The local administration in Basra decided to allocate the sum of 242.2 billion Iraqi dinars (ID) [$207m] to carry out service and urban projects in preparation for the hosting of the Khaleeji 21 soccer tournament [21st Gulf Cup of Nations], a spokesman said on Thursday. “The higher committee for the rehabilitation of Basra, chaired by […]
The Maysan [Missan] Provincial Council allocated more than $42 million [49 billion Iraqi dinars] for the development of the province’s marshlands for 2011, a local official said on Thursday. “The ministry of state for the marshes’ affairs have allocated the sum of 49.900 billion dinars to set up service projects in the eastern and western […]
Officials of the Kurdistan Regional Government pressed the central government today to recognise oil contracts that they have inked with transnational corporations, warning that they will not resume exports until it does, according to Morning Star. The Kurdistan Regional Government (KRG), which can reportedly export 150,000 barrels a day, has signed 37 contracts for oil […]
Iraq needs foreign investors in the oil sector to help break a bottleneck at its southern ports, Iraqi Prime Minister Nouri al-Maliki said. "We have no restrictions on their [foreign investors] entry. We want them," Maliki told The Wall Street Journal. "We need speed. We need money." Maliki last year gave the nod to a […]
Iraq's Ministry for Electricity has confirmed the extension of bidding by international companies to invest in four electricity stations for an additional 40 days. The Ministry's press officer, Musaab al-Mudarris, said that the ministry will study offers in order to choose the best of them to install stations in four areas: "Basra, Amara, Simawa, and […]
An adviser to the Iraqi prime minister, Nouri al-Maliki, said on Thursday that in the coming Arab League Summit in Baghdad, Iraq will push for the creation of an “exclusive” Arab trade organization, similar to the World Trade Organization (WTO). The organization is to boost trade and economic cooperation among the oil producing, industrial and […]
The Chairman of Iraq's National Investment Commission (NIC), Dr. Sami Al- Araji, confirmed during his meeting with the Netherlands Ambassador to Baghdad, the National Investment Commission's willingness to create huge economic partnerships between Iraq and Netherlands in various sectors. Dr. Al- Araji said during the meeting that the commission is ready to grant investors willing […]
The Iraqi Oil Ministry has announced a plan to equip three refineries with modern equipment that would help in producing oil derivatives. The Undersecretary of the Oil Ministry, Ahmed Shaiyaa, told AKnews that the ministry plans to rehabilitate three refineries: Baiji [Bayji] (pictured), Kirkuk, and Doraa [Doura]. "The ministry will contract with a number of […]
Overview Recent days have seen deadly suicide attacks in Mosul and Ramadi. There has also been a worrying increase in the number of shooting attacks in Baghdad. However, last week otherwise saw a slight reduction in the total number of attacks taking place in Iraq. Incidents were concentrated in the capital, with no incidents recorded […]
2010 saw hundreds of trade agreements signed, a score of new consulates opened, and dozens of countries and thousands of companies scrambling to get in on the Iraq story. Inflation has remained low all year and exchange rates have been stable. The oil price averaged $15-$20 above the $62.50 price allowed for in the Iraq budget. […]
It is one of the better problems a rebuilding country can have: Iraq is attracting too much oil investment. The problem is that the infrastructure does not exist to export most of the extra oil produced. However, this is going to change as early as next year, perhaps increasing exports by one million barrels of oil per day, an increase […]
Shares in Gulf Keystone fell 30% on Wednesday as markets opened for the first time since last week, when Excalibur Ventures in New York issued a legal challenge. Three hours after the London market opened the share price has recovered somewhat, but still leaves a fall of around 10% at 167 pence. Excalibur believes it is entitled […]
