By Padraig O'Hannelly. With increasing commercial activity in Iraq, much of it by foreign-based investors, there's a growing market for adequate insurance to cover the risks. But in a country emerging from years of chaos, how can you be sure that the insurance you buy is legal and valid? To help clarify this point, Iraq […]
By John Lee. The Undersecretary of the Iraqi Ministry of Labour, Dara Yara, has said that unemployment in Iraq will be eliminated by 2016 under a new “strategic plan”. According to the Labor Ministry’s figures, about 16% of Iraq’s workforce is unemployed, but other estimates put the figure much higher. “We are working on eliminating […]
By John Lee. Japan’s International Cooperation Agency (JICA) has told Utilities Middle East that reports that the organisation had agreed a US $2 billion loan for the construction of a new Iraqi power plant are inaccurate. Japan’s principal overseas development agency, was reported by both KUNA and AIN to have agreed the massive loan to […]
By John Lee. Shares in Heritage Oil closed the day up 21% at 148.80p on Tuesday, following the resumption of trading on the London Stock Exchange. Trading in the shares had been temporarily suspended on 2nd July pending publication of a prospectus relating to the company's proposed acquisition in Nigeria, which was issued yesterday. On […]
By John Lee. Shares in WesternZagros Resources hit a two-and-a-half-year high of Cdn$1.38 on Tuesday after the company announced that it has signed a strategic investment agreement with Crest Energy International LLC, under which Crest will purchase, through a non-brokered, private placement, 40,714,286 Common Shares of the Company at Cdn$1.40 per share for gross proceeds […]
By John Lee. The Executive Board of the International Monetary Fund (IMF) has approved a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013. The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the […]
By John Lee. An Iraqi firm is to carry out the first big residential project in eastern Karbala, at a cost of $63 million (76 billion Iraqi dinars). Abbas Nasser Hassani head of the reconstruction and strategic planning committee of the Karbala council, told Aswat al-Iraq news agency: "An Iraqi firm was awarded the license […]
By John Lee. The Special Representative of the Secretary-General (SRSG) for Iraq, Mr. Martin Kobler (pictured), has expressed his concern over the delay in selecting the new Board of Commissioners of the Independent High Electoral Commission (IHEC). "Any further postponement in appointing the new Commissioners would pose a serious threat to the democratic process in […]
By John Lee. A Russian business delegation has visited the city of Ramadi to investigate investment opportunities in Anbar province. Saadoun Obeid al-Shaalan, head of the provincial council, told NINA news agency: "The delegation represents a group of leading Russian companies specialized in the manufacture of large power stations, the production and distribution of electricity, […]
By John Lee. Two contracts have been signed with a company from the United Arab Emirates to invest in the Zubair Free Zone, according to a report from Aswat al-Iraq. AIN names the company as "Oren Hidrocker Pons", and says it is a specialist in the chemical industry. One project is described as "commercial", the […]
Iraq’s oil revenues jumped by about $1 billion from June to July, according reports from AFP and Aswat al-Iraq. Oil Ministry spokesman Assem Jihad said Iraq earned $7.535 billion from 77.915 million barrels exported in July at an average price of $96.599 per barrel, compared to June’s revenues of $6.453 billion at $90.097 per barrel. […]
Just days after agreeing to re-start oil exports from the Kurdistan region, Ashti Hawrami (pictured), the KRG's Minister of Natural Resources, said the region would halt oil exports at the end of the month if Baghdad does not make all outstanding payments to companies working in the oil sector in the region by that time. […]
