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Kuwait Gets $650m in Iraqi Reparation

The United Nations released $650 million in Iraqi compensation to Kuwait on Thursday, the latest payment of a war reparation scheme that began in 1994. The payment brings the total sum of compensation paid to Kuwait to $30.1 billion dollars. A further $22.3 billion is due to Kuwait. Most of the latest round went to […]

Indian Companies to Invest in Basra

A delegation representing Indian companies is visiting Basra to learn about investment opportunities in the province, according to a report from Aswat al-Iraq. “The delegation, which consists of a number of Indian companies, held talks with the second deputy governor, Ahmad al-Hasni, on Thursday, regarding investment opportunities in different fields in Basra,” the source told […]

Albaraka Türk to Open Branch in Erbil

Emerging from the global financial crisis unscathed, several Turkish banks plan to expand into neighbouring countries. Following Ziraat Bankas‎, Bankas‎ and Kuveyt Türk, leading Turkish bank Albaraka Türk is also planning to open a branch in Erbil, northern Iraq, Fahrettin Yah‏i, the general manager of the bank, said yesterday. The growing business volume between Turkey […]

IOCs and Iraq’s Peculiarities

By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. The opinions expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. Recent oil conferences in Baghdad and Basrah, hosted respectively by the oil ministry and the USG, underscored the International oil companies (IOCs) poor situational awareness, strategic foresight, […]

Evolutionary Solution to Hire Talent in Iraq

Asiacell Communications LLC becomes first Iraqi company to implement a full-fledged enterprise e-recruitment solution to attract, engage and hire exceptional telecom professionals. “Recruiting exceptional talent is a challenge globally. The challenge is even bigger when you are trying to hire quality people in Iraq, especially expatriates. We have to compete with telecom companies worldwide for […]

Iraq Signs Electricity Deal with French Firm Alstom

French energy infrastructure firm Alstom signed a memorandum of understanding with Iraq on Wednesday to build a power plant in southern Iraq, which is suffering a severe electricity shortfall. According to a report from AFP, Alstom is also set to renovate an existing power plant in the city of Najaf that it built 35 years […]

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Freedom of Speech in Iraq

The planned second session of the new Iraqi parliament was due to be held on Tuesday, but considering the lack of progress in forming the next government, few were surprised when it was postponed. “We are postponing the session until further notice because the political entities failed to reach any agreement”, said Fuad Massum, who […]

Eni to Award Oilfield Drilling Contracts

Italian oil major Eni is expected to award a tender to drill more than 100 new oil wells at its Zubair oil field in southern Iraq in August, according to a report from Dow Jones. “We received the bids and we are in the process of assessing them,” an executive told the news agency. Several […]

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Iraqi Inflation Continues to Fall

A senior official in the Iraqi Central Bank said that inflation in Iraq continuedto fall in June and reached 2.7%, compared with 3% in May. The Central Bank of Iraq slashed its base rate by 100 basis points to six per cent in April in reaction to subdued inflation, though the interest rate is considered […]