In Iraq's Fields of Black Gold, Thousands Lose Livelihoods

Local worker Muhammad Subeih Haider, who was laid off amid the spread of the coronavirus disease (COVID-19), by private British security firm operating in West Qurna 1 oilfield, developed by Exxon Mobil, stands as he protests with others in front of the Basra Oil Company in Basra, Iraq, May 20, 2020. Picture taken May 20, 2020. REUTERS/Mohammed Aty
Local worker Muhammad Subeih Haider, who was laid off amid the spread of the coronavirus disease (COVID-19), by private British security firm operating in West Qurna 1 oilfield, developed by Exxon Mobil, stands as he protests with others in front of the Basra Oil Company in Basra, Iraq, May 20, 2020. Picture taken May 20, 2020. REUTERS/Mohammed Aty
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In Iraq's Fields of Black Gold, Thousands Lose Livelihoods

Local worker Muhammad Subeih Haider, who was laid off amid the spread of the coronavirus disease (COVID-19), by private British security firm operating in West Qurna 1 oilfield, developed by Exxon Mobil, stands as he protests with others in front of the Basra Oil Company in Basra, Iraq, May 20, 2020. Picture taken May 20, 2020. REUTERS/Mohammed Aty
Local worker Muhammad Subeih Haider, who was laid off amid the spread of the coronavirus disease (COVID-19), by private British security firm operating in West Qurna 1 oilfield, developed by Exxon Mobil, stands as he protests with others in front of the Basra Oil Company in Basra, Iraq, May 20, 2020. Picture taken May 20, 2020. REUTERS/Mohammed Aty

Mohammed Haider, a security worker in Iraq's southern oilfields, thought he was safe after signing a new one-year contract to guard oil facilities. Three days later, he was out of a job.

"I got laid off. They threw us out on the pavement," the 38-year-old said, speaking as he protested outside the Basra Oil Company headquarters, the national partner for foreign companies.

Haider had been hired to drive vehicles for a British security firm around the giant West Qurna 1 oilfield that produces hundreds of thousands of barrels of crude each day - part of OPEC member Iraq's principal source of wealth.

He now spends his days at home or searching in vain online for jobs that are hard to come by in a crisis-hit economy.

"I can't even fall back on taxi-driving work. The curfew because of coronavirus means I'd get arrested for driving around illegally," he said later at his home.

Haider is one of thousands of workers in Iraq's oil sector who were laid off this year after a fall in oil prices caused by the COVID-19 pandemic, and who struggle to find any other source of income.

Iraq in March asked international oil companies to cut their budgets by 30% because of plummeting oil prices. Energy companies in the south responded by cutting costs.

Subcontractors, including security, construction and transport firms, let thousands of workers go, according to local authorities.

"Of about 80,000 Iraqis working in the oilfields, some 10,000 to 15,000 are now out of work," said Mohammed Ibadi, a local government official in Basra province, where most of the southern fields are located.

Iraqi workers had been forced to take unpaid leave or had been laid off completely, mostly by subcontractors, he said.

'I'D TAKE HALF MY WAGES'

Ibadi's office received dozens of complaints from workers who asked Iraqi authorities to sanction companies that do not comply with contractual termination terms. The local authorities negotiated 50% and 25% salaries for four months for some 2,000 workers who had been laid off, he said.

Khalid Hamza, associate director of the Basra Oil Company, said the government body would not accept the arbitrary termination of local staff.

"We particularly need to protect the jobs of the local population," he said.

Iraq has pledged to cut nearly a million barrels of oil production per day (bpd) in line with OPEC cuts. Its exports stood at 3.2 million bpd in May. The cuts have slashed state revenue, of which it makes up more than 90%.

The government faces making cuts to public sector pay - a move that would further anger impatient Iraqis who staged protests last year against alleged government corruption and lack of jobs.

Ibadi fears the economic and social crisis will worsen as the COVID-19 pandemic hits Iraq harder.

With most jobs in Basra linked to the energy industry, it is near impossible for workers like Haider to find an alternative source of income.

The father of three, who worked for five years as a driver for the British company, subcontracted by an American oil corporation, is ready to take on any job to provide for his family.

Haider fears he might no longer be able to cover school or medical costs.

"I wish the company would take me back, even for half my wages," He said.



Egypt to Establish Middle East’s 1st Sodium Cyanide Plant for Gold Extraction

CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky, received a delegation from DrasChem Specialty Chemicals (Egyptian Cabinet)
CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky, received a delegation from DrasChem Specialty Chemicals (Egyptian Cabinet)
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Egypt to Establish Middle East’s 1st Sodium Cyanide Plant for Gold Extraction

CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky, received a delegation from DrasChem Specialty Chemicals (Egyptian Cabinet)
CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky, received a delegation from DrasChem Specialty Chemicals (Egyptian Cabinet)

The Egyptian government has announced the establishment of the first sodium cyanide production plant in the Middle East in Alexandria Governorate on the Mediterranean coast, with an annual production capacity of 50,000 tons and investments of $200 million in the first phase.

In a statement, the cabinet said on Saturday that CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky met with a delegation from DrasChem Specialty Chemicals, a Private Free Zone company, to discuss the steps required to establish the company’s sodium cyanide production facility at the Sidi Kerir Petrochemicals Complex in Alexandria.

The DrasChem project plans to begin production in 2028 following the completion of the facility’s first phase, with initial investments estimated at $200 million. This phase targets the production and export of 50,000 tons of sodium cyanide annually, a key input in gold extraction.

The second phase will focus on either doubling production capacity or manufacturing additional sodium cyanide derivatives, while a third phase will target the production of sodium-ion battery components.

El-Gawsaky said the project aligns with the country’s developmental priorities, particularly those related to increasing exports, transferring and localizing advanced technology, deepening local manufacturing and creating sustainable job opportunities.

The CEO also noted that the plant would benefit from the results of Egypt's economic reform program, which has caused significant improvements in investment, trade, and logistics indicators.

El-Gawsaky urged Egyptian companies, including DrasChem, to adopt integrated, export-oriented industrial strategies, with a particular focus on African markets.

He said the Ministry of Investment and Foreign Trade aims to increase exports by $4 billion. The focus will be on sectors with high competitive advantages, particularly the chemicals sector.

He also highlighted that DrasChem’s sodium cyanide products are of strategic importance to gold mines in Africa, which account for about a quarter of global gold production.

Bassem El-Shemmy, Vice President for Strategic Partnerships at Austria-based Petrochemical Holding GmbH, the largest shareholder in DrasChem, said project partner Draslovka of the Czech Republic will, for the first time, transfer its proprietary technology - developed at its facilities in the US - to Africa and the Middle East.

This move, he said, will help position Egypt as a regional hub for gold extraction technologies and sodium-ion battery manufacturing, a more sustainable and cost-effective alternative to lithium-ion batteries.

For his part, Andrey Yurkevich, Deputy Managing Director for Strategy and Business Development at Petrochemical Holding GmbH, said the DrasChem facility will create up to 500 direct jobs and generate approximately $120 million in annual foreign-currency revenues.

He said that the project will enhance the stability and sustainability of local supply chains and strengthen Egypt’s regional standing as home to the first sodium cyanide production facility in both Egypt and the Middle East.


Türkiye Says to Maintain Tight Monetary Policy, Fiscal Discipline

FILE PHOTO: People shop at a green market in Istanbul, Türkiye, October 22, 2025. REUTERS/Dilara Senkaya/File Photo
FILE PHOTO: People shop at a green market in Istanbul, Türkiye, October 22, 2025. REUTERS/Dilara Senkaya/File Photo
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Türkiye Says to Maintain Tight Monetary Policy, Fiscal Discipline

FILE PHOTO: People shop at a green market in Istanbul, Türkiye, October 22, 2025. REUTERS/Dilara Senkaya/File Photo
FILE PHOTO: People shop at a green market in Istanbul, Türkiye, October 22, 2025. REUTERS/Dilara Senkaya/File Photo

Türkiye will maintain its tight monetary policy and keep fiscal discipline in order to further lower inflation, Vice President Cevdet Yilmaz said on Saturday.

Turkish consumer price inflation leapt to a higher-than-expected 4.84% month-on-month in January, official data showed on Tuesday, driven in part by new year price adjustments and a jump in food and non-alcoholic drinks prices. Annual inflation dipped to 30.65%.

Speaking at an event in the southeastern province of Siirt, Yilmaz said ⁠the 45-point fall in inflation since May 2024 was not enough, adding the government was on a path to further lower consumer prices.

"We will maintain our tight monetary policy, we will keep our disciplined fiscal policies, we are determined to do this. But ⁠these are not enough either. On the other hand, we have to contribute to our battle with inflation through our supply-side policies," he added, according to Reuters.

Last month, Türkiye's central bank lowered its key interest rate by a less-than-expected 100 basis points to 37%, citing firming inflation, pricing behavior and expectations that threaten the disinflation process.

After a brief policy reversal early last year due to political turmoil, the bank's ⁠rate-cutting cycle resumed in July with a 300-basis-point cut, followed by more subsequent cuts.

The bank has eased by 1,300 points since 2024, when it held rates at 50% for most of the year to wrestle down inflation expectations.

Last month, the head of the Turkish Exporters Assembly told reporters late that Türkiye's extended period of tight economic policies had hurt manufacturers, with high interest rates and costs posing risks to the country's official $282 billion export target.


India, Malaysia Renew Pledges to Boost Trade and Collaboration

Malaysia's Prime Minister Anwar Ibrahim shakes hands with India's Prime Minister Narendra Modi in Putrajaya on February 8, 2026. (Photo by Hasnoor Hussain / POOL / AFP)
Malaysia's Prime Minister Anwar Ibrahim shakes hands with India's Prime Minister Narendra Modi in Putrajaya on February 8, 2026. (Photo by Hasnoor Hussain / POOL / AFP)
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India, Malaysia Renew Pledges to Boost Trade and Collaboration

Malaysia's Prime Minister Anwar Ibrahim shakes hands with India's Prime Minister Narendra Modi in Putrajaya on February 8, 2026. (Photo by Hasnoor Hussain / POOL / AFP)
Malaysia's Prime Minister Anwar Ibrahim shakes hands with India's Prime Minister Narendra Modi in Putrajaya on February 8, 2026. (Photo by Hasnoor Hussain / POOL / AFP)

India's Prime Minister Narendra Modi and his Malaysian counterpart Anwar Ibrahim renewed pledges on Sunday to bolster trade and explore potential collaborations in semiconductors, defense and other fields.

Modi is on a two-day visit to the Southeast Asian nation, his first since the two countries elevated ties to ⁠a comprehensive strategic partnership in August 2024.

Anwar said the partnership included deep collaborations in multiple fields, including trade and investments, food security, defense, healthcare and tourism.

"It's really comprehensive, and we believe ⁠that we can advance this and execute in a speedy manner with the commitment of our both governments," he told a press conference after hosting Modi at his official residence in the administrative capital Putrajaya.

Following their meeting, Anwar and Modi also witnessed the exchange of 11 cooperation agreements, including ⁠on semiconductors, disaster management and peacekeeping, Reuters reported.

Anwar said India and Malaysia would continue efforts to promote the use of local-currency settlement for cross-border activities and expressed hope that bilateral trade would surpass last year's $18.6 billion.

Malaysia will also support India's efforts to open a consulate in Malaysia's Sabah state on Borneo island, Anwar said.