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Iraq Cuts July Crude for Term Buyers

(Source: Reuters) Reuters, citing industry sources, reports that Iraq will supply crude to term buyers at an average of 10 to 15 per cent below contract volumes for July, largely steady, with a cut of around 10 per cent for June. The cut was on medium-heavy Basra Light crude, they said. State Oil Marketing Organisation […]


2nd Bridge Opened in Karbala

(Source: Aswat Al Iraq) The second bridge was opened in Karbala on Thursday at a cost of 10 billion dinars [$8m], according to the governor’s media spokesman. “Municipalities Minister Riyad Gharieb, Health Minister Saleh Mahdi al-Hasnawi, Karbala Governor Amal al-Din al-Herr and Representative of the UN in Karbala, Ali Kamouna, as well as political and […]

New Regional Offices for Industry Ministry

(Source: Aswat Al Iraq) The Iraqi Industry Ministry has opened new offices in the country’s provinces, so that businesses in remote areas can contact the ministry without the need to travel to Baghdad. The ministry also reported that it has approved 726 new industrial projects during the first quarter of 2010.

Significant Growth Predicted for Kurdistan's Financial Sector

The financial services sector looks set for rapid expansion in the Kurdistan Region of Iraq as a brand new stock exchange gets up and running and HSBC considers putting its own-brand on high street branches in the Region. International banking and financial services will play a significant role in the economic development of the Region, […]

Report on Kurdistan Conference in London

The Kurdistan Region of Iraq’s international trade conference is proclaimed a success as potential investors welcome the strongest news yet on impending oil flows from the Region – and look to seize the wider investment opportunities available in other sectors. The event on June 15th and 16th was hosted in the City of London by […]

New Deal for Iraq-Turkey Oil Pipeline

(Source: AFP) Iraq has initialled a deal with Turkey to extend the use of the main pipeline linking its northern oilfields to the Mediterranean port of Ceyhan for 12 years, the oil ministry said on Thursday. The renewal of the existing deal, which ran out in March, was the result of lengthy negotiations -- Turkey […]

Oil Minister Confirms 12m bpd Target

(Source: Aswat Al Iraq) The Iraqi oil ministry seeks an increase in production to hit 12 million barrels per day (bpd) during the next six years, in addition to developing natural gas fields, according to the minister, Hussein al-Shahrestani. “This figure is the normal rate of Iraq’s production but for the policies pursued by the […]

Electricity Minister Offers to Quit After Violent Demos

(Sources: AFP, Associated Press) Iraqi Electricity Minister, Karim Wahid, offered to resign on Monday after a wave of bloody street protests demanding his dismissal over harsh power rationing in the scorching summer heat. Public anger with the work of the electricity ministry has boiled over in recent days as temperatures have hit highs of 54 […]

60 Companies in Ninewa International Fair

Aswat al Iraq reports that the first Ninewa International Fair kicked off on Monday with more than 60 local and foreign companies taking part. The companies were from the industrial, trade, agricultural and construction fields, according to a director of the Anmar construction company. “With personal efforts and with the support from the province, we […]


Korean Think-Tank Urges Partnerships for Iraq Reconstruction

(Source: Korea Times) The Korea Times reports that a state-run think tank called on the government, along with local businesses, to gear up for reconstruction projects in Iraq, predicting the demand will rise in the near future. In a report entitled "Prospects of the Iraqi Economy after the General Elections," the Korea Institute for International […]

Bank Open for Business Despite Bombings

(Sources: AFP, Trade Bank of Iraq) The Trade Bank of Iraq insisted on Monday that it was open for business despite the damage wrought by two suicide bombers who blew their vehicles up in the street outside. The bank, which is the conduit for much of the Iraqi government's foreign exchange transactions and dealings with […]

BP President of Iraq on Progress of Rumaila Development

22 June 2010 (Source: For the first time in more than three decades, two oil and gas exploration license bidding rounds took place in Iraq in 2009. The first round saw a consortium consisting of the UK's BP and China's CNPC spearheading IOC activities as they won the first 20 year service contract to […]