By John Lee. Iraq's Ministry of Electricity has reportedly warned that the 2,000-MW Musayyib [Mussaib] power station may be forced to stop due to lack of fuel. Musab al-Mudares, a spokesman for the Ministry of Electricity, said that fuel tanks at the station can hold enough fuel for two weeks, but the plant may stop […]
By John Lee. An MP and member of parliament's the Economic Committee has described the giant Basmaya [Bismayah] City housing project as "failed", and says "the National Investment Commission (NIC) will not be able to implement it." Azez al-Mayahi, of the Iraqiyya party, demanded that the NIC clarify that status of the project, according to […]
By John Lee. Earlier this month, the US accused Elaf Islamic Bank of doing business with Iranian banks that had been blacklisted. According to a news report from NBC, Iraq's central bank has been transferring dollars to Iran, helping Iran stay afloat in spite sanctions. It now appears President Maliki may be involved. NBC’s Andrea […]
By Mayada Daood. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. In a country where the unemployment rate has caused mass demonstrations, one local economist believes that Iraq lacks thousands of skilled workers for the oil industry […]
“Erbil Oil & Gas Exhibition”, the most exlusive and utmost industry fair in Kurdistan inspires and guides prospective investors in Kurdish oil. Being the first and only oil and gas sector exhibition in the region, the exhibition provides unparalleled opportunities for the investors. The Northern Iraq Kurdish Administration produces 150.000 bpd; however, the administration is […]
By John Lee. Bloomberg reports that Iraq will increase its exports of Basrah Light crude from the Persian Gulf by 6 percent in the second half of August, compared with the previous two-week period. According to the loading program, Iraq will ship 23 cargoes from the al-Basrah Oil Terminal (ABOT) (pictured), three more than in […]
By John Lee. DNO International, the Norwegian oil and gas company, announced today that its share of oil exports from the Kurdistan Region of Iraq has averaged 40,000 barrels per day from startup ten days ago and that the Company will continue to deliver these volumes at least through the first week of September as […]
By John Lee. Gulf Air plans to restart flights to Iraq and Iran on 20th September after a break of 17 months. The airline, based in Sunni-ruled Bahrain, halted service to the Shiite-led countries at the height of anti-government unrest last year, during which at least 50 people were reported to have been killed. It said […]
By Zanko Ahmad. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Two families in Iraqi Kurdistan seem to reserve all the top political jobs for relatives. Recently the ‘crown princes’ both got new, high level jobs. The […]
By Mark DeWeaver. The ISX-listed industrials are best known for their main products, which include everything from polyvinyl chloride pellets (used for plastics production) to refrigerators and air conditioners. These companies are typically partially state-owned holdovers from Saddam Hussein’s time. Many have difficulty competing with imports. Often their factories are overstaffed, have obsolete machinery, and […]
By Jared Levy, Senior Middle East Analyst at Dunia Frontier Consultants. Dunia Frontier Consultants tracks foreign commercial activity (FCA) in Iraq, defined as investments, service contracts or any other form of commercial activity undertaken by non-Iraqi companies inside Iraq. An analysis of this data is undertaken annually in Dunia Frontier’s end-of-year Foreign Commercial Activity in […]
By John Lee. Shares in WesternZagros Resources were up more than 3% on Thursday as it announced its operating and financial results for the second quarter ended June 30, 2012. Headlines: WesternZagros completed a private placement with Crest at Cdn$1.40 per share for $57 million at an approximate 10% premium to the August 4 closing […]
