Kuwait Energy Company and the American University of Kuwait (AUK)’s Gulf Studies Center today held a seminar on Kuwait-Iraq relations titled “Kuwait and Iraq together towards a bright future”. Prominent business leaders from both Kuwait and Iraq took part in the seminar held in Safir Hotel in Kuwait City. The seminar was moderated by the […]
CT Group Travel in conjunction with UK Trade & Investment and The Middle East Association launch a trade mission to Kurdistan. Iraq is poised to be one of the world's leading emerging markets, driven by oil revenues and economic development across the board. Part of the government's five year development plan is to attract over […]
South Korea, the world's fifth-largest crude oil importer, said on Thursday it had reached a deal with Iraq under which it would receive at least 250,000 barrels per day (bpd) of crude in an emergency situation, according to a report from Reuters. The supply is equivalent to about 10 percent of South Korea's total 2.4 […]
Overview Levels of violence rose in Iraq last week to the highest level seen this year. The graph below indicates that there were over 70 major attacks recorded countrywide, the majority of which took place in Baghdad. There were several incidents also recorded in eastern Anbar province, a slight fall in the number of attacks […]
With just another month to go in Nouri al-Maliki's 100-day ultimatum to his ministers to improve services, the Prime Minister is now increasing the pressure once more. In addition to sacking ministers who have not performed within the required time, Maliki is also suggesting dissolving the government or even the entire parliament, either at the […]
Iraq has approved an ambitious $37-billion [45 trillion Iraqi dinar] programme to upgrade Iraq's collapsing infrastructure, which has fallen victim to three decades of war and sanctions, government spokesman Ali al-Dabbagh (pictured) said on Tuesday. AFP reports that the cabinet's plans, which must now be approved by parliament, are the latest in efforts by the […]
Iraq's parliament, in a bid to lure foreign investors to build new refineries, on Wednesday approved legal amendments to set a 5 percent discount on crude sold to refiners, according to a report from Reuters. Currently Iraq offers crude to refinery investors at a 1 percent discount to the world price, but the new discount, […]
By Chris Bowers, British Consul General in Erbil. This article was originally published by Rudaw, and is re-published with permission by Iraq Business News. Imagine a visitor who arrives at Erbil International Airport. He passes a car showroom and heads to a hotel. He flicks a switch and is pleased to see the room illuminated […]
“Without a change in the law, Iraq’s insurance industry is at risk of standing still”, says CEO of AAIB Insurance Brokers. AAIB Insurance Brokers, Iraq’s leading international insurance broker, together with Marsh, the world’s largest insurance broker, hosted an Insurance Conference in Erbil, in Iraqi Kurdistan, on 27 April. The event brought together over 40 […]
Iraq's South Oil Company said on Tuesday that productivity at the West Qurna-1 oil field increased to 300,000 barrels per day, and stressed that the productivity of the field will rise at the end of the current year to 400,000 barrels per day. ExxonMobil, which along with Shell has the contract to develop West Qurna […]
Sterling Energy Plc has issued its Interim Management Statement for the period beginning 1 January 2011. HIGHLIGHTS Sangaw North-1 exploration well is drilling ahead at 3,760m. Production, net to Sterling from the Chinguetti field, averaged 629 bopd for the first quarter 2011 (Q1 2010: 714 bopd) Adjusted EBITDA in first quarter of $0.6 million (Q1 […]
A senior official in the Iraqi Ministry of Oil said on Wednesday that investors are being invited to contribute to the development of three large Iraqi oil refineries with an overall production capacity of 150,000 barrels per day (bpd), according to a report from Aknews. Undersecretary for refinery affairs, Ahmed al-Shammaa, told AKnews that the […]
