iraq has banned all public gatherings and barred entry to travellers from a number of countries affected by the coronavirus (covid19).

Entry permits are being denied to foreigners arriving directly or indirectly from China, Iran, Thailand, South Korea, Japan, Italy, and Singapore, until further notice.

Despite the ban on public gatherings, protesters continue to demonstrate in Baghdad and elsewhere.

(Sources: MOFA, Middle East Eye)