Iranian Bank in Basra Soon, Says Consul

The Iranian consul in Basra said on Monday that an Iranian bank will be opened soon in the province to develop the commercial movements between the two sides. “Iran is working to open a bank in Basra as a step toward the development of the commercial and economic movement between Iran and Basra,” Mohammad Reda […]

DNO Seeks Growth outside Iraq

DNO International ASA, the first foreign company to pump oil in Iraq since the 1970s, may invest outside the war-torn country as the regional Kurdish authority and Baghdad officials argue over export payments. “It’s important for us to look for opportunities in other areas, to have a more diversified portfolio,” Chief Executive Officer Helge Eide […]

Iraq Doubts OPEC Output Changes

Oil Minister Hussain al-Shahristani told The Associated Press on Monday that prices are at satisfactory levels and he does not expect OPEC to make changes to output during its meeting next month. The 11-member Organisation of the Petroleum Exporting Countries will instead discuss disappointing member compliance with output targets. Al-Shahristani made the comments a few […]

Iran Strengthens Trade Links

Reuters quotes the Iranian Consul to Basra as saying that Iran hopes to double trade with Iraq to $8 billion this year, mostly in the construction, food and industrial sectors. Meanwhile, 60 companies participated in an exhibition of Iranian trade and industry in Basra City. The consul also told Aswat al-Iraq that, “Iran is working […]

A Fourth State Oil Firm to Oversee Development

According to a report in the Lebanese “Monday Morning” magazine, the Oil Ministry will create a fourth state oil company, to be called The Middle Oil Company. It will have responsibility for managing oilfields in Anbar, Babil, Diyala, Diwaniya, Karbala and Wasit provinces, and will also manage the Iraqi Oil Exploration Company, which has a […]

Four New Deep-Water Moorings Offshore

In preparation for the planned increase in production from Basra’s oilfields, the Iraqi Oil Ministry plans to build 4 new offshore moorings for tankers in the Persian Gulf. Oil Minister Hussain al-Shahristani said the moorings will be ready by the middle of next year, so that giant oil tankers too big for the ports of […]

No More Iraqi Oilfields for Foreign Companies: Prime Minister

Reuters reports Prime Minister Nuri al-Maliki as saying that there will be no further deals with foreign oil companies for the development of Iraq’s oilfields. “I told the oil minister during a cabinet meeting that we will never sign any more contracts with foreign oil companies”, Maliki told supporters at a rally in the southern […]

More New Flights to Iraq

Viking Hellas Airlines will start scheduled flights flights between Athens and Baghdad from 1st March, and between Athens and Sulaymaniya from 4th March. This is in addition to the service that commenced two weeks ago between Athens and Erbil. And with the start of services between Manchester and Athens three times per week, this will […]

Chinese Delegation Negotiates Projects in Karbala

A Chinese delegation has visited the Shiite city of Karbala, and expressed its readiness to conduct several projects there, Karbala’s first deputy governor said on Thursday. “The delegation, led by a Chinese businesswoman who owns a number of industrial companies, has finished its visit to Karbala,” Abbas al-Moussawi told Aswat al-Iraq news agency. The delegates […]

Zubair Deal Kicks in

Thursday 18th February was the effective date of the deal to develop the 4 billion barrel Zubair oilfield, west of Basra, according to a report from Reuters. The consortium that won the deal, consisting of Italian company Eni, US’s Occidental, and South Korea’s Kogas, is due to pay the $300 million signature bonus within 30 […]

Crude Diplomacy – Iraq, Iran, and the Politics of Oil

The Economist reports that Chinese oil companies are shifting their focus from Iran to Iraq, as Iraq attracts the latest technology to increase its oil production. “Iraq will have to pull off an unprecedented feat. In the history of the modern oil industry, no country has increased output with the speed the Iraqis envisage. Over […]