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US “to Grant Iraq Waiver over Iran Sanctions”

The United States has told Iraq that it will be allowed to keep importing crucial gas, energy supplies and food items from Iran after Washington reimposes sanctions on Tehran’s oil sector, three Iraqi officials said.

The waiver is conditional on Iraq not paying Iran for the imports in US dollars, said the officials, who included a member of Iraq’s ministerial committee that oversees energy activities, Reuters reported.

The US sanctions take effect on Nov. 4.

The ministerial committee official said Iraq’s finance ministry had set up an account with a state-run bank where Baghdad would deposit in Iraqi dinars the amounts owed to Iran for the imports.

Central bank officials said in August that Iraq’s economy is so closely linked to Iran that Baghdad would ask Washington for permission to ignore some US sanctions.

Iraq imports crucial supplies from its neighbor including gas for power stations.

(Source: Tasnim, under Creative Commons licence)

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Iraq launches Social Fund to Fight Poverty

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.

The Iraqi Ministry of Planning announced the launch of the Social Fund for Development on Sept. 23, with initial capital of $300 million, in cooperation with the World Bank.

The project aims to improve the living conditions of Iraq’s poor. High poverty rates in Iraq have led to repeated protests for 15 years calling for improving the standard of living and for more employment opportunities. These protests have resulted in dozens of deaths and injuries.

A May 2018 World Bank report noted that Iraq’s population of 38.5 million sits at the poverty line with a poverty rate of 22.5%. The spokesman for the Iraqi Ministry of Labor and Social Affairs, Ammar Menem, told Al-Monitor that this high rate is due to “exceptional security conditions ensuing from the war and its costs, as well as to the slump in oil prices. This resulted in the cessation of funding of projects for the rehabilitation of unemployed persons, a lack of investment projects and faltering economic growth.”

Click here to read the full story.

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Iraq launches Social Fund to Fight Poverty

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.

The Iraqi Ministry of Planning announced the launch of the Social Fund for Development on Sept. 23, with initial capital of $300 million, in cooperation with the World Bank.

The project aims to improve the living conditions of Iraq’s poor. High poverty rates in Iraq have led to repeated protests for 15 years calling for improving the standard of living and for more employment opportunities. These protests have resulted in dozens of deaths and injuries.

A May 2018 World Bank report noted that Iraq’s population of 38.5 million sits at the poverty line with a poverty rate of 22.5%. The spokesman for the Iraqi Ministry of Labor and Social Affairs, Ammar Menem, told Al-Monitor that this high rate is due to “exceptional security conditions ensuing from the war and its costs, as well as to the slump in oil prices. This resulted in the cessation of funding of projects for the rehabilitation of unemployed persons, a lack of investment projects and faltering economic growth.”

Click here to read the full story.

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Aggreko signs Contract with North Refineries Company

UK-based Aggreko (Middle East) and Iraq’s North Refineries Company have signed a contract for rental of temporary power generators to supply 15MW of power to Baiji Refinery as a first stage.

For Aggreko, the world’s largest supplier of temporary power, which also supplies South Refineries Company with 25MW,

This contract will help broaden the partnership between Aggreko, the world’s largest supplier of temporary power, and the Ministry of Oil and its affiliate companies, and is a demonstration of the collaboration between both entities.

Aggreko also supplies South Refineries Company with 25MW of power.

(Source: Eurogulf)

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Iraq seeks Sanctions Waiver on Iran Energy Trade

Iraq is negotiating with the U.S. for exemptions from the impending snap-back of sanctions against Iran, arguing that it could not cut consumption of Iranian electricity and natural gas immediately without suffering serious economic harm and social instability.

An Iraqi delegation was in Washington last week seeking a waiver for its cross-border trade, meeting with senior officials in the State Department, Treasury Department, and National Security Council, according to multiple officials familiar with the talks.

More details here from Iraq Oil Report (subscription required)

(Source: Iraq Oil Report)

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IBBC hosts Members’ Dinner in Baghdad

The Deputy Chairman of the Iraq Britain Business Council (IBBC), Rasmi Al Jabri, and Managing Director, Christophe Michels, hosted a dinner for members and guests at the Babylon Warwick Hotel in Baghdad on 29th August.

Many representatives from member companies were in attendance, including the Chairman of Khudairi Group and the International Islamic Bank, the CEO’s of Kuwait Energy and the National Bank of Iraq, as well as representatives from Al Burhan Group, Al Nukhba-OFS, Constellis, G4S, Standard Chartered Bank, Serco, Shell and XReach Ltd.

Ms Beverly Simpson, Iraq Country Director for the Department for International Trade, gave guests an update on the latest visa and labour regulations being applied in Iraq, followed by a discussion.

(Source: IBBC)

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Cabinet to Improve Services in Basra; Approves Kirkuk Refinery License

The Cabinet held its weekly regular meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Haider Al-Abadi.

At the meeting, it was decided to:

  • direct the Ministry of Water Resources to deliver water for Basra province to a rate of 75 m3 / s and remove unauthorised structures on the rivers;
  • direct the Ministry of Water Resources to follow-up on the chlorine ratio in the water of Basra and other provinces;
  • launch the Basra sewage waste management project, which has been suspended since 2015;
  • grant an investment license for the construction of the Kirkuk oil refinery;
  • vote on the implementation of a response to the demands of the demonstrators in Karbala, Basra, Dhi Qar, and Najaf;
  • allocate a residential plot for young athletes who win the gold, silver or bronze medals at international sporting championships.

(Source: Iraqi Govt)

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Kuwait donates Generators to Iraq

Kuwait has donated 17 mobile electric generators with a total capacity of 30,000 kilowatts to Iraq, the Undersecretary of the Kuwaiti Ministry of Electricity and Water, Mohammed Bushehri has announced.

In a press statement, Bushehri said the donation came “to alleviate the electricity crisis in the Iraqi city of Basra”.

“In the light of the current difficult circumstances faced by our brothers in Iraq, which is partly due to a severe shortage of electricity, His Highness the Emir of Kuwait, Sheikh Sabah Al Ahmad Al Jaber Al Sabah has instructed us to provide urgent assistance to brotherly Iraq” he said.

The Iraqi Ministry of Electricity announced last Friday that Kuwait would supply it with fuel to operate the power stations in the country.

Videos were circulated on social media showing a convoy of generators and fuel tankers heading to Iraq.

Iran has recently stopped exporting electricity to Iraq as a result of Baghdad’s accumulated debt.

(Source: Middle East Monitor)

(Picture: Parliament in Kuwait City. Credit, Leshonai)

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Basra Protests: Oil Minister Orders More Jobs

By John Lee.

Protestors took to the streets of Basra for the fourth day on Wednesday, protesting the killing of a demonstrator by security forces, and demanding jobs and public services.

According to AFP, protesters also blocked the road leading to the oilfields of West Qurna, while international oil companies (IOCs) have reportedly moved senior staff out of the area for their security.

On Tuesday, the Cabinet approved measures to improve the delivery of essential public services in Basra province, with a focus on improving the supply of electricity to homes and businesses.

It also “instructed Iraq’s embassies, consulates and all border entry points to apply new visa and residency fees for foreign nationals seeking to enter Iraq“.

The Cabinet voted to establish a specialist committee staffed by teams from the Planning and the Construction & Housing Ministries to assess the value of resuming several incomplete or suspended projects, and instructed the Ministry of Finance to speed up the allocation of funds for projects that are deemed suitable for completion.

Meanwhile, Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] ordered “secondary contractor companies in West Qurna oil field to provide new jobs for the citizens of the neighbor towns near to the field“, and to “provide additional jobs for the citizens of Shatt Al-Arab district and the other towns“.

“Otherwise“, he added, “the Ministry will take the appropriate procedures towards the companies that violates the directions“.

(Sources: AFP, Iraqi Cabinet, Ministry of Oil)

(Picture credit: Ahmed Mahmoud)

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IBBC holds annual Cumberland Lodge Conference

IBBC holds annual Cumberland Lodge Conference with Political, Academic, Education and Business Experts, 6-8 July

The Iraq Britain Business Council hosted its annual Cumberland Lodge Retreat on 6-8 July, inviting a host of political, business, academic and education experts to discuss the most pertinent issues relating to Iraq and its future.

The title of the conference was ‘Iraq: Domestic Expectations & Geopolitical Aspirations’ and addressed a variety of issues on regional politics, election diagnosis and the future of higher education in Iraq.

On Friday members and guests heard speeches from Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Dr Edmund Canon Newell, Principal of Cumberland Lodge, Mr Nazar Mirajan Mohammed, Minister Plenipotentiary Iraq Embassy and Sara Akbar, Founder Member of IBBC, Kuwait Government Adviser and CEO of new IBBC member OiLSERVE.

The conference also featured in-depth discussions with high level representatives from the Government of Iraq, including Dr Abdul Razzaq Al-Issa, Minister of Higher Education and Scientific Research, Dr Adbul Kariem Al Faisal, Chairman of the PM’s Advisory, Dr Dara Rasheed, Deputy Minister for Construction, Housing and Municipalities and Deputy Head of Refaato and Dr Salah Hadi Saleh Alhashim, DG for Scholarships at he Ministry of Higher Education and Scientific Research.

Agenda & Speakers

Session 1: Present Situation in Iraq

Chair: Baroness Nicholson of Winterbourne

Dr Barham Salih MP, Coalition for Democracy, Jon Wilks CMG (tbc), HM Ambassador to Iraq, Dr Renad Mansour, Research Fellow, Chatham House, Professor Toby Dodge, Director Middle East Centre, LSE

Session 2: Iraq in a Regional Perspective

Chair: Dr Renad Mansour, Research Fellow, Chatham House

Sara Akbar, CEO Oil Serve Kuwait

Session 3: China and Iraq

Chair: Botan Osman, Managing Director, Restrata

Raffaello Pantucci, Director of International Security Studies, RUSI

Session 4: IMF view on Iraq

Chair: Gavin Wishart, Board Member, IBBC

Gavin Gray, Mission Chief for Iraq, IMF

Session 5: Partnerships between British and Iraqi Universities

Chair: Dr Victoria Lindsay, Director British Council Iraq

Professor Obay Al Dewachi, President of Mosul University, Professor Nick Petford, Vice Chancellor, Northampton University, Professor Mohammed Al Uzri, Honorary Professor with Social and Epidemiological Psychiatry Research Group, Leicester University, Professor John Strachan, Vice Chancellor, Bath Spa University

On Saturday 7, an after dinner speech was given by Dr Mohammed Jasim, Library Director of Mosul University, who gave an impassioned presentation on the progress made in rebuilding the university’s dilapidated library.

IBBC would like thank the staff at Cumberland Lodge, all speakers and delegates who contributed to the extremely fruitful discussions, and to its members, with representatives attending from Al Burhan Group, Al Nukbha OFS, Bath Spa University, BP, Olive Group, Eversheds Sutherland, G4S, KBR, Menzies Aviation, Mosul University, Najaf Chamber of Commerce, OiLSERV, Penspen, Perkins+Will, Petrofac, Restrata, Serco, Shell, TurnKey LLC, University of Leicester, University of Northampton and Wood.

(Source: IBBC)