A housing project called Ayn al-Iraq, consisting of 20,000 residential units at a total cost of $2 billion, was announced during a ceremony at the Ninewa International Hotel in Mosul city, according to a report from Aswat al-Iraq. “The mega project is being implemented by 57 Iraqi and foreign companies at a cost of $2 […]
Iraq is prepared to stump up for the cost of building one of the four refineries planned if investors can’t be found, the Deputy Oil Minister, Ahmed al-Shamma, has said, according to a report from Bloomberg. The total value of the refinery-building program is variously stated as $9bn and $20bn, depending on the source. The […]
Bloomberg reports that Iraq plans to start work in the next three weeks on offshore oil facilities in the southern part of the country, where export capacity is due to more than double by mid-2012. Export capacity will rise to 4.5 million barrels a day by mid-2012 from the existing capacity of 1.8 million barrels […]
President Masoud Barzani met Britain’s Foreign Office Minister for the Middle East Alistair Burt and his delegation, which included British Ambassador to Iraq John Jenkins and British Consul General to Erbil Chris Bowers. Mr Burt informed the President that his government will upgrade the current UK Embassy Office in Erbil to a full consulate general, […]
The Trade Bank of Iraq plans to expand abroad and almost double of the number of its branches in Iraq next year to benefit from an anticipated oil boom, the bank's chairman, Hussein al-Uzri, told Reuters. The state-run bank is also eyeing financing deals in the energy sector as OPEC member Iraq moves ahead with […]
The Chairman of the Iraqi Commission on Integrity, Rahim al-Ugeily, has announced on Thursday that 2,300 defendants have been prosecuted this year on charges of corruption, totalling in excess of 600 billion (b) Iraqi Dinars (US$535 million approx.). 600 people have been sentenced to various jail sentences. Judge Ugeily was speaking in a workshop taking […]
"A tanker truck that unloaded the oil it was carrying from Iraq in the special zone located in 'no-man's land' on the border between Iraq and Jordan caught fire due to an explosion, causing a fire that affected 19 other trucks," a Jordanian security official told AFP. Police report that two people were killed, between […]
Volumes down, but revenues up Revenue from Iraq’s crude oil exports rose to $4.53 billion in October, the highest level this year, the State Oil Marketing Organization (SOMO) has revealed. The average price for exports in October was $77.10 per barrel, up from $73.07 in September and $71.43 in August. The country exported 46.2 million […]
According to the Financial Times, the European telecom giant France Telecom is engaged in talks to buy a minority stake in the Iraqi mobile phone operator Korek, as part of a bid to expand its operations in the Middle East. Although no deal has yet been struck, financial observers say that a potential agreement could […]
The Grain Board of Iraq has issued a tender for the supply of 100,000 tonnes of wheat. Offers must be received by 10:00 am (Baghdad local time) on 5th of December, and remain valid until 12th December. (Source: Grain Board of Iraq)
AKnews reports that the first direct flight between Sulaimaniya and the Qatari capital, Doha, commenced on Wednesday. Dana Mohammed, media secretary for Sulaimaniya International Airport, told AKnews on Thursday that the route is being operated by FlyDubai, the UAE-based budget carrier, in conjunction with the local Zozg and Azmar airlines, and will offer two flight […]
According to a report from Chatham House, the 'oil question' in Iraq has traditionally been viewed almost exclusively through the prism of ethno-sectarianism. Disputes over the management and licensing of the hydrocarbon sector and over revenue distribution have been seen as a battle for power between Iraq's ethnic and sectarian communities, as if these were […]
