Iraq’s highest-grossing companies

Iraq’s highest-grossing companies

Iraq’s highest-grossing companies span a mix of industries, including oil and gas, telecommunications, construction, and finance. The country’s economic landscape is heavily influenced by the oil sector, given that Iraq holds some of the world’s largest crude oil reserves. Although the economy is primarily state-driven, private companies are emerging across various sectors. Here’s an overview of the top-grossing companies in Iraq.

1. Basrah Oil Company (BOC)

Basrah Oil Company, a state-owned entity, is the leading oil and gas company in Iraq. BOC operates in southern Iraq, home to the majority of the country’s oil reserves. It manages some of Iraq’s largest oil fields, such as Rumaila, Zubair, and West Qurna, collaborating with major international oil companies to maximize production. BOC is crucial to Iraq’s economy, as the country’s revenue heavily relies on oil exports. The company’s production levels significantly influence Iraq’s GDP and national budget, contributing billions of dollars annually.

2. Iraq National Oil Company (INOC)

INOC is another major player in Iraq’s oil industry. Although it was originally founded in 1964, INOC underwent changes after the 2003 war and was re-established in recent years to manage the country’s vast oil reserves independently of the Ministry of Oil. Its mandate includes overseeing the development of new fields, working with foreign investors, and ensuring Iraq maximizes oil production. This helps Iraq secure export revenue and maintain its standing in the global oil market.

3. South Gas Company (SGC)

South Gas Company, also a state-owned entity, specializes in natural gas extraction, processing, and distribution. It plays a critical role in capturing and utilizing associated gas from oil production, which was previously flared (burned off). SGC collaborates with global companies like Royal Dutch Shell and Mitsubishi in joint ventures, such as the Basrah Gas Company, to process and export liquefied natural gas (LNG). As a result, SGC contributes to reducing greenhouse gas emissions and generating revenue.

4. Asiacell

Asiacell is a leading telecommunications company in Iraq, providing mobile services to millions of customers. Founded in 1999, Asiacell expanded rapidly and became the first telecom company in Iraq to cover the entire country. In 2013, it became the first Iraqi company to list on the Iraq Stock Exchange, raising $1.3 billion in the largest IPO in the Middle East since 2008. Asiacell continues to grow by investing in 4G LTE technology and expanding its network, making it one of Iraq’s highest-grossing private companies outside of the oil industry.

5. Zain Iraq

Zain Iraq, a subsidiary of the Kuwait-based Zain Group, is another telecommunications giant in Iraq, competing closely with Asiacell. Zain Iraq provides mobile and internet services and is popular for its competitive pricing and wide coverage. With millions of subscribers, Zain Iraq’s revenue comes from its data packages, prepaid, and postpaid services. The company has also invested heavily in network infrastructure to support Iraq’s digital transformation, especially in urban areas.

6. Trade Bank of Iraq (TBI)

Trade Bank of Iraq, a state-owned bank established in 2003, is Iraq’s primary financial institution for international trade and finance. TBI facilitates transactions and credit services between Iraq and international companies, helping to foster Iraq’s business climate. The bank has expanded into retail banking and offers various financial services, including loans and foreign exchange. As one of the few stable and high-performing financial institutions in Iraq, TBI’s revenue is bolstered by the oil sector’s reliance on international transactions.

7. Al Nukhba General Contracting Co.

In the construction and contracting sector, Al Nukhba General Contracting Co. is a prominent private company involved in major infrastructure projects. This includes residential, commercial, and governmental buildings, as well as energy and transportation infrastructure. Given Iraq’s need for reconstruction and development after years of conflict, companies like Al Nukhba are critical to the nation’s economic recovery. Through contracts with the government and international entities, Al Nukhba earns significant revenue.

8. Petronas Carigali Iraq Holding B.V.

Petronas, a Malaysian oil company, operates in Iraq through its subsidiary, Petronas Carigali Iraq Holding. It has interests in the development and production of oil fields in Iraq, including the Garraf oil field. Petronas works closely with local entities to boost oil output while adhering to safety and environmental standards. This collaboration is profitable for both Petronas and Iraq, contributing to Iraq’s standing as a global oil producer.

9. Qaiwan Group

Qaiwan Group is a diversified conglomerate with businesses across energy, real estate, construction, and hospitality. Based in Sulaymaniyah in Iraqi Kurdistan, Qaiwan operates major energy projects, including oil refineries and power generation plants. The company also engages in construction projects, such as luxury hotels and shopping malls, which cater to the country’s growing middle class. Its contributions to infrastructure and energy make it a key player in Iraq’s non-oil economy.

Conclusion

Iraq’s top-grossing companies are a reflection of its resource-rich economy and strategic position in the Middle East. While oil and gas dominate, sectors like telecommunications, construction, and finance are also growing. These industries are essential for Iraq’s economic stability and development, helping the country diversify its revenue sources. Companies like Basrah Oil Company and Asiacell are central to Iraq’s economy and its efforts to rebuild and modernize.