Archive | 16th March 2012

Major Discrepancy in Kurdistan Oil Figures

The Kurdistan Regional Government (KRG) has said Baghdad must investigate a difference of about 35,000 bpd of crude oil exports from the region that is failing to appear in the national total, and demands payment of over $1 billion owed. The full text of the KRG statement follows: Oil exports from the Kurdistan Region in […]

Iraq Reviews Oil Pipeline to Saudi Arabia

Among the options being considered by Iraqi lawmakers to reduce dependence on the Strait of Hormuz, is the reopening an oil pipeline to Saudi Arabia that's been closed since the Gulf War in the 1990s. Currently, most of Iraq's oil exports are shipped by tanker from Basra through the Strait of Hormuz, but Iran has […]

Iraq Hopes Arab Summit Will Boost Its Role

This article was written by Abeer Mohammad, and was originally published by the Institute for War and Peace Reporting, iwpr.net. It is reproduced by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi officials are hoping that hosting the […]

US Embassy Helps Young Iraqi Entrepreneurs Create Businesses and Jobs

The U.S. Embassy’s Iraqi Youth Initiative, which forms part of the Tijara Provincial Economic Growth Program run by the United States Agency for International Development (USAID), will mark its two-year anniversary in April 2012. Since the start of the program, loans valued at $3,625,100 have enabled 1,045 young entrepreneurs to build businesses that today employ […]

Three Charged in Iraq Kickback Scheme

AFP reports that three men have been charged with conspiring to defraud the US government over a kickback scheme involving contracts for ammunition disposal in Iraq. Briton Ahmed Sarchil Kazzaz and his business, Leadstay Company, were charged in federal court in the southern state of Alabama along with US citizens Gaines Newell, 52, and Billy […]

Gulf Keystone Petroleum (GKP) Litigation Update

Update from Gulf Keystone Petroleum (GKP) on litigation with Excalibur Ventures: On 14 March 2012, the English Commercial Court in London ordered Excalibur Ventures LLC ("Excalibur") to make a payment of £6,000,000 into Court within 21 days as security for the costs of Gulf Keystone and two of its subsidiaries (the "Companies") of defending the […]

Cyprus Airways to Resume Flights to Kurdistan

Cyprus Airway is expected to resume flights to Iraqi Kurdistan next month, reports AKnews. The carrier is planning to re-launch flights to Erbil on April 11, according to Erbil International Airport's relations adviser Andrew Jones. Cyprus Airway operated four flights to Erbil in July last year but then stopped the service. Cyprus Airway will operate […]

USAID-Supported SME Centers Creating More Jobs

Iraq’s Ministry of Youth Monitoring and Coordination Director General Adnan Al-Sarraj recently praised USAID-Tijara’s network of eight Small Business Development Centers (SBDCs) for helping Iraqis find employment and start new businesses. The compliment came in a SBDC strategy workshop last week in Erbil at which government officials, NGOs and UN agencies joined USAID-Tijara to discuss […]

Korek Awaits Spectrum Allocation to Launch 3G

Korek Telecom hopes to launch a third-generation (3G) network later this year, but is waiting for the Iraqi government to allocate the necessary spectrum, the operator's chief executive said on Wednesday, according to Reuters. The company, in which France Telecom and Kuwait's Agility own stakes, claims a 70 percent market share in Kurdistan. Yet its […]

Egypt, Iraq Sign $408m Deal on 'Yellow Remittances'

Iraq has reportedly reached an agreement with Egypt on the so-called 'yellow remittances' - money owed to Egyptian workers in Iraq since the 1980s. The Egyptians left Iraq after the U.S. invasion, leaving their jobs and their money behind, and did not receive compensation.This has been a source of tension between the two countries ever […]