By John Lee.

The National Investment Commission (NIC) has announced the following investment opportunities:

(Source: National Investment Commission)

By John Lee.

The National Investment Commission (NIC) has announced new investment opportunities in Iraq:

  1. Sugar production, General Company for Food Products
  2. Tyre production, State Company for Rubber Industries and Tyres

(Source: National Investment Commission)

(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)

By John Lee.

The State Company for Food Products, part of the Ministry of Industry and Minerals, has announced an opportunity to invest in sugar production in Missan province.

More details here.

(Source: National Investment Commission)

By John Lee.

Reuters reports that Etihad Food Industries is looking to sign one- or two-year raw sugar importing contracts with large trading firms after its current contract with Alvean runs out in November.

Haidar al-Noumany, Commercial Director, told the news agency that Etihad imported 1.047 million tonnes of raw sugar last year for its Babil-based sugar refinery. Most of this came from Brazil, with around 25,000 tonnes from India.

The company produced 1.03 million tonnes of sugar in 2016, selling 940,000 tonnes, mostly to the Iraqi market, with 60 percent of that going to the Public Distribution System (PDS), Iraq’s food rationing programme. The company claims a 99.5 percent share of Iraq’s white sugar market.

The plant is expected to double its capacity with an expansion starting next year, which will enable exports to countries like Turkey, Syria and Jordan.

The company’s nearby vegetable oil refinery is expected to start production in March, reaching full capacity of 3,600 tonnes per day within six months. It will produce mostly sunflower oil, competing with Turkish vegetable oil, but also soybean oil, palm oil and corn oil.

It will need to import crude vegetable oils, with two 35,000-tonne cargoes already purchased from Cargill.

(Source: Reuters)

By John Lee.

Iraq has reportedly overtaken the United Arab Emirates (UAE) to become the largest raw sugar importer in the Middle East.

GulfNews quotes an analyst at Platts Kingsman as saying that Iraq imported 210,000 metric tons of raw sugar in the first quarter, compared with 156,600 tons imported by the UAE.

Iraq’s only sugar refinery was opened last year in Babel province by Etihad Food Industries.

(Source: GulfNews)

(Sugar image via Shutterstock)

By John Lee.

Iraq’s Etihad Food Industries will reportedly start production at its new $100-million edible oils refinery in Babylon by the end of the year.

Commercial Director Haidar Alnoumany told Reuters that the company started building the infrastructure two months ago, and when in production it will source crude (edible) oil from many origins like Argentina, Ukraine, Russia and the United States.

The refinery will process corn oil, sunflower oil, soybean oil, and palm oil, and aims to cover the needs of Iraq’s trade ministry (around 456,000 tonnes a year) and the domestic private market.

It will have a capacity of 3,000 tonnes a day with a refined oil storage capacity of 90,000 tonnes.

The plant is close to the company’s sugar refining plant, which started production last year and ramped up faster than expected, reducing the country’s dependence on white sugar imports.

(Source: Reuters)

(Cooking oil image via Shutterstock)

By John Lee.

The new Etihad sugar refinery in Babylon said on Thursday it had imported 850,000 tonnes of raw sugar since the start of operations earlier this year, according to a report from Reuters.

The plant, which is currently operating close to full capacity of around 3,000 tonnes a day, will see expansion work start in 2017 to double capacity.

Mustafa Jaber, executive assistant for Etihad Food Industries, told the news agency that Iraq consumes around 900,000 tonnes of white sugar a year, “which means we are reaching self-sufficiency … [the expansion] will be to cater for increasing domestic consumption and for exports.”

(Source: Reuters)

(Sugar image via Shutterstock)

By John Lee.

Iraq is increasingly importing raw sugar instead of white, as a new sugar refinery has ramped up production faster than expected, according to Reuters.

Ir is estimated that the Babylon refinery south of Baghdad, which serves the domestic market, had imported around 375,000 tonnes of Brazilian raw sugar in the past six months, having opened earlier this year.

That would represent more than half of Iraq’s estimated consumption of 1.1 million tonnes a year, previously met by imported white sugar.

Sources also said that the refinery, owned by Etihad Food Industries, had fewer technical problems than typical for new plants.

(Source: Reuters)

(Sugar image via Shutterstock)

By John Lee.

Dubai’s Al Khaleej Sugar Refinery has resumed exports to Iraq after disruption last summer due to the conflict with Islamic State (IS, ISIS, ISIL).

The company is exporting about 600,000 to 800,000 tonnes a year to Iraq, making the country its biggest customer. “We have four vessels queuing in Umm Qasr. It usually takes a month to offload,” the refinery’s general manager Riad el Ferkh said.

(Source: Gulf Business)

(Sugar image via Shutterstock)