Iraq's National Investment Commission (NIC) has released a 3,100-donum (775 hectare) site for development. The Al-Bathaa land starts north of the Euphrates river and ends south of the old Ur railway line; to the west the land is adjacent to the Bathaa district while close to the center of Thi Qar Province on the east. […]
French company Alcatel-Lucent will build a $27 million (32 billion IQD) land-line communications network in the provinces of Diayla and Anbar, according to AKnews. Bassam Salem al-Zaidi, a Diyala Province spokesman, told AKnews that the company will start work "in the coming months" in Diyala, where it will connect 35,000 subscribers at a cost of $13 […]
Al Arabiya reports that the United Arab Emirates will scrap $5.8 billion in debts owed by Iraq. Emirati foreign minister, Sheikh Abdullah bin Zayed al-Nahayan, said on Monday at a news conference hosted jointly with Iraqi foreign minister Hoshyar Zebari (pictured): “An agreement will be signed soon to lay out the legal framework for waiving […]
The Iraqi government has temporarily detained more than 100 international workers in recent weeks over visas and paperwork issues, according to the International Stability Operations Association, a trade group representing contractors. “We want to ensure that you are aware of the seriousness of this issue and the impact it is having on our members’ ability to […]
Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a proxy Iraq […]
Reuters reports that Iraq has signed a $235-million electricity deal with a subsidiary of Turkey's Enka Insaat to install a 500-megawatt power plant in the Al-Najibiya district of Basra. The company will install four General Electric (GE) gas units, each with a capacity of 125 megawatts, within the next 16 months, said electricity minister Karim Aftan. […]
Mehdi Fakour (pictured), Managing Director of the Iranian Central Oil Fields Company (ICOFC), has announced that Tehran and Baghdad have decided to establish a joint company to developing three joint oil fields, according to the Iranian Fars News Agency. "An Iraqi delegation will visit Iran on February 6 to finalize the establishment of the company," […]
Iraq is planning its participation in the fifth round of the Arab-Chinese Business Conference, according to AKnews. Iraq is expected to attend the one-day conference in Sharjah city with a high-level delegation headed by the Minister of Trade, Khairullah Hasan. “Iraq is in the process of reconstructing the country. Therefore normalizing these economic relations is […]
Syrian exports to Iraq reached 20 million dollars in December, half of it from Aleppo, according to Alwatan daily. Aswat al-Iraq says Iraq is a major contact for Syria following sanctions against the regime. (Source: Aswat al-Iraq)
Genel Energy announced on Monday morning that it has taken a step forward in its strategy to consolidate its position as a leading oil and gas player in the Kurdistan Region of Iraq by becoming the government's sole Contractor in the Chia Surkh exploration block. The Company said today that it is to increase its […]
The parliamentary Finance Committee said on Sunday that it is considering adding 42,000 jobs to the 58,000 allocated in the 2012 budget, according to AKnews. On Jan. 5 the Iraqi government approved the 2012 budget of $100 billion USD (117 trillion IQD) with a deficit of up to $13.5 billion USD (20.5 trillion IQD), based […]
The Middle East Economic Survey (MEES) reports that Norwegian producer Statoil ASA is trying to sell its stake in the West Qurna-2 oilfield. According to the report, the company may use the negotiations to improve the terms of the West Qurna-2 contract and decide against pulling out. If a sale happened, it would be the […]
