New Project to Build Oil Refinery in Basra

Iraq Directory reports that Basra’s Director of investment, Haider Ali Fadel, said on Wednesday that the Authority is currently considering a proposal from a local investor to build an oil refinery in the province. He stated that the Basrah Investment Commission is prepared to send all requests for the establishment of such projects to the […]

Power Pylons to Up Capacity to 363 MW

An agreement has been reached on Friday with a Turkish exporter of ready-to-use power pylons to increase capacity from 240 to 363 megawatt (MW) in Basra, according to the provincial council’s electricity committee chairman. “The capacity of one pylon, due to arrive in the port of Umm Qasr soon, will be upped from 105 to […]

Lukoil in Talks on Developing Giant Oil Field near Basra

Azzaman reports that Russian energy giant Lukoil is discussing with local officials in Basra the details of implementing its contract to develop the West Qurna-2 oil field. Governor Shaltah Aboud is reported to have promised the Russians “to engage in full cooperation and do his best to remove all obstacles.” “We have discussed with Russia’s […]

$300m to Improve Water Supply in Baghdad

The Baghdad municipality has allocated 353 billion Iraqi dinars (about $300 million) to improve and extend drinking water networks in the capital. A total of ID226 billion ($190m) has been earmarked to establish a water purification center at the Rasafa Water Project, according to a statement received by Aswat al-Iraq news agency. (Aswat Al Iraq)

Arabs Urged to Speed up Economic Integration

Arab finance and economy ministers opened a meeting in Kuwait on Thursday with calls for speeding up economic integration, and establishing a customs union by 2015, reports AFP. The ultimate aim is to establish a full Arab common market by 2020. “We must have a working program with a timetable to implement Arab joint ventures […]

Iraq Adjusts Oil Pricing, and Adopts the ASCI Benchmark

loomberg reports that Iraq raised the official selling prices for crude delivered to the U.S. and lowered them for Europe. The March price for Basra Light oil for delivery to the U.S. rose by 80 cents, to a discount of $4.35 below West Texas Intermediate crude, according to a statement from Iraq’s Oil Ministry. The […]

Fair for Women Handmade Products in Arbil

A fair for women handmade products has been opened in Arbil city, with the participation of 150 women from the provinces of Kirkuk, Arbil, and Sulaimaniya. The fair that started on Thursday at the capital of the Iraqi Kurdistan region is considered the first of its kind in Iraq.

Iraq to Join EITI

The administrative board of the Extractive Industries Transparency Initiative (EITI) has unanimously agreed to accept Iraq as a member, the Iraqi Ministry of Oil said on Thursday. The administrative board, comprised of 20 members, includes representatives of the permanent states, civil society organizations and extractive companies, according to a ministry statement received by Aswat al-Iraq […]

Iraq Plans to Slice Three Zeros off Currency Notes

Iraq plans to knock three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday. Iraq is trying to revamp its economy and boost oil production after the effects of the war with crude deals that may vault it to one of the world’s top oil […]

Iraq on Road to Stamping out Oil Graft

Iraq took a step towards leaving its reputation for corruption and the misuse of oil cash behind today, as the Extractive Industries Transparency Initiative (EITI) board accepted its bid to become a candidate member. Iraq now has two years to implement EITI standards in financial reporting within its oil sector. It must also undergo validation […]