Iraq Economic News and Points To Ponder Wednesday Morning 5-13-26
Transportation: Detailed Designs For The Development Road Are Nearing Completion
Money and Business Economy News – Baghdad The Ministry of Transport is nearing completion of the detailed designs for the Development Road project, in preparation for presenting it to major international companies specializing in infrastructure, transport and logistics services.
The director of the media office at the ministry, Maitham Al-Safi, explained in an interview with the official newspaper, which was followed by “Al-Eqtisad News”, that the ministry has made significant progress in preparing the technical and engineering requirements for the project, noting that the detailed design phase is nearing completion, which is a fundamental step that precedes the referral, implementation, and negotiation process with international companies wishing to participate in the project.
He added that the project is attracting increasing regional and international attention, given its strategic importance in linking Iraq to global trade routes, as well as its expected role in strengthening the transport and logistics sector and opening new economic horizons for the country.
Al-Safi pointed out that a number of European and regional companies have expressed their desire to cooperate and participate in the implementation of the project during its next phases, indicating that the latest entity to announce its interest in the project was the Bulgarian Ministry of Transport, which expressed its support for its completion in cooperation and coordination with the Iraqi side, in a way that contributes to enhancing trade exchange between the two countries and facilitating the smooth flow of transport through international corridors. https://www.economy-news.net/content.php?id=69015
Iraq Ranked Fourth In Well Drilling Activity Within OPEC During 2025
Energy Economy News – Baghdad Iraq ranked fourth among OPEC countries in well drilling completion activity during 2025, an indicator that reflects continued field activity in the oil sector, despite the difference with the leading countries.
Kuwait topped the list with 755 wells, followed by the United Arab Emirates with 444 wells, then Saudi Arabia with 383 wells, while Iraq came in fourth with 280 wells among the most active countries in drilling operations within the organization.
OPEC data also showed an improvement in global demand for oil derivatives related to the transportation sector during 2025, as demand for diesel rose by 0.39%, gasoline by 0.34%, and kerosene (jet fuel) by 0.29%, compared to a decline in the remaining fuel by 0.19%, reflecting the recovery of land and air transport and the expansion of global trade and tourism activity.https://www.economy-news.net/content.php?id=69026
Parliamentary Integrity Committee: A Move To Obligate Investment Projects To Employ 70% Of Iraqi Youth
Money and Business Economy News – Baghdad The Parliamentary Integrity Committee intends to issue directives in the near future to investment projects, obligating them to employ 70 percent of Iraqi youth within their projects.
Naheda Al-Daini, a member of the Parliamentary Integrity Committee, told the official newspaper, as reported by "Al-Eqtisad News," that "investment in Iraq is witnessing remarkable development, especially in the capital, Baghdad, but this sector still faces a number of problems, which requires a comprehensive review of the investment file and an examination of the licenses granted during the past years."
Al-Daini added that the file of real estate developers also needs to be reconsidered, especially with regard to the lands granted for investment projects, indicating that the Parliamentary Integrity Committee is serious about following up on this file, by requesting all investment and building licenses and financial guarantees, as well as studying the violations that occurred previously.
She affirmed that the committee will play a strong role in the coming phase to ensure that investment proceeds within legal and normal frameworks, stressing the need to stop any bargaining or violations by investors. Regarding the prices of residential complexes...https://www.economy-news.net/content.php?id=69022
Planning: Including New Projects Within The Poverty Reduction Strategy
Money and Business Economy News – Baghdad
The Ministry of Planning included a new package of projects within the third poverty reduction strategy after completing its detailed discussion, and confirmed that its approval is pending the formation of the government in the coming period.
Ministry spokesman Abdul Zahra al-Hindawi told the official newspaper, as reported by "Economy News," that the new projects aim to support the poor and improve the service and living conditions in a number of villages and rural areas in various governorates, through the implementation of development programs that contribute to providing job opportunities and strengthening infrastructure and basic services, in line with development goals and the government's plans to address poverty rates.
He explained that the third poverty reduction strategy includes multiple economic and social axes, focusing on economic empowerment, social protection and improving services, as well as expanding the scope of development projects in the most needy governorates, noting that its implementation will be after its official ratification by the new government.
The Ministry of Planning launched its first poverty reduction strategy in 2010, then started the second in 2018, and the third was approved last year and is preparing to launch and implement it.
In the same context, Al-Hindawi stated that the number of projects of the Social Fund for Development has reached more than 600 since it began its work in 2017, noting that the majority of them have been completed, while the remaining projects have reached advanced rates exceeding 90 percent.
He pointed out that these projects cover 18 governorates, including the governorates of the Kurdistan Region, explaining that the coordination mechanism between the Ministry of Planning and the governorates is based on the philosophy of (bottom-up planning), meaning that projects are implemented according to what the people of the poorest regions and villages identify in terms of needs and priorities in the fields of education, health, water, electricity and roads.
Al-Hindawi noted the existence of a monitoring and continuous follow-up system for projects, which includes technical, environmental and social reports, as well as direct field follow-up through specialized teams working in coordination with the governorates, in addition to supervision and coordination with the World Bank as the donor to the fund with a loan of $300 million.
He stated that there are currently great efforts to complete all the remaining Fund projects by the end of this year, which represent a limited number, indicating that some villages were completely lacking in electricity, which made delivering it through the Fund projects an important transformation for their residents.
The construction of culverts and bridges also contributed to facilitating the students’ access to their schools, especially in villages separated by rivers, which reduced the risks that threatened children during the winter season.
Al-Hindawi stressed that the fund began its work in three governorates, namely Al-Muthanna, Salah al-Din and Dohuk, before later expanding to include 18 governorates throughout the country. https://www.economy-news.net/content.php?id=69019
Jordanian Electricity Exports To Iraq Increased By 13% In Four Months.
energy Economy News – Baghdad Data released by Jordan’s National Electric Power Company on Wednesday showed that electricity exports to the Trebil border crossing with Iraq rose by 13% during the first four months of this year, indicating growing electricity cooperation between the two countries.
According to the company's data, which was reviewed by "Al-Eqtisad News", electricity exports to the Trebil center reached 2.6 gigawatt-hours during the aforementioned period, compared to 2.3 gigawatt-hours during the same period last year.
The data also showed that total sales of the Jordanian National Electric Power Company increased by 3.5%, reaching 7683.2 gigawatt-hours, compared to 7420.6 gigawatt-hours during the same period last year.
Jordanian electricity exports generally recorded an increase of 24.7%, reaching 124.2 gigawatt-hours, compared to 99.6 gigawatt-hours, distributed between Iraq and Palestine.https://www.economy-news.net/content.php?id=69024
Italian Company Eni To Increase Its Oil Production In Iraq During 2025
energy Economy News – Baghdad Data from the annual report of the Italian company Eni, released on Wednesday, showed an increase in its oil and gas production in Iraq during 2025, compared to the previous two years, within its global operations.
According to the company’s annual report, which was reviewed by “Al-Eqtisad News”, Eni’s production in Iraq during 2025 amounted to about 11 million barrels of oil liquids and 30 billion cubic feet of natural gas, equivalent to 17 million barrels of oil equivalent, compared to 15 million barrels of oil equivalent in 2024, and 14 million barrels of oil equivalent in 2023.
The report indicated that the company’s total global production reached 631 million barrels of oil equivalent during 2025, compared to 625 million in 2024 and 604 million in 2023, driven by a 7% year-on-year increase in oil liquids production.
Eni has been operating in Iraq since 2009, and manages the Zubair oil field in Basra Governorate under technical service contracts with the Iraqi government.https://www.economy-news.net/content.php?id=69023
A Chinese Tanker Carrying Two Million Barrels Of Iraqi Oil Is Attempting To Cross The Strait Of Hormuz.
energy Economy News – Baghdad Ship tracking data showed on Wednesday that a giant Chinese oil tanker carrying about two million barrels of Iraqi crude was attempting to cross the Strait of Hormuz, a move that reflects the continued flow of Iraqi oil exports despite escalating security tensions in the region.
According to data from ship tracking company LSEG and the Kpler platform, the giant oil tanker "Yuan Hua Hu" passed Iran's Larak Island and headed south through the strait, after being stuck in the Gulf since the beginning of March.
The tanker had loaded its cargo of Basra Medium crude from the port of Basra and is currently heading towards Asian markets. It is owned and managed by a unit of the Chinese company COSCO Shipping Energy Transportation, while the shipment was licensed by Unipec, the trading arm of Sinopec.
This attempt marks the third known passage of a Chinese oil tanker through the Strait of Hormuz since military tensions escalated between the United States and Israel on one side and Iran on the other on February 28, according to available tracking data.
Reports also indicated that Iran has strengthened its influence in the Strait in recent days through understandings related to oil and gas shipments with Iraq and Pakistan, amid global concerns about any disruption that could threaten the movement of energy supplies through the vital waterway.
This comes as Bloomberg reported on Tuesday that US forces imposing a naval blockade on Iran prevented a Greek ship carrying about two million barrels of Iraqi oil from continuing its journey to Vietnam for "unknown" reasons, while the Vietnamese government appealed to the United States to allow the oil shipment to proceed.
According to Bloomberg, the giant oil tanker Agios Phanourios 1, operated by Athens-based Eastern Mediterranean Maritime, made a sudden turn at sea on Monday near the point where the US blockade begins.
The tanker had passed through the Strait of Hormuz carrying 1.99 million barrels of Iraqi Basra Medium crude when it turned back, according to ship tracking data and documents seen by Bloomberg.
PetroVietnam Oil, the trading arm of the state-owned energy company, confirmed to U.S. Naval Forces Central Command that the cargo aboard the Agios Phanourios 1 belongs to them and was loaded in Iraq, according to a letter seen by Bloomberg. The tanker still indicates its destination as Nghi Son, home to one of the refineries in the Asian nation. https://www.economy-news.net/content.php?id=69021