Reuters reports that Lockheed Martin hopes to sign sales contracts for up to 18 F-16 fighter jets with both Iraq and Oman by early 2012, and expects to book a total of about 100 additional orders by the end of the decade. Lockheed is gradually winding down production of the popular multi-role fighter, which is […]
Korean company STX Heavy Industries has signed an agreement today to install 25 power plants to generate a total of 2,500 megawatts in Iraq, according to a report from Bloomberg. “This is a big event as the company will be establishing 25 plants in a region ranging from the southern city of Basra to the […]
Swedish truck maker Scania will open a branch in Karbala, its fourth brance after Baghdad, Erbil and a planned third in Basra. On Wednesday, Scania signed a contract with the Iraqi company al-Raw’aa regarding cooperation on this project. Swedish ambassador Karl Magnus said, “This will open a new door for Swedish companies to enter Iraq.” […]
Faruk Group Holding, a major conglomerate in Iraq, has unveiled big investment plans for the northern city of Sulaymaniyah. According to Trade Arabia, the group with a diversified range of interests including telecommunications, cement, manufacturing, hotels, medical services, properties, construction and IT, has pumped more than $400 million into its hospitality industry alone. Unveiling the […]
Baker Hughes, the world's third largest oilfield services firm, expects drilling activity to pick up in Opec-members Saudi Arabia and Iraq from the second half of this year as delayed projects restart, Reuters reported on Wednesday. "For the second half of 2011, we expect activity to increase, especially if you look at Saudi and Iraq," […]
Clyde & Co has been appointed by Lukoil Mid-East Ltd to support them in their development of the West Qurna-2 field in Iraq. With recoverable reserves of 43 billion barrels West Qurna is the second largest oil field in the world. This is a landmark project for Lukoil, representing as it does a planned production […]
Reuters reports that Iraq's state-run Iraqi Drilling Company has started work at the Zubair oil field under a $250 million contract to drill 23 new wells in the field. Director Idrees al-Yassiri said the two-year contract also included overhauling 63 old wells in Zubair. "We have started executing the contract awarded to us by ENI […]
South Korea’s Hyundai Engineering & Construction Co. has started work on a $219 million project to expand a gas-fired power station near Baghdad, Bloomberg has reported. The Al-Quds station located in a suburb northeast of the capital will increase production to 1,400 megawatts from 900 megawatts withing 18 months, according to Qais al-Waeli, a spokesman […]
Further to our article on Citigroup's planned expansion into Iraq, Bloomberg News has run a piece on this story. The video includes an interview with Kyle Stelma of Dunia Frontier Consultants: http://www.youtube.com/watch?v=qUEHKUwVIsw
We reported last week on the withdrawal of the Kazakhstan-based KazMunaiGas from negotiations on the Akkas gas field in Anbar province. This week the head of KMG, Askar Balzhanov, shed more light on the background to the company's decision, and it reflects very poorly on the Iraqi authorities: "One of the reasons for our withdrawal […]
BP lifted its first cargo of Basra light crude from Rumaila this week, according to a report in the Telegraph. The cargo is worth about $200m [240 billion Iraq dinars]. The company is working with China National Petroleum Corporation (CNPC) on the field and the two companies are due $1bn for boosting production, drilling new […]
A few dozen Iraqis protested on Wednesday against Kuwaiti plans for a new port near Umm Qasr, Iraq’s only deep-water port. AKnews reports that public committees from Basra organized the protests to show public opposition against the Kuwaiti Mubarak port across the border. "Everyone knows that Kuwait does not need this port since it has […]
