Capacity at Al-Ahdab oilfield reached 120,000 bpd on Friday, three years ahead of schedule, according to Reuters. The one-billion barrel field in Wassit Province, central Iraq, is being developed by Chinese firm CNPC. The firm started production at 60,000 bpd in summer, six months ahead of schedule and it has doubled it far faster than […]
A deal for US fighter jets and tanks will not be stopped by political instability, reports Al Jazeera. The deal is reportedly for USD11bn-worth of weaponry. Since the US pulled out its remaining troops two weeks ago, violence has increased, arrest warrants have been issued against senior politicians opposing prime minister Nouri al-Maliki, and opposing […]
150,000 refugee Iraqi's have returned to Iraq from seemingly more unstable countries, according to AKNews. Iraqi immigration minister Dindar Dosk said that these Iraqis, who escaped from Iraq after the Iraq War began, have now returned since the outbreak of protests in the Arab world over the past year, in particular from Yemen, Libya, Egypt and […]
Halfaya is not currently the most exciting oil field, but it is growing fast. In less than two years, the large consortium of Chinese, Malaysian and French companies developing it has increased production from 3,000 barrels per day to around 15,000 bpd, with 2,000 bpd of those having just been added with a new well, […]
Iraq's stock exchange closed 34% up for the whole of 2011 due to the earliest foreign investors buying into Iraq's growth story. Undeterred by increasing security and political issues, and housing and power shortages, intrepid foreign buyers bought a net USD110m in shares this year in a market currently valued at $4bn. Next year will […]
The Iraqi State Oil Marketing Organization has launched a tender to buy 3,400 tons of gasoil per day for 12 months to power electricity generators. In July 2011, Iraq signed a one-year deal with Iran to receive approximately 1,300 tons per day of gasoil to help power the growing needs of a country already short […]
Summary Levels of violence rose in Iraq over the past week, with dozens of people killed and injured in a series of attacks in Baghdad on 22 December. Meanwhile, the political crisis between senior politicians also endures, posing a significant risk to overall national stability and raising the possibility of major internal strife over the […]
The high price of oil could prove the latest projection of a USD14.5bn budget deficit in 2012 as being too pessimistic. The Cabinet approved a $100bn budget for 2012 in the first week of December, although it is still waiting for Parliament to give its approval. The budget is based on oil at an average […]
The plan is that every Iraqi will get a home, but, unfortunately, the vast amounts of money needed might be hard to find. Iraq Directory reports that prime minister Nouri al-Maliki has promised a "home for every citizen" in five years, with those who have no homes getting them at cost price. However, with the […]
Basra Investment Commission (BIC) has granted seven licenses for a variety of projects in the fields of housing, trade, industry and tourism. The Head of the Commission, Khalaf al-Badran, said in a statement, that these projects will provide thousand of work opportunities and will improve social standards in the province. The total value of the […]
The Jordanian news agency Petra, citing Jordan’s Transport Ministry, reports that Iraq has agreed to allow Jordanian trucks to transit its territory to Turkey and Europe. Iraqi authorities said they will open a route for Jordanian trucks to Turkey within a month after putting in place customs and security procedures. (Source: Bloomberg)
Iraq has reportedly spent $14 million (16 billion IQD) a 7,000 ton commercial freighter called the Baghdad. Samir al-Karkhi, the director of the Marine Shipping Company, told AKnews the vessel will enter service in February and will address many of the obstacles faced by shipping in Iraq. "The Ministry of Transport is making great efforts […]
