According to a report from Reuters, Iraqi telecom operator Kalimat plans to invest $250 million in 2011, and to launch an initial public offering (IPO) next year. The company's chief executive, Wilson Varghese, said the planned IPO should help the company to expand as it eyes a nationwide rollout of services by the end of […]
More than 200 foreign companies participated in last weekend's 2nd Basra International Exhibition for General Trade. Most of the companies were Turkish, with others coming from Iraq and Germany. The exhibition, which was sponsored by the Governor of Basra, the Ministry of Trade and BIC, was attended by a number of the Iraqi officials, representatives […]
On April 24, the ISX website reported that Mosul Bank (BMFI) will hold a general assembly meeting on May 22 to discuss a possible merger with Union Bank (BUOI). A capital increase via a rights and bonus issue is also on the agenda. The evident objective of such a merger would be to satisfy the […]
Iraq's oil ministry has reported record oil income for the the month of March. Because of rising oil prices combined with a third consecutive month of exports in excess of two million barrels per day (bpd), Iraq exported a total of 66.9 million barrels of oil last month, generating $7.167 billion in income at an […]
Iraq Business News' media partners at fDi Intelligence, by the Financial Times, have issued their new "Global Outlook Report 2011". The report finds that foreign direct investment projects into Iraq increased by 175% in 2010, albeit from a very low base. Iraq attracted 7% of FDI into the Middle East region in 2010, up from […]
By the Centre for Law and Democracy. A Journalist Protection Law, prepared by the Iraqi Syndicate of Journalists and endorsed by the government of Iraq, has been laid before the Iraqi Parliament for its consideration. A Note on the draft Law prepared by CLD highlights the important protections for journalists included in the draft Law. […]
Heritage Oil Plc (LSE: HOIL), the independent upstream exploration and production company with operations in Iraqi Kurdistan, has announced that it is commencing with immediate effect, a buy back programme to spend up to $100 million to acquire its Ordinary Shares, as the Board of Directors (the "Board") considers that the current share price is […]
The National Investment Commission (NIC) is getting ready to adopt the 'COMFAR' computer program to evaluate the feasibility of investment projects submitted to the commission. The commission describes it as a "digital process that is adopted in most of the developed countries". An NIC official source said that this program is prepared by the United […]
The advisor to the Iraqi Central Bank (ICB) has said that inflation jumped from 5.5% in February to 5.7% due rising electricity prices in Iraq. Muzher Mouhammed told AKnews that the high rate of inflation in Iraq is due to the March hike in electricity prices. "The rising inflation simply affects the economy but does […]
Iraq's Oil Ministry announced on Monday the launch of the fourth round of oil licences for 12 sites in the provinces of Nineveh [Ninawa], Anbar, Diyala, Wasit [Wassit], Basra, Najaf, Muthanna, Qadisiya, and Babil, indicating that the majority of areas include gas and oil. Iraq formally invited international energy firms to compete for these new […]
As part of the reform program announced by President of Iraqi Kurdistan, Massoud Barzani (pictured), and the Kurdistan Regional Government (KRG), all land allocations to private companies and investors have been suspended for two months, pending a new, more efficient mechanism for land allocations. This decision excludes agricultural and industrial projects, as well as projects […]
The Russian Gasprom Oil Company has began implementing the 1st phase of southeastern Iraq’s Badra oil field in Wassit [Wasit] Province, the Province’s Media director said on Sunday, according to Aswat al-Iraq. “Gazprom’s team charged with executing the Badra oil field, 90 km to the east of Kut, has began the first phase of implementing […]
