Iraq's electricity problem could be solved by the end of the 2013, according to Iraq's deputy prime-minister with responsibility for energy. Husain al-Shahristani (pictured) told local reporters, “this year power output will reach 9,000 megawatts and skyrocket to 20,000 megawatts in 2013”. AKnews reports that he made the remarks as he inaugurated a new 400MW […]
State-owned China National Petroleum Corporation (CNPC) says the first phase of Iraq's Halfaya oilfield has started operating at 100,000 bpd, 15 months ahead of schedule. The company says it has already started preliminary work on the second phase of development at the field, which will bring the capacity to 200,000 bpd. Iraq signed a 20-year […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. After many postponements, Iraq’s fourth bid round took place on 30-31 May 2012. Twelve exploration blocks were offered, but only three were awarded. With two-thirds of the offered blocks receiving no bid, […]
Following a visit by a delegation of Dutch companies to Kurdistan last week, AKnews reports that about 100 Dutch companies have expressed an interest in working in the region for the first time. The companies attended an economic forum promoting the Kurdistan Region and looking at prospects for Dutch investors. Azad Ahmed, from the Chamber […]
A businessman from Bolton in UK, Asad Shamim, of Furniture In Fashion, says that the local companies must strike the emerging markets of Iraq, as it is said to start a major rebuilding program. Quick to see an opening, the entrepreneur has already sold £60,000 [$96,000] worth of furniture to a new hotel in the […]
The Central Bank of Iraq’s June 30 deadline for private-sector banks to raise capital to IQD 150 billion is fast approaching. Yet of the 21 ISX-listed lenders only three—North Bank (BNOR), United Bank (BUND), and Kurdistan Bank (BKUI)—have reached the target so far. Rabee Securities’ most recent bank sector report found that as of June […]
Advertising Feature 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 […]
State Company of Fertilizer / South Region announces the following tenders : *Tender no : 67/T/SOF/2011/B Cooling Tower side stream filteration unit - two unit separate (One for each train) *Tender no : 13/T/SOF/2012/C Galglass 3G tanks 1000 m3 , 2000 m3 *Tender no : 24/T/SOF/2012 Lean Solution Pump (p-202 A, B) for CO2 Removal […]
Trade Arabia reports that Iraq's core inflation slowed to 6.2 per cent in May, down from 6.7 per cent in April. The fall was due to a drop in the costs of food and housing said Mudher Kasim, deputy governor of the central bank. In April, the country saw high annual inflation mainly due to […]
The Kurdistan Regional Government's Head of Foreign Relations officially opened a new Representation Office in Vienna on Saturday, making it the 13th KRG representation office abroad. At the same time, Austria's Vice Chancellor and Foreign Minister announced that Austria also plans to open a representation office in Erbil as well. Minister Falah Mustafa opened the […]
Italian loader crane manufacturer Effer has won an order to supply 16 Effer model 440 4S cranes to Iraq's Ministry of Transport. The presentation of the first units took place at Effer's plant in Minerbio, Italy. The units were installed on Iveco trucks ordered by the Machine Technology Trading Company (MTT), headquartered in Baghdad. MTT […]
The KRG's Ministry of Agriculture and Water Resources had decided to ban the importation of more vegetables and fruit in order to boost the local production, reports AKnews. From the beginning of July it will impose the ban on sunflower seeds, watermelon, melon and eggplant, said Nuri Ismael, loan and marketing director at the Ministry. […]
