Url: Chapter Iraq Business Chat

21-11-2013 Dinar Deals Expert: What is the new contract of chine’s refinery with Iraq?

21-11-2013 Iraqi Dinar DG Guru: The China refinery Sinochem Corp was buying crude oil from Kuwait, which was costly as compared to the oil from Iraq. Therefore they did not renew their contract with the Kuwait for the import of crude oil and Sinochem Corp has signed a new contract with the Iraq for the import of crude oil. The contract will be operational in 2013. It is considered that Iraq has beaten Kuwait for this contract.

21-11-2013 IDD Expert Terrence: What are the terms of contract between Iraq and China for the crude oil?

21-11-2013 Iraqi Dinar ID Investor Eric: The china company needs 240,000 billion barrels oil per day for its refinery. The company will import 100,000 billion barrels oil from Iraq continuously from December as a test and the final contract will be started from January 2014. After this test import, the company will import 240,000 billion barrels oil on a daily basis. This is one of the largest contracts signed by the Iraq with any foreign country for the export of crude oil.

21-11-2013 Iraqi Dinar Expert IDD Colin: What about the annual general meeting of Union Bank of Iraq?

21-11-2013 Iraqi Dinar Expert IDI Basil: The annual general meeting of Union Bank of Iraq was held on 31st October 2013. The board discussed the financial statement of the bank with its shareholders and received votes of confidence at the annual general meeting. It is also notable that Union Bank of Iraq is facing a recession period as it was unable to lend loans to the customers in 2012 which was its prime motive. According to a report, only 3% amount was borrowed as a loan to the different companies as loan in 2012.

21-11-2013 Iraqi Dinar Expert IDI Basil: What is the recent situation of textile industry of Iraq?

21-11-2013 Iraqi Dinar DG Guru: Textile industry of Iraq was flourishing a few years back. Najaf city is one of the great cities for the production of textile products in the country. Most of the textile products are manufactured in the Najaf city and exported to the other cities of the country. Now China and Indian made textile products have disturbed the local industry of Iraq and it has affected the earning of a local seller of garments and other cloth related products.

21-11-2013 Dinar Deals Expert: What about the trade industry of Kurdistan?

21-11-2013  Iraqi Dinar Expert TD Edward: The trade in the Kurdistan regional government is the backbone of the country and most of the revenue is generated from the internal and external trade of the country. The history of trade in the Kurdistan is so vast and the most appreciable thing in the Kurdistan is that it supports the private sectors. The small and medium types of businesses are widely appreciated and supported by the government, that’s the reason, the trade industry is flourishing in the country.

21-11-2013 IDD Expert Terrence: Why the trade figures vary in the reports of different institutions on the global level?

21-11-2013 Iraqi Dinar Expert IDD Colin: The main reason behind this is that the Kurdistan is not accepted as the separate land by the world and any international organization is not properly gathering information about trade and any other industry. Therefore the trade figure is different by different institutions. According to Kurdistan regional government, this trade figure is about 9.6 billion dollars but the World Bank shows a different picture that describes it as 1.4 billion dollars. Therefore economists suggest it between 5 billion to 6 billion dollars.

21-11-2013 Iraqi Dinar ID Investor Eric: What about the external trade of Kurdistan regional government?

21-11-2013 Iraqi Dinar Expert IDI Basil: The most of the external trade of Kurdistan is import. According to a report eighty five percent of the total exports of Kurdistan are imports related trade. These imports are used in the country and not exported to the other countries of the world after preparing some different things with these imported items. These imports are normally eatables and other perishable products for daily consumptions.

21-11-2013  Iraqi Dinar Expert TD Edward: Who is the biggest exporter for Iraq other than oil related products?

21-11-2013 Dinar Deals Expert: Iran is one of the largest exporters of non-oil products to the Iraq, and Iran has a big market for its products in Iraq. These products include agricultural products and other eatables. The other countries that export their non-oil products to Iraq and especially to the Kurdistan regional government are Turkey and United Kingdom.

21-11-2013 Iraqi Dinar ID Investor Eric: What are the regulatory standards of goods in Iraq?

21-11-2013 Iraqi Dinar Expert IDD Colin: These are not any proper regulatory authority in Iraq to check or verify the standards of the products that are being imported into the country. Due to these facts numbers of diseases were spread in the different regions of Iraq due to these sub-standard goods exported from different nearby countries. Looking this local government of Iraq has taken this regulatory authority under its own control for betterment.

21-11-2013 Iraqi Dinar DG Guru: What are the purposes of easy ownership laws in Kurdistan?

21-11-2013 IDD Expert Terrence: The easy ownership laws in Kurdistan will attract thousands of international companies for investment. Prior this ownership law in Kurdistan was so stiff and global investors and companies were hesitating to come and invest in the country due to these laws. These new laws can be a source of terrorism in Kurdistan and can be a security collapse due to these laws, according to a report.

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