Conference to Show Designs in Wassit

Local authorities in Wassit Province held on Monday a conference to show engineering designs of the first investment residential compound in Kut city. “The project will cost $41 million,” Majid al-Itabi, the Wassit provincial media director, told Aswat al-Iraq news agency. He said that the compound will be executed by two local companies under U.S.–British […]

U.S. Military Budget Climbs to $708 Billion

The Obama administration sent Congress its proposed military budget on Monday, requesting $708 billion for fiscal 2011, including $159 billion to support operations in Iraq and Afghanistan. The base budget is a 3.4% increase from the prior fiscal year at $549 billion, or 1.8% real growth after adjusting for inflation. Accompanying the budget proposal is […]

Lawmaker Urges China to Write off Iraq’s Debts

An Iraqi lawmaker on Monday called on China to cancel the debts owed by Iraq to it and to contribute to investment projects in the country. “China has been delaying the cancellation of Iraqi debts until the departure of the United States from the country…,” MP Sami al-Atroushi from the Kurdistan Islamic Union told Aswat […]

UPDATE: OPEC El-Badri: No Need For Iraq Quota For Next 5 Years

Iraq may not need a quota with the Organization of Petroleum Exporting Countries for five years, OPEC’s secretary general said Monday. “When they reach the point to be accommodated, maybe that will not be before five years from now,” Abdalla Salem el-Badri said at an industry event. Iraq aims to lift its oil-production capacity to […]

Russia’s Lukoil to Invest 30 Bln Dollars in Iraqi Oil Field

Russian state energy monopoly Lukoil will invest 30 billion U.S. dollars with its foreign partners in the development of the West Qurna-2 oil field in Iraq, said the company’s CEO Monday. First phase of investment to the oil field, whose annual output is estimated at 95 million metric tons, will reach 4.5 billion dollars, said […]

Iraq Says It Can Be Top Global Oil Producer

Iraqi Oil Minister Hussain al-Shahristani yesterday said he expected Iraq to become the world’s top oil producer in six to seven years, and that OPEC should take into account Iraq’s need to rebuild its economy. Emerging from the shadow of war and keen to generate petrodollars to rebuild, Baghdad looks set to lift capacity to […]

Iraq Output Boom ‘could See Oil Fall to $50

The revival in Iraq’s oil production could keep oil prices low for several years: that is the message from a Royal Bank of Scotland note on the global oil market. As the last of Iraq’s oil contracts have been awarded, RBS predicts that Brent crude could fall back from its current level around $73 to […]

‘Iraq OPEC Quota Not Needed for Few Years’

It will be four to five years before there is a need to recommand Iraqi oil output within OPEC’s oil production policy, OPEC Secretary-General Abdullah al-Badri said today. “When they reach the point that they have to be accommodated, maybe it will not be for four to five years from now,” Reuters quoted Badri as […]

Iraq Exports Take a Dip

Iraq’s oil exports slipped slightly last month to 1.926 million barrels per day from 1.977 million bpd the month before, an official at the State Oil Marketing Organization (SOMO) said today. Exports up to 30 January had averaged 1.98 million bpd. The SOMO official, who asked not to be identified, did not give a reason […]

$6m Educational Compound in Arbil

An educational compound will be set up in Arbil City at a total cost of nearly $6 million U.S. dollars, according to an official statement. “A delegation from the South Korean government has proposed the establishment of an educational compound at a total cost of $6 million U.S. dollars…,” according to a statement published on […]