Combined, the Treasury Department, the Commerce Department and the State Department list embargoes against 29 countries or territories: Afghanistan, Belarus, Burundi, Central African Republic, China (PR), Côte d’Ivoire, Crimea Region, Cuba, Cyprus, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq.

The following is a list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad:

• Bashneft.
• BP.
• China National Offshore Oil Corporation (CNOOC)
• China National Petroleum Corporation (CNPC)
• Dragon Oil.
• Egyptian General Petroleum Corporation (EGPC)
• Eni.
• ExxonMobil.

Iraq export overview Iraq, including the Iraq Kurdistan Region, is open for business. However, this is a challenging, high risk, but potentially high return market in which to do business. Contact UK Export Finance (UKEF) about trade finance and insurance cover for UK companies.

The total value of Iraq potential oil reserves at an average profit of $75 per barrel over next 100 years is 360 billion x $75 = $27 trillion or $900,000 per capita, making every Iraqi a millionaire.

The sanctions were initially imposed in 1990 in response to Iraq’s invasion of Kuwait. Although the UNSC has removed several sanctions measures that were imposed during the Saddam Hussein era, there are still some sanctions in place in relation to Iraq.

Iraq’s natural resources are 100% state-owned. The state-owned enterprise SOMO sells oil and gas on behalf of the state. 95% of revenues from the sale of oil and gas are deposited in the UN-mandated Development Fund for Iraq at the Federal Reserve Bank of New York.

Foreigners may incorporate companies and trade representative offices or branches, operating in Iraq under the Companies Law 21 of 1997 – the Ministry of Trade Instruction No 196 of 2004 details the registration of Iraqi companies, while Regulation No 5 of 1989 explains the process for registration of branches or …

There are many other small businesses such as Photography, Editorial Services, Consultancy, Translation Services, Computer Repair, Cleaning Services, Interior Decoration, Day Care, Car Washing, Rug Cleaning, Music Lessons, Moving Services, Food Delivery (Homemade Food or Diet Food Kitchens) and Software Installations.

The majority of Iraq’s proven reserves of oil comes from the following cities: Basra (Being #1), Baghdad (Being #2), Ramadi (Being #3), and finally, Ba’aj (Being the last oil rich city). After more than a decade of sanctions and two Gulf Wars, Iraq’s oil infrastructure needs modernization and investment.

The following is a list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad: Please click here to see a list of oil companies with licences granted by the Kurdistan Regional Government’s (KRG) Ministry of Natural Resources in Erbil.

Ster Group was founded in Erbil and it has emerged as one of Iraq’s fastest growing conglomerates. The group’s core expertise includes construction, environmental engineering, consultancy, insurance, security, power, communication, general trading, tourism, information technology and research.

The largest private bank in Iraq and Iraqi Kurdistan. Since its establishment in 2007, Empire World has become a leader in the real estate sector in Erbil, in the Kurdistan region of Iraq due to its total dedication to excellence without compromise.

Korek started operating in Iraq in 2000, notably in the north of Iraq and it is the oldest Iraqi Telecom company. On August 17, 2007 Korek was awarded a nationwide mobile license and thus is now covering a total population of more than 32 million inhabitants.