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Bank Reduces Interest Rates to Encourage Investment

An Iraqi Economist said on Thursday that the Central Bank began to reduce interest rates by approximately six percent for loans and four percent for bank deposits, to encourage investments in the country, after a series of robberies that took place recently on Iraqi banks. The expert said: "This shift reflects a new policy of […]

Emirates Delays Baghdad Flight Launch

(Source: Emirates Business) Emirates has postponed the launch of its Baghdad route until later in the year citing operational reasons, according to an airline spokesperson. The airline was scheduled to launch a thrice-weekly service to the Iraqi capital from 1st July, 2010. "Due to operational reasons, Emirates has temporarily postponed the July 1 Baghdad route […]

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Firms Compete for $3bn Baghdad Subway

(Source: Aswat Al Iraq) Eight foreign firms are competing to get the project to build the subway in Iraqi capital’s, the Baghdad mayoralty said on Wednesday. “The total estimated cost of the project will exceed $3 billion,” the mayoralty said in the statement as received by Aswat al-Iraq news agency. It noted that the Baghdad […]

Iran to Supply Electricity to Northern Iraq

(Source: IRNA) IRNA, the Iranian news agency, reports that the Islamic Republic of Iran is willing to supply electricity to northern Iraq. The managing director of Kurdistan's electricity department said the Iranian electricity distribution company will supply electricity to the Iraqi national grid at the border town of Bashmag, in northern Iraq. "According to an […]

Executives Meet to Discuss Refinery Contracts

According to a report from Reuters, international oil executives will gather in Baghdad on Saturday to discuss contracts for four new oil refineries. "There are many international companies that expressed their interest to participate and to reach an agreement with the Oil Ministry," said Oil Ministry spokesman, Assim Jihad. Iraq's eight oil refineries have a […]

Gulf Keystone Warns of Delays

Gulf Keystone, the Kurdistan-focused oil explorer, has had to delay the drilling of its Shaikan-2 exploration well, after running into difficulties with its current Bijeel-1 well. Mechanical problems were encountered when testing and evaluating the lower section of Bijeel-1. This has necessitated a sidetrack and re-drill of this portion of the well to "fully evaluate […]

6,000 Subscribers and Counting

As the new Iraqi parliament remained deadlocked on the formation of a new government, frustrated Iraqis took to the summer streets in protest at the government's failure to provide an adequate and reliable supply of electricity. With peak temperatures of nearly 50C (120F), and many Iraqis still getting less than six hours of electricity per […]

1,300 Houses for Port Staff in Basra

(Source: Aswat Al Iraq) Iraqis Ports Company has reached an agreement with a foreign firm to build 1,300 housing units for ports’ staff in the Basra province, in southern Iraq. “The compound will be constructed at the al-Najeebiya area, 25 km north of Basra,” a media source from the Iraqi company told Aswat al-Iraq news […]

Iraq's Oil Minister Takes on Electricity Portfolio

(Sources: Reuters, Financial Times) Reuters reports that Iraqi Oil Minister, Hussain al-Shahristani, has taken over the electricity portfolio after the electricity minister resigned over protests against power shortages in the sweltering heat of summer, the Oil Ministry spokesman said on Tuesday. Karim Waheed stepped down as electricity minister after demonstrations triggered by power cuts, claiming […]

Iraq Boosts Crude Exports

(Sources: upstreamonline.com, Bloomberg, Assoc. Press) Iraq’s oil exports increased by more than 7% in May compared to the previous month, according to Oil Ministry spokesman, Assem Jihad. Bloomberg reported Jihad said daily exports averaged 1.89 million barrels per day last month, an increase of about 7.4% from the 1.76 million bpd in April. Jihad added […]

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Oil Pipelines Extended to Nassiriya

(Source: Aswat Al Iraq) Al-Ahdab Oil Company started on Tuesday extending pipelines toward al-Nassiriya and al-Zabiediya plant in north of Kut, a media official said. “The company started on Tuesday (June 22) extending pipelines toward the pumping plant in Nassiriya and the power production plant in al-Zabiediya in north of Kut,” Majed al-Attabi told Aswat […]

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