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New Deal for Iraq-Turkey Oil Pipeline

(Source: AFP) Iraq has initialled a deal with Turkey to extend the use of the main pipeline linking its northern oilfields to the Mediterranean port of Ceyhan for 12 years, the oil ministry said on Thursday. The renewal of the existing deal, which ran out in March, was the result of lengthy negotiations — Turkey […]

Oil Minister Confirms 12m bpd Target

(Source: Aswat Al Iraq) The Iraqi oil ministry seeks an increase in production to hit 12 million barrels per day (bpd) during the next six years, in addition to developing natural gas fields, according to the minister, Hussein al-Shahrestani. “This figure is the normal rate of Iraq’s production but for the policies pursued by the […]

Electricity Minister Offers to Quit After Violent Demos

(Sources: AFP, Associated Press) Iraqi Electricity Minister, Karim Wahid, offered to resign on Monday after a wave of bloody street protests demanding his dismissal over harsh power rationing in the scorching summer heat. Public anger with the work of the electricity ministry has boiled over in recent days as temperatures have hit highs of 54 […]

60 Companies in Ninewa International Fair

Aswat al Iraq reports that the first Ninewa International Fair kicked off on Monday with more than 60 local and foreign companies taking part. The companies were from the industrial, trade, agricultural and construction fields, according to a director of the Anmar construction company. “With personal efforts and with the support from the province, we […]

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Korean Think-Tank Urges Partnerships for Iraq Reconstruction

(Source: Korea Times) The Korea Times reports that a state-run think tank called on the government, along with local businesses, to gear up for reconstruction projects in Iraq, predicting the demand will rise in the near future. In a report entitled “Prospects of the Iraqi Economy after the General Elections,” the Korea Institute for International […]

Bank Open for Business Despite Bombings

(Sources: AFP, Trade Bank of Iraq) The Trade Bank of Iraq insisted on Monday that it was open for business despite the damage wrought by two suicide bombers who blew their vehicles up in the street outside. The bank, which is the conduit for much of the Iraqi government’s foreign exchange transactions and dealings with […]

BP President of Iraq on Progress of Rumaila Development

22 June 2010 (Source: PressReleaseNetwork.com) For the first time in more than three decades, two oil and gas exploration license bidding rounds took place in Iraq in 2009. The first round saw a consortium consisting of the UK’s BP and China’s CNPC spearheading IOC activities as they won the first 20 year service contract to […]

Iraq’s Oil Sales Reach $4.3bn in May

(Source: Aswat al Iraq) Iraq’s oil sales in May registered $4.3 billion, through exporting 58.7 million barrels at a price of $73.8 per barrel, the oil ministry said on Monday, according to a report from Aswat al-Iraq news agency. Iraq’s oil sales last April registered 53 million barrels, valued at $4.2bn, at an average price […]

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Is Iraq Reverting to Square One?

By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. Iraq’s recent upsurge of violence, fueled by political impasse and regional geopolitics – Notably Iran’s Mullacracy suicidal ambitions, could easily undermine its fragile democracy and, thus, plunging the country into a vicious downward spiral. The ongoing ignominious political ploys are creating a toxic environment compelling the majority […]

New Iraqi Parliament Meets for First Time

Iraq’s new parliament met on Monday for the first time since elections were held on 7th March. According to Voice of America, “the session adjourned quickly, because parliament members had not ironed out the main items on the agenda”. The session is still technically ‘open’, but suspended indefinitely, so as not to trigger a constitutional […]

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Welcome to the ‘Your Country’ Pages

Welcome to this latest initiative from Iraq Business News. The ‘Your Country’ pages carry useful information specific to businesses from participating countries. The first to be launched is the United Kingdom, and we plan to add other countries over the coming weeks and months. If you would like to see your country represented please contact […]

Turks Seek Projects in Karbala

A delegation representing two Turkish companies expressed readiness to implement health and housing projects in Karbala, the head of the Karbala council said on Tuesday. “The Turkish delegation presented housing and health proposals to be implemented in Karbala, including the establishment of two specialized hospitals,” Mohammad al-Moussawi told Aswat al-Iraq news agency. “The local government […]