Latest news with #GovernmentofIraq
Al Etihad
17-05-2025
- Business
- Al Etihad
Baghdad Declaration spotlights Iraqi initiatives to energise Arab cooperation
17 May 2025 23:55 BAGHDAD (WAM)Arab leaders have hailed the comprehensive vision presented by Iraq during the 34th Arab Summit in Baghdad, describing its initiatives as a vital starting point for enhancing joint Arab action to address shared challenges and promote development, stability, and prosperity across the Arab the "Baghdad Declaration', issued at the conclusion of the summit and the 5th Arab Economic and Social Development Summit also hosted in Baghdad, leaders commended the Iraqi proposals as a key pillar for advancing Arab solidarity and integration and for driving a qualitative shift in collective Arab declaration praised Iraq's leadership in hosting both summits and expressed appreciation for the progress it has achieved in economic development and its effective role in supporting Arab causes and cooperation across various the prominent Iraqi proposals was the launch of the Arab Fund to support recovery and post-crisis reconstruction efforts, with the Government of Iraq pledging $40 million—half allocated to humanitarian and reconstruction efforts in Gaza, and the other half to reconstruction efforts in also proposed a joint Arab initiative to support the Syrian people by facilitating a comprehensive political transition in Syria and building a democratic system that guarantees rights and initiative includes a call to organise an international conference focused on Syria's reconstruction and the safe and dignified return of refugees and displaced declaration welcomed Iraq's invitation to participate in the Development Road Project, a strategic initiative connecting Arab countries with global markets to enhance regional economic also included a proposal for an Arab Economic Reform Charter over the next decade, aiming to build a competitive, integrated Arab economic space that fosters public-private partnerships and ensures social justice and environmental the area of food security, Iraq proposed a grain production initiative based on sustainable agricultural and water policies, research, and planning to ensure the long-term preservation of resources for future the technology front, Iraq introduced initiatives in artificial intelligence, including the establishment of a regional AI centre in Baghdad and a research initiative for advanced technologies, aimed at boosting digital security and knowledge development in line with ethical and cultural key initiative was the proposal to form an Arab Water Resources Protection Alliance to address water scarcity and climate change, and to uphold Arab water rights within the context of regional Baghdad announced a regional initiative to combat climate change based on the realities of the Arab region, and the creation of a centre for protecting the environment from war remnants, to support countries affected by armed conflict in clearing mines and hazardous the realm of security and stability, Iraq proposed establishing a regional centre for counter-terrorism and prevention of violent extremism, headquartered in Baghdad, with dedicated funding. The initiative also called for creating a joint Arab security coordination chamber to unify strategic approaches to regional security security proposals included two new centres focused on combating drug trafficking and organised crime, highlighting the urgency of boosting Arab capabilities to address cross-border declaration also welcomed a proposal to enhance cooperation with the Middle East and North Africa Financial Action Task Force (MENAFATF) to combat money laundering, terrorism financing, and illicit financial cultural and social areas, Iraq called for the establishment of an Arab Council for cultural and popular dialogue to strengthen mutual understanding among Arab peoples and foster closer ties. Other initiatives included a proposal to provide safe havens for victims of disasters and conflicts, and a fund to support housing and reconstruction projects in affected areas, aimed at improving housing security in regions impacted by crises.
Iraq Business
24-04-2025
- Politics
- Iraq Business
US Bill to Sanction Iraq for Importing Iranian Gas
By John Lee. A group of Republicans in the US Congress have introduced a bill to provide for the imposition of sanctions with respect to the importation of natural gas from Iran by the Government of Iraq. Bill H.R. 2574 -- the " No Iranian Energy Act " -- has been referred to a number of committees, including the Committee on Foreign Affairs. The full text of the bill can be read here. (Source: US Congress)
Iraq Business
02-04-2025
- Business
- Iraq Business
UN-Habitat, Japan Expand Efforts to Support Returnees
By John Lee. The Government of Japan and UN-Habitat have expanded their joint efforts to support returnees and vulnerable communities in Northern Iraq, in coordination with the Government of Iraq. A new Japanese contribution to the Japan Village Project in Mosul will provide 24 additional social housing units, increasing the total capacity to 500 returnees in Ninewa Governorate. The initiative continues to improve living conditions in Rajm Hadeed Neighbourhood, with support from Toyota Iraq, Sardar Group, and other public-private partners. Their contributions include water, sanitation, and hygiene (WASH) facilities, a library, public toilets, and a solar-powered sports court. Additionally, awareness programs will prepare 1,000 returnees for climate change impacts. The vocational training component is also expanding, with 100 unemployed youth receiving training in construction and green economy industries. This initiative enhances employment prospects while contributing to the housing complex and public infrastructure. Full statement from UN-Habitat: UN-Habitat and the Government of Japan Expand Efforts to Support Returnees in Northern Iraq UN-Habitat and the Government of Japan are pleased to announce the expansion of their collaborative efforts to support returnees and the most vulnerable people in Northern Iraq in close coordination with the Government of Iraq. With a new contribution from the Government of Japan to the Japan Village Project in Mosul, an additional 24 families will receive social housing units, increasing the village's capacity to accommodate a total of 500 returnees in Ninewa Governorate. The initiative will continue to enhance the living conditions in the Rajm Hadeed Neighbourhood and its surroundings, thanks to the ongoing collaboration with Japanese and local private entities, such as TOYOTA Iraq and Sardar Group, under the Public-Private Partnerships. These entities are contributing to the complex by improving water, sanitation, and hygiene (WASH) facilities, and establishing community resources such as a library, public toilets and a multi-purpose sports court illuminated by solar panel streetlights. Furthermore, new awareness-raising activities will be conducted to better prepare 1,000 returnees for the effects of climate change in the region. The vocational training component will also be expanded to replicate the successful initiative of providing training in construction and green economy industries to another 100 unemployed youth. Trainees will be granted work opportunities to apply their newly acquired skills while contributing to the construction of the housing complex and urban public infrastructure. This approach enhances their job prospects, enables them to support their families, and allows them to be part of community improvements. One of the first 100 beneficiaries of the Japan Village Project's vocational training is Samer Hassan Muhsen, a 40-year-old father of five and Mosuli returnee. Originally holding a computer diploma, Samer embraced the carpentry training programme and is now contributing to rebuilding the city and supporting the return of other families. He shares, "The training was an exciting opportunity to acquire new skills while contributing to a project that benefits my family and my community. With the skills and experience I have gained, I feel confident about opening my own business in the future and offering training to young people seeking new opportunities." Since the Japanese Fiscal Year of 2004, the Government of Japan has been one of the biggest partners in UN-Habitat's Iraq Programme, supporting critical initiatives to rebuild communities and strengthen resilience. The Japan Village is the second Social Housing Complex following the successful completion of Bab Sinjar Housing Complex built in Mosul as a result of this longstanding cooperation. Upon its completion, the project will have benefited over 3,000 returnees, providing them with access to adequate housing and improved living conditions, thus helping them close the displacement chapter of their lives. "The Government of Japan will continuously support the efforts of the Government of Iraq in rebuilding communities and improving the lives of returnees in Iraq. The Japan Village Project, in partnership with UN-Habitat combined with great support by Japanese companies, exemplifies resilience and sustainable development, combining housing, public services, economic growth, and well-being." emphasized His Excellency Mr. Akira Endo, the Ambassador of Japan to Iraq. Muslim Qazimi, Head of UN-Habitat Iraq, highlighted the broader impact of this collaboration: "The expansion of the Japan Village Project, which will now extend its benefits to returnees from Mosul, represents a broader understanding and embracing of UN-Habitat's mandate, beyond just our efforts. By promoting "Housing at the Centre" approach, we are making urban development a catalyst for opportunities. It is impressive to observe how this project is attracting interest from multiple levels of partners, both public and private, who share our committed to provide a better urban future for returnees in Iraq." The Japan Village Project is indeed serving as a hub for attracting stakeholders interested in cooperation. The ongoing public-private partnerships showcase a shared commitment to addressing the urgent housing needs of displaced families while supporting the government of Iraq and local authorities in launching a comprehensive approach to community-oriented sustainable urban development. By aligning economic empowerment, environmentally conscious practices, and well-being concepts at its core, the project contributes to a safer, more stable, and sustainable urban future for all involved. (Source: UN-Habitat)
Euronews
26-02-2025
- Business
- Euronews
BP unveils multi-billion-dollar deal to redevelop Iraq's oil fields
The agreement between BP and Iraq's government will focus on the redevelopment of four large oil and gasfields in Kirkuk in the north of the country. The agreement follows a memorandum of understanding between BP and Iraq signed in July 2024 – of which technical terms were agreed in December and the majority of commercial terms agreed in January – together with previous work that BP has done on the fields in Kirkuk from 2013 to 2019. The deal, which could be worth $25 billion(€23.8bn) over the lifetime of the project, comes as BP is set to row back on previous targets to cut oil and gas production by 2030. It's also a major achievement of Iraq where output has been constrained by years of war, sectarian tensions and corruption. In a statement BP said that the agreement was for an initial phase that would include oil and gas production of more than three billion barrels of oil equivalent. It includes the Baba and Avanah domes of the Kirkuk oil field and three adjacent fields: Bai Hassan, Jambur and Khabbaz. Untapped potential for 20 billion barrels of oil BP added that the wider resource opportunity across the contract and surrounding area is believed to include up to 20 billion barrels of oil equivalent. BP executive vice president William Lin said: "This agreement builds on our longstanding and strategic relationship with the Government of Iraq and delivers access to a material new resource opportunity, within one of the world's most prolific hydrocarbon provinces. "It will enable us to bring our experience of managing giant fields to realise the potential of this important asset for Iraq." He added: "This opportunity is fully in line with our priority of pursuing new growth opportunities for bp as we strengthen and high-grade our portfolio across the world." Major shift in BP strategic aims The British multinational is currently undergoing a reset of a green strategy set under its previous CEO Bernard Looney which aimed at focusing the company more on renewable energy. At an event in London this morning, Looney's successor, Murray Auchincloss, announced a major pivot away from green targets. He said: "Today we have fundamentally reset BP's strategy. We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency. This is all in service of sustainably growing cash flow and returns."
Zawya
25-02-2025
- Business
- Zawya
BP and Iraq fnalise agreement for Kirkuk oilfield redevelopment
UK-based international oil and gas giant BP announced on Tuesday that it reached agreement on all contractual terms with the Government of Iraq to invest in several giant oil fields in Kirkuk. The agreement includes the rehabilitation and redevelopment of the oilfileds, spanniong oil, gas, power, and water infrastructure, with additional potential for investment in exploration. The agreement is subject to final governmental ratification. BP said it will work closely under Iraqi government in setting up the new operator, which will be an unincorporated organisation comprising personnel from the North Oil Company (NOC) and North Gas Company (NGC) with secondees from BP. The new operator will take over from NOC, the statement said, adding that subsequent to this agreement, BP expects to form a standalone incorporated joint venture (JV) to hold its interests in the operator. BP expects the project to commence in 2025. The fresh agreement follows a memorandum of understanding between BP and Iraq signed in July 2024 – of which technical terms were agreed in December and the majority of commercial terms agreed in January – together with previous work BP has done on the fields in Kirkuk from 2013 to 2019. The agreement is for an initial phase and includes oil and gas production of more than 3 billion barrels of oil equivalent. It includes the Baba and Avanah domes of the Kirkuk oil field and three adjacent fields – Bai Hassan, Jambur and Khabbaz – in Federal Iraq, all of which are currently operated by the NOC. The wider resource opportunity across the contract and surrounding area is believed to include up to 20 billion barrels of oil equivalent. BP's executive vice president William Lin said the agreement delivers access to a material new resource opportunity, within one of the world's most prolific hydrocarbon provinces. Work will include a drilling programme, the rehabilitation of existing wells and facilities, and the construction of new infrastructure, including gas expansion projects. Under the agreement, BP's remuneration will be linked to incremental production volumes, price and costs. BP will be able to book a share of production and reserves proportionate to the fees it earns for helping to increase production. (Writing by Majda Muhsen; Editing by Anoop Menon)
