The UN on Tuesday expressed satisfaction that the Iraqi Government is willing to continue to pay five percent of its oil revenues into the Compensation Fund whether under the present mechanism or a successor mechanism to the Development for Iraq (DFI) whose mandate expires in December of this year. "It is important to ensure that […]
Author Archive | adrianshaw
Governor Invites Locals to Rebuild Kirkuk
Kirkuk Gov. Abdilrahman Mustafa on Monday has invited local investors to rebuild their province. "Those investors should actively participate in rebuilding and developing their province," a local provincial media source quoted Mustafa to Aswat al-Iraq news agency. Mustafa noted that investment is a pillar to develop countries, according to the source. "Local authorities in Kirkuk […]
Greeks Seek Opportunities in Missan
Missan’s governor discussed on Tuesday with a delegation from a Greek company the possibilities of investing in the province, mainly in the housing sector, according to a media official. “Governor Mohammad al-Shayaa al-Sudani held a meeting on Tuesday (April 6) with a local delegation representing a Greek company to discuss the possibility of setting up […]
Kurdistan’s Parliament to Discuss Budget Bill
Kurdistan region’s parliament will resume discussion of the general budget draft law on Thursday, according to the media advisor to the Parliamentary Chairman. “Parliament’s Speaker Kamal Karkouki invited all legislators to attend next Thursday’s session at 10:30 a.m. to resume discussing the draft law,” Tareq Jawhar told Aswat al-Iraq news agency. The parliament had discussed […]
Finance Minister to Sign UAE Agreement
Iraqi government has authorized the Finance Minister to sign an investment agreement with the United Arab Emirates (U.A.E.). It said that the authorization will facilitate investments in Iraq. ( Aswat Al Iraq )
Oil-for-Food Funds transfer by year end.
The Iraqi Government has a “realistic” plan to take full ownership by the end of this year of a fund administering proceeds from export sales of petroleum under the now defunct Oil-for-Food Programme, a top United Nations budget official told the Security Council today. “Once all the outstanding activities under the Oil-For-Food Programme are concluded, […]
Tags: Iraq Banking & Financial News, Oil
BP Partners Net Contracts Worth $500m
BP has announced the first major contracts involving its partners on the rehabilitation of the Rumaila field in Southern Iraq. Three contractor groups were selected for drilling wells, worth a total of around $500 million, and will provide seven additional drilling rigs from the second half of 2010. The contracts will be awarded to: - […]
French Total Company on Graft charge.
French oil giant Total said Tuesday it has been charged with corruption and influence-peddling relating to the United Nations' Iraqi oil-for-food programme of the 1990s. A French judge decided on February 27 to charge the company and several other defendants despite a prosecutor's request that the investigation be dropped. Total lawyer Jean Veil told AFP […]
S.Korea Destroyer Reaches Tanker Seized by Pirates
A South Korean navy destroyer has caught up with a supertanker hijacked by pirates that was cruising towards the Somali coast with a cargo of crude oil worth as much as $170 million, an official said on Tuesday. The South Korean-operated, Singapore-owned Samho Dream, which can carry more than 2 million barrels of crude, was […]
More Business at Iraqi Ports
The Iraqi ports of Umm Qasr and Abu Falous continue to receive a steady flow of merchant ships carrying varied cargos. Ships from Panama, the United States, Liberia, Iran and the United Arab Emirates have recently arrived containing various cargoes including pipes, iron, fuel and cement. Mr. Iain Blake, Senior Broker at Anglo Arab Insurance […]
Iraq Central Bank Cuts Key Rate to 6%
Bloomberg reports that the Iraqi Central Bank cut its key interest rate by one percentage point to 6%, to boost economic growth as inflation slows, according to figures posted on the bank's website. The country's real growth in gross domestic product probably slowed to 4.3 percent in 2009, from 9.5 percent the previous year, as […]
2 Permits to Build in Muthanna
The investment commission in Muthanna has granted two permits to local investors for the establishment of a residential city and markets in the province. “The Muthanna commission has granted 36 investment permits to local and foreign companies thus far,” an official from the commission’s public relations department, Ali Hannon, told Aswat al-Iraq news agency. The […]