The Iraqi Council of Ministers has approved an amendment to the law no. 12 of 1995 related to the maintenance of irrigation networks. “The decision comes to show the government’s determination to preserve irrigation networks,” Dr. Ali al-Dabbagh, the official spokesperson for the Iraqi government, said in a release on Monday. He said that the […]
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Daimler Signs Deal with Iraq to Supply Mercedes-Benz Trucks
German truck maker Daimler AG said Monday it has signed an agreement with the Iraqi government to supply Mercedes-Benz trucks and equipment for truck assembly, according to BussinessWeek magazine. Daimler, based in Stuttgart, said it will provide complete trucks and truck kits, tools and equipment for assembly, as well as technical support in the deal […]
Tags: Industry & Trade, Iraq
Iraqis' Trade Volume in Free Zones Reaches Around JD222.2 Million
Iraqis' trade volume in the free zones went up to around JD222.2 million during the last year, out of JD1.64 billion in total investments in goods and vehicles' trade. According to the Free Zones Corporation Director General Iyad Qudah, the Jordanian trade investment volume was over JD1.37 billion, while the remaining amount accounted for trade […]
Conference to Show Designs in Wassit
Local authorities in Wassit Province held on Monday a conference to show engineering designs of the first investment residential compound in Kut city. “The project will cost $41 million,” Majid al-Itabi, the Wassit provincial media director, told Aswat al-Iraq news agency. He said that the compound will be executed by two local companies under U.S.–British […]
U.S. Military Budget Climbs to $708 Billion
The Obama administration sent Congress its proposed military budget on Monday, requesting $708 billion for fiscal 2011, including $159 billion to support operations in Iraq and Afghanistan. The base budget is a 3.4% increase from the prior fiscal year at $549 billion, or 1.8% real growth after adjusting for inflation. Accompanying the budget proposal is […]
Minister of Finance Released 20% of the Investment Budget for Province of Baghdad
The Ministry of Finance said on Saturday, that its minister instructed firing 20% of the investment budget for 2010 for the continuity of work of ongoing projects of the province of Baghdad. The ministry statement said the two sides reviewed "the most prominent projects implemented by the province of Baghdad in 2009 and preservation plans […]
Lawmaker Urges China to Write off Iraq’s Debts
An Iraqi lawmaker on Monday called on China to cancel the debts owed by Iraq to it and to contribute to investment projects in the country. “China has been delaying the cancellation of Iraqi debts until the departure of the United States from the country…,” MP Sami al-Atroushi from the Kurdistan Islamic Union told Aswat […]
Iraq Gunning To Blow Away Saudi Arabia's Oil Leadership Within Seven Years
Iraq's oil minister Hussain al-Shahristani just made it clear at a press conference that Iraq is gunning to knock Saudi Arabia out of the top slot for oil production. Markets won't to wait too long for this to happen either, and OPEC better not try to stop them: Hellenic Shipping News: “We can’t find a […]
UPDATE: OPEC El-Badri: No Need For Iraq Quota For Next 5 Years
Iraq may not need a quota with the Organization of Petroleum Exporting Countries for five years, OPEC's secretary general said Monday. "When they reach the point to be accommodated, maybe that will not be before five years from now," Abdalla Salem el-Badri said at an industry event. Iraq aims to lift its oil-production capacity to […]
Tags: Oil & Gas
Russia's Lukoil to Invest 30 Bln Dollars in Iraqi Oil Field
Russian state energy monopoly Lukoil will invest 30 billion U.S. dollars with its foreign partners in the development of the West Qurna-2 oil field in Iraq, said the company's CEO Monday. First phase of investment to the oil field, whose annual output is estimated at 95 million metric tons, will reach 4.5 billion dollars, said […]
Iraq Says It Can Be Top Global Oil Producer
Iraqi Oil Minister Hussain al-Shahristani yesterday said he expected Iraq to become the world’s top oil producer in six to seven years, and that OPEC should take into account Iraq’s need to rebuild its economy. Emerging from the shadow of war and keen to generate petrodollars to rebuild, Baghdad looks set to lift capacity to […]
Iraq Output Boom 'could See Oil Fall to $50
The revival in Iraq's oil production could keep oil prices low for several years: that is the message from a Royal Bank of Scotland note on the global oil market. As the last of Iraq's oil contracts have been awarded, RBS predicts that Brent crude could fall back from its current level around $73 to […]