The Turkish ambassador to Iraq, Murat Ozcelik, said Turkey is seeking to strengthen trade relations with Iraq through establishing a large investment base in the oil-rich port city of Basra. Turkey is eyeing Basra as a launchpad for its investment and trade development in the south of the country, according to Ozcelik . ‘There are […]
Further to the recent news regarding the transfer of control of the Development Fund for Iraq from the UN to Iraqi control, full details of the final meeting of the International Advisory and Monitoring Board (IAMB)'s last meeting in Amman, Jordan, on 30th June, are attached below. Please click here to download the IAMB's press […]
Closer trade and political ties were forged this week between Kurdistan and Northern Ireland during a visit to Belfast by a Kurdish business delegation led by two ministers. Kurdistan Regional Government (KRG) Trade and Industry Minister Sinan Celebi, Municipalities and Tourism Minister Samir Abdullah and several KRG officials met with Northern Ireland's Enterprise, Trade and […]
Wassit's local authorities announced on Monday that the Numaniya military airport will be redeveloped for civilian use. Aswat al-Iraq reports that the facility, 40 km north of Kut, will be used for transporting freight. In the past, the site was used as an ammunitions store, as well as a military airport. The local authorities in […]
According to a report from AKNews, 1,602 foreign companies have branches in Iraqi Kurdistan. The latest figures from the Kurdistan Company Registration Directorate show that 18 months ago there were 1027 foreign companies operating in the region, meaning there has been an increase of 55 per cent. There are also 10,100 local companies working side […]
AKnews reports that the Kuwaiti Ambassador to Iraq has dismissed accusations that his country has extracted more than its share of oil from bordering oil fields. Ambassador Ali Mo’men counter-claimed that those behind the allegations were attempting to stir up ill-feeling between the neighboring states. He told AKnews that Kuwait is making every effort to […]
Shares in Norway-based DNO International jumped 16% on Monday following the announcement of its merger with RAK Petroleum's Middle East and North Africa subsidiaries. A tie-up between the two companies has been rumoured for some time, especially following the boardroom coup that saw RAK's CEO oust DNO's chairman. You can hear a replay of this […]
The creation of a new Iraqi National Oil Company (INOC) to run the country's energy sector is not essential and might confuse the work of the oil ministry, Iraq's oil minister said on Sunday, according to Reuters. Iraq's cabinet approved a draft law setting up a new national oil company in 2009, but the agency […]
Iraq has signed a $1.2 billion contract with Canada's Capgent to build 10 power stations with a total capacity of 1,000 megawatts in a bid to meet local demand, Reuters reports. A ministry spokesman told AFP that the plants were to be constructed within 12 months in the provinces of Anbar, western Iraq, and in […]
A ministerial-led delegation of business leaders from the Kurdistan Region in Iraq this week visited Edinburgh, where they met Scottish ministers, members of parliament and business organisations who all agreed the two nations should strengthen their ties. Trade and Industry Minister Sinan Çelebi and Municipalities and Tourism Minister Samir Abdullah Mustafa discussed tourism, the trading […]
By Marko Lukic. In October of 2010, Move One reported on the economic recovery of Basra as the first wave of post-war energy exploration companies set up operations and introduced a level of prosperity and stability that has not been seen in years. Since then the city has become a focal point for foreign investment […]
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