Iraq Negotiates with CNOOC over Maysan Oilfields

Iraq’s Oil Ministry is negotiating with China’s CNOOC (China National Offshore Oil Corporation) for a service contract for the 2.5 billion barrel Maysan oilfield complex, Iraqi oil officials said on Monday. Oil Minister Hussain al-Shahristani said the Chinese company, which he did not identify, had accepted the government’s proposed remuneration fee of $2.30 for every […]

Iraq May Pay Costs of Oil Firms in Kurdish North

Reuters reports progress in the ongoing dispute over oil contracts in Kurdistan. Iraq’s government could end up paying exploration and extraction costs of oil firms working in Iraqi Kurdistan but not their profits, the oil minister said on Monday, signaling a further thaw in a row over oil wealth. “We will not pay any profits […]

Iraqi Oil ‘a Complete Game-Changer’

The New York Times reports on how terrorist attempts to derail the auctions of Iraqi oilfield development rights have failed, and the process went ahead as planned. “The terrorists tried to send a message to the oil companies through the bombings,” the oil minister, Hussain al-Shahristani, declared on Iraqi television. “But this message was not […]

Opportunities at Breakfast

The reconstruction of Iraq is under way and opportunities for Texas businesses abound. The Bilateral U.S. – Arab Chamber of Commerce (BUSACC) was due to  host a business breakfast and panel discussion featuring Iraq’s Ambassador to the United States, the Senior Commercial Counsel and a high level Ministry of Energy official and delegation, along with […]

ISX Closes at 91 points on Monday

The Iraqi Stock Exchange (ISX) index registered a slight increase of 0.32% after six consecutive sessions to close at 91.16 points as rates of 11 joint-stock companies’ shares went up. Today’s session saw shares of 30 out of a total 81 electronically-registered joint-stock companies exchanging hands with 9 down, 11 up and 10 retaining their […]

Australians Agree Payout over Bribes

Australia’s AWB wheat firm agreed on Monday to pay 39.5 million Australian dollars (35 million $US) to settle a class action for bribing the regime of former Iraqi president Saddam Hussein to secure lucrative deals. The former monopoly exporter will make the payment, including interest and costs, to more than 1,000 shareholders and farmers who […]

Agency to protect Baghdad’s architectural heritage

Fawziya al-Maliki, an elegant and determined 44-year old, is spearheading Iraq’s efforts to preserve what architectural treasures remain in the war-ravaged country, but her job is proving dangerous. With many Iraqis fiercely opposed to letting cultural concerns undermine their financial interests, Maliki received death threats in early February for prohibiting the demolition of an old […]

Satellite Station Banned in Thi-Qar

Thi-Qar’s Provincial Council on Monday recommended that the office of al-Baghdadiya satellite TV station be closed after they praised the Baath Party . “The recommendation came during the council’s meeting today,” Abdilhadi Mohan, the council’s deputy head, told Aswat al-Iraq news agency. Over a period of two days, the station broadcasted live interviews with Thi-Qar […]

CBI Sells $185m on Monday

The Central Bank of Iraq’s (CBI) dollar sales reached $185.485 million in its daily auction on Monday, compared to $130.669 million in the previous session. “Demand hit $14.08 million in cash, covered at an exchange rate of 1,170 Iraqi dinars per dollar, and $171.405 million in foreign transfers outside the country, covered at an exchange […]

Enoc hosts Kurdistan Premier

Emirates National Oil Company (Enoc)  has recently hosted His Excellency Dr Barham Salih, Prime Minister of Iraqi Kurdistan, on a tour of the Enoc Processing Company. Saeed Abdullah Khoory, Group Chief Executive of Enoc presented an overview of the company before  a tour of the refinery and the Dubai Natural Gas Company Limited (DUGAS). Khoory […]

Iraq Mulls Kurdistan Expense Claims

The federal government could end up paying for exploration and extraction costs of oil companies working in Iraqi Kurdistan on a cost only basis said Iraqi Oil Minister Hussain Shahristani today. “We will not pay any profits to the companies but we will look into the bills for the work they carried out,” Reuters quoted […]

Deal Expected for Baghdad Underground

A deal with a French company will soon be concluded to supervise a project to build an underground railway in the capital Baghdad, the local mayor said. “Companies from the United States, Russia, Germany, France and South Korea will be invited to submit their final bids for the project after a contract is signed with […]