South Koreans Still in Talks for Steel Complex

STX Heavy Industries, a South Korean contractor is still in negotiations with Iraq’s industry and minerals ministry over the $3bn contract for a Basra steel mill project, Meed has reported, citing a source close to the deal. Upon completion, the Basra steel mill will have a capacity of 1.2 million-t/y of iron bars; 600,000-t/y of […]

ISX Index Down by 1.8%, Closes at 91 Points

The Iraqi Stock Exchange (ISX) index went down by 1.8% to close at 91 points as trading took place on Tuesday over shares of 37 out of a total of 82 electronically-registered firms. Shares of 9 companies went up, 19 down while 9 others retained their previous rates. The number of shares traded hit 506 […]

Basra OK’s Free Trade-zone with Iran

Basra’s Investment Commission has granted permission to start a free trade-zone area with Iran. “The project was proposed by a local firm,” a source from the commission told Aswat al-Iraq news agency on Tuesday. He said that the firm will invest $16.2 million in the project over a period of 25 years. ( Aswat Al […]

Iranian Fair Opens in Najaf

A 4-day Iranian commercial fair opens in Najaf city on Wednesday, April 14. “Fifty-five Iranian firms will participate in the fair,” a source from the Najaf Chamber of Commerce told Aswat al-Iraq news agency on Tuesday. He said that the Iranian companies are considered specialized in their fields. ( Aswat Al Iraq )

Exports to Iraq Double

He pointed out that Iran’s exports to Iraq exceed Iran’s exports to the UAE. “Iran’s export to both these countries in 2008-9 was almost the same Iran’s exports to Iraq in 2009-10 doubled compared to the previous year. Masoud Daneshmand, the head of Iran-Iraq Chamber of Commerce, told Iran Daily on Saturday that Iran’s exports […]

NIC Approves 2 Projects

The National Investment Commission has approved two investment projects with a total cost of $485 million, according to an official statement from the NIC on Tuesday. “The first is a housing project to set up a residential compound in al-Ameriya region in western Baghdad, while the second is to set up seven drinking water treatment […]

Iraq Still Owes Kuwait 24 Bn

Iraq still owes about 24 billion dollars in war reparations for the 1990 occupation of oil-rich Kuwait, a Kuwaiti lawmaker was quoted as saying on Tuesday. Adnan Abdulsamad, head of parliament’s budgets committee, said the emirate had so far received 17.5 billion dollars out of the 41.8 billion dollars approved by a United Nations special […]

Finance Minister to Invest Japanese Loan

The Council of Ministers authorized Finance Minister Baqer al-Zubaidi to discuss investing the rest of a Japanese loan with the Japanese ambassador. “The council during its 15th session decided to authorize the minister to discuss investing the remaining amount of the Japanese loan (around $220 million) with the ambassador to determine the projects that could […]

CBI Sells $175m on Tuesday

The Central Bank of Iraq’s (CBI) dollar sales increased to $175.486 million in its daily auction on Tuesday, compared to $93.53 million in the previous session. “The demand hit $7.5 million in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $167.986 million in foreign transfers outside the country, covered at […]

Basra Council Approves Projects

Basra’s Provincial Council has approved different projects according to the budget of 2010. “The issue of deciding projects according to the 2010 budget will be finalized on Wednesday (April 14),” a source from the council told Aswat al-Iraq news agency on Tuesday. He noted that the projects embrace different sectors in the province. ( Aswat […]

Investment Conference Kicks off in Arbil

A conference to activate the investment sector in Diala kicked off on Tuesday in the northern city of Arbil, head of the Diala council’s investment committee said. “A reconstruction conference began on Tuesday (Arbil 13) in the city of Arbil to activate and encourage investments in Diala and to attract capital to implement important projects […]

The Political Hydraulics of OPEC

OPEC is a maddeningly opaque outfit; its public pronouncements frequently seem carefully crafted to conceal its private calculations. The 12-member cartel controls about one-third of the world’s daily oil supply — not quite enough to give it absolute control over the price per barrel, but enough to allow it to consistently manipulate the price to […]