Lebanese, Turkish Discuss Housing in Basra

A group of eight Lebanese and Turkish firms on Monday discussed with Basra’s governor new housing compounds in the province. “We discussed housing projects in the province,” the Basra governor Shaltagh al-Mayiah told Aswat al-Iraq news agency. He noted that the Basra Local Authority encourages Arab and foreign companies to invest in the province. ( […]

Gas-fired Power Plant in Hilla

Electricity Minister Karim Wahied on Monday laid the cornerstone of a gas-fired power plant in Hilla at a cost of $84 million. “The plant will work with a total capacity of 250 MW and the project was referred to a Canadian company, which signed the contract a few days ago,” Wahied said at a press […]

Australian mission finds emerging Kurdistan

The Australia Arab Chamber of Commerce and Industry (AACCI) recently (12-17 April) led a select group of Australian companies to the Kurdish region of Iraq in pursuit of business opportunities. They found an economy, now emerging after decades of isolation and neglect, buoyed by growing foreign investment, supported by oil and gas revenues, and underpinned […]

The remarkable survival of Rafideen Bank

The Manager of Rafideen bank, Alyasiry, said Wednesday that the bank has overcome a recommendation by a foreign company to sell or privatize the bank. The company was called in to evaluate the bank’s  financial situation after 2003. He says that the bank is working on completing the rules of comprehensive electronic exchange which would […]

Indians Discuss Investment in Basra

Indian Charge d’ Affaires in Baghdad discussed on Monday with Basra deputy governor ways of boosting investment cooperation and the possibility to open an Indian consulate in the province, according to an official spokesman of the deputy governor. “Deputy Governor Nezar Rabia al-Jaberi discussed on Monday (May 24) with Indian Charge d’ Affaires in Baghdad, […]

West Qurna 1 to See 8 New Wells

The initial development plan agreed by Exxon Mobil (XOM.N) and its partners for Iraq’s West Qurna Phase One oilfield includes drilling eight new wells and overhauling up to 50 wells this year to boost output, an Iraqi oil official said on Monday. International oil service companies will be invited to drill four new wells and […]

Hundreds of Turkish Firms Invest in Iraqi Kurdistan

Hundreds of Turkish firms have flocked to the semi-independent Kurdish enclave in northern Iraq, benefiting from a newly issued law easing curbs on foreign investments. Latest figures by the Kurdistan Investment Commission show that more than half of the foreign firms in the enclave are Turkish. In a statement, the commission said there were 620 […]

Iran To Boost Non-Oil Exports To Iraq

Iran plans to increase its non-oil exports to Iraq to US$7.5 billion annually from the current US$4.8 billion, the secretary-general of Iran-Iraq economic development centre said on Sunday. “Iran mainly exports foodstuff and construction materials to Iraq,” Mehr News Agency (MNA) quoted Hassan Danaiifar as saying Sunday. “Currently, over 8,000 tonnes of cement is being […]

Four Injured in Blast Near Oil Company in Northern Iraq

Four security guards were injured Sunday when two explosive devices detonated near the entrance of an oil company in the northern Iraqi city of Kirkuk, a police source said. Security forces cordoned off the area and launched a search operation for those behind the blast, which targeted the North Oil Company, northwest of Kirkuk, Helo […]