Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for May. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); Shipments to […]
Iraq's Cabinet has approved the establishment of a first state-owned Islamic bank in the country, said Mudher Saleh, deputy governor of the Central Bank of Iraq. This will bring to 12 the number of Islamic banks in Iraq. Two of the country's six state-owned banks, Rafidain Bank and Rasheed Bank, opened Islamic banking units earlier […]
Iran's Mehr news agency reports that Iraq will soon sign a deal with Iran to start importing 25 million cubic meters (mcm) of natural gas per day in 2013. The Iranian gas will be used to power four Iraqi electricity plants. The giant South Pars gas field (pictured) in the Persian Gulf is shared by […]
A delegation from the Basra Investment Commission, headed by the BIC chairman Eng.Haider Ali Fadhil, visited the headquarter of Traders Association in Al- Nabatiyeh Province, South Lebanon. The delegation was accompanied by Eng. Hassan Jabir. The head of the association welcomed the delegation referring to the joint cooperation between Iraq and Lebanon; he appreciated the […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th April 2012). Please click here to download a table of listed companies and their associated ticker codes. ID1,287 / $1,412, -2.1% (weekly change). The number of week traded shares was 4.4 bn and the weekly trading volume was ID8.5bn ($7.2mn). ISX […]
A former U.S. civilian contractor has pleaded guilty in the Eastern District of North Carolina to conspiring to steal military generators in Iraq in 2011 and selling them on the black market, announced Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division and U.S. Attorney Thomas G. Walker for the Eastern District […]
Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, reports Reuters. The central bank said last August that it planned to redenominate the Iraqi dinar to simplify financial transactions in an […]
The head of Iraq's Integrity Commission, Judge Ala’a Jwad Hameed, has said that rooting out corruption is the duty of all honest Iraqis, and expressed his optimism for increased cooperation between the Commission and government agencies. At a meeting with the governors of Najaf, Karbala and Babel, he emphasised the need to create a culture […]
The Kuwaiti ambassador to Baghdad, Ali al-Muamman, has announced that 50 Kuwaiti companies will begin work in Iraq at the end of this month, after being informed of the investment law details by the Chairman of the National Investment Commission (NIC), Sami al-Araji, who visited Kuwait recently. "The Kuwaiti companies were afraid of entering Iraq […]
A delegation representing Croatian companies visited the Basra Investment Commission this week to study the available investment opportunities in Basra. They discussed the possibility of obtaining investment projects in various sectors, and said that Basra represents a major target for international companies, especially in the oil sector. They also invited the Governor of Basra and […]
Inaugural speech by KRG Prime Minister Nechirvan Barzani, at the swearing in of the seventh KRG cabinet, Kurdistan Parliament, Erbil, 5 April 2012. Your Excellency the Speaker of the Kurdistan parliament, your Excellency Vice President of the Kurdistan Region, Excellencies Members of the Kurdistan Parliament, dear audience, We are glad that we are present today […]
DNO International ASA, the Norwegian oil and gas company, announced today that it has completed drilling of the Peshkabir-1 exploration well in the Kurdistan Region of Iraq and is preparing to test observed oil shows across three potentially producing intervals. Full and sidewall cores suggest a continuous hydrodynamic column within the Cretaceous interval and the […]
