The China National Petroleum Corporation (CNPC) and its partners in the southern Halfaya oilfield have awarded a $174 million contract to the China Petroleum and Engineering Corp. (CPECC) to build three crude processors, an Iraqi oil official told Reuters on Sunday. Ali Maarij, head of Iraq's state-run Missan Oil Company said the new plants will […]
The chief executive of BP, a major foreign player in Iraq's oil industry, said the country's output is likely to be only half the government's official target at the end of this decade, due to infrastructure problems, according to Reuters. "Five to six million barrels per day is maybe a more realistic level," Bob Dudley […]
Iraqi Deputy Prime Minister Hussain al-Shahristani talks about the outlook for the country's oil production and the Organization of Petroleum Exporting Countries' (OPEC) quotas. He speaks with Bloomberg's Lara Setrakian. (Source: Bloomberg)
Kuwait’s Zain is considering several tender offers to manage its telecoms network in Iraq and will likely award the contract in the next few weeks, a company spokesman has said. According to Reuters, Zain refused to name bidders for the managed service agreement, but said there were at least three, with international players such as […]
Levels of violence rose in Iraq last week, although conditions were not as bad as a fortnight ago. Most incidents were concentrated in Baghdad, Anbar and Salah ad-Din provinces, with an overall decline in militant activity in the north of the country and a rise in attacks in the south. There has also been a […]
As Prime Minister Nouri al-Maliki's 100-day deadline passed this week, no ministerial heads have rolled; the delicate power balance in cabinet would not have allowed it. While it's true that any dismissals from cabinet should take account of the scale of Iraq's challenges, and the fact that it would have taken much longer than 100 […]
The Province of Karbala is negotiating with Hyundai Motors regarding the construction of mobile electricity plants to serve areas suffering most from blackouts, according to a report from Azzaman. Governor Amaludeen al-Hir said the two sides were discussing building several generators powered by fuel oil, that can withstand the country’s tough weather conditions, particularly the […]
Austrian Airlines resumed flights to Baghdad for the first time in 21 years today (Wednesday), with the launch of its Vienna to Baghdad route. The Austrian carrier is the first western European airline to fly to the Iraqi capital of Baghdad, its second destination in Iraq after Erbil. Austrian Airlines originally introduced a Vienna-Baghdad route […]
On May 30 Rabee Securities’ new office in Erbil successfully connected to the ISX network and began trading. This was an important step forward for the stock exchange. For the first time, a brokerage branch outside Baghdad is now online. In a country like Iraq, the expansion of brokers’ branch networks to other cities is […]
Iraq's Ministry of Finance and Central Bank announced on Tuesday that Iraq will provide Islamic banking services in major banks owned by the state, under a plan worth $42 million which will be implemented this month. The Finance Ministry said on its website that Islamic transactions will be facilitated in the Rafidain and Al-Rasheed banks […]
By Layth Mahdi, Agricultural Advisor. The opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Agricultural development plays a key role in achieving human well-being, maintains food security, reduces poverty and mitigates violence. In addition, it contributes to the protection of natural resources, environmental stability and […]
Iraq's Ministry of Agriculture has reportedly contracted with a US company to supply modern irrigation technology and greenhouses. IPA reports that the company involved is Valmont Industries, which is based in Omaha, Nebraska. The general manager of the company, David Forshaw said, "The introduction of this technology is considered a real revolution. It will address […]
