The Iraq Energy Institute (IEI) has issued its 2018 Annual Report, entitled “Riding the Oil Markets, Iraq’s Economy in Transition“.

In its summary, the IEI says:

Iraq’s fortunes are once again highly dependent upon oil prices following a period where the government succeeded in stabilising expenditures, on the basis of IMF conditionality.

“This period was of course accompanied by the 2014-2017 war against the self-declared “Islamic State,” when Iraq was struggling through an existential conflict. During this difficult time, Iraq’s fundamental stability, on virtually every metric, was supported by the success of its energy sector.

“On that basis, 2018 carried good news for Iraq, not only due to rising oil prices. This report outlines some of the areas where oil and gas have truly contributed to energizing Iraq’s economy, looking at increasing gas utilization in southern Iraq, which now carries the real potential to alleviate Iraq’s electricity crisis.

“We examine growing cooperation between the Federal Government and the Kurdish Region of Iraq in the energy sector, which is increasingly based on a firmer legal footing with the passing of the 2019 budget law, which could in theory usher in a new era of Baghdad-Erbil relations.

Please click here to download the full report.

(Source: IEI)

By John Lee.

The National Investment Commission (NIC), along with investment commissions in the provinces, granted 257 investment licenses during 2018.

According to a statement from the NIC, this represents a combined investment of more than 8 billion dollars in the Iraqi economy.

Four of these licenses were issued for strategic projects at a cost of more than 3 billion dollars.

Of the total of 257 licences, 88 were granted directly by the NIC, and these were spread over 12 sectors as follows: Trade sector, 21 investment licences; Entertainment sector, 1 investment licence; Telecommunication sector, 1 investment licence; Education sector, 6 investment licences; Services sector, 4 investment licences; Sport sector, 4 investment licences; Agriculture sector, 3 investment licences; Housing sector, 8 investment licences; Tourism sector, 4 investment licences; Health sector, 6 investment licences; Industrial sector, 16 investment licences, Electricity sector, 14 investment licences (2 for power stations, 12 for charging).

The source pointed out that the number of licenses granted by the investment commissions in the provinces other than the provinces of Kurdistan Region was (169) investment licenses. – 12 investment licenses for Anbar- 66 investment licenses for Baghdad- 10 investment licenses for Holly Karbala- 26 investment licenses for Wasit- 32 investment licenses for Muthana- 15 investment licenses for Kirkuk.

(Source: NIC)

By John Lee.

Iraqi President Barham Salih has called on the United Nations Educational, Scientific and Cultural Organisation (UNESCO) to include the ancient city of Babylon in its World Heritage List.

The President made the request at meeting with UNESCO Director Audrey Azoulay in France.

They also discussed the provision of job opportunities within UNESCO for Iraqi workers in the area of “scientific research sector, developing plans and programs to address problems in water resources and environment, improving education and granting priority to scholarship for researchers“.

(Source: Office of the Iraqi President)

By John Lee.

Iraqi President Barham Salih has called on the United Nations Educational, Scientific and Cultural Organisation (UNESCO) to include the ancient city of Babylon in its World Heritage List.

The President made the request at meeting with UNESCO Director Audrey Azoulay in France.

They also discussed the provision of job opportunities within UNESCO for Iraqi workers in the area of “scientific research sector, developing plans and programs to address problems in water resources and environment, improving education and granting priority to scholarship for researchers“.

(Source: Office of the Iraqi President)