Iraq is making progress. It is now pumping out 3 million barrels of oil per day for the first time since 1979, it is about to host the Arab League Summit, and its plan to build 2 million new homes is moving ahead.
So why have shares in Iraq-focused oil shares taken a bashing this week?
Part of the reason is a report from HSBC highlighting the political risk in the country:
“After years of conflict, the Iraqi oil industry has opened for business … the country has huge reserves … [but] politics is likely to impair value.“
In other words, prosperity is there for the taking if the politicians and public servants don’t mess it up.
On a rather different subject, Iraq Business News is delighted to welcome a new member to our Expert Blogger panel: Bob Nottelmann has helping the Iraqi agricultural sector and will write for us on Iraqi agribusiness. You can read his first installment here.