By John Lee. Iraq’s former planning minister, Mahdi Al-Hafez, has told Asharq Al-Awsat that Iraq must diversify to reduce its decades-long reliance on oil as the main contributor to its GDP. He told the news agency: “The desired tasks for economic reform require the reduction of the domination of oil revenue on the economic situation […]
Alstom has been awarded a contract worth approximately €225 million to provide power generation equipment for the Al-Anbar gas-fired combined-cycle power plant being built in the Anbar province in Iraq. A consortium of Metka SA and Metka Overseas Ltd is building the power plant for the Ministry of Electricity of Iraq. The 1,642 MW power […]
Gazprom Neft, operator of the Badra oilfield development project (pictured), has appointed a contractor to lay the pipeline connecting the field to the power station in Zubaidiah (Wasit Province). The tender was won by Pakistani company Techno Engineering Services (Pvt.) Ltd. In line with the contract, Techno Engineering Services will produce the designs, supply the […]
By John Lee. Militants have reportedly closed the Euphrates River dam they control in Iraq, cutting off a major source of water for central and southern Iraq. AFP reports that militants had previously cut the flow of water through the dam near the city of Fallujah several weeks ago, but reopened it when water accumulated […]
By John Lee. [UPDATE: Further to the press release shown below, the Kurdistan Regional Government has issued a statement refuting the company’s claims to have a deal to refine crude oil from Genel Energy‘s Taq Taq oil field. Genel Energy has also denied any knowledge of, or dealings with, Black Diamond and Rezhwan. The full […]
By John Lee. Iraq's cabinet has approved an $589 million oilfield service contract with South Korea's Daewoo Engineering & Construction. The contract, approved on Tuesday, is for the engineering, procurement and construction of a gas separation facility at the Zubair oilfield. Production at the field is planned to increase from the current 320,000 barrels per […]
Ventyx, an ABB company, has announced that it has signed an agreement with the Ministry of Electricity (MOE) in Iraq to provide state-of-the-art energy management systems that will help improve the availability, performance and reliability of power supplies in Iraq from main control centers in Baghdad, Kirkuk and Basra. The agreement is part of a […]
The vast Empire World real estate development -- the largest such development in Iraq -- is a centerpiece of the KRG's continued emphasis on creating a business friendly environment, including a luxury hotel, a villa residential neighborhood, and a surfeit of turnkey office space, all in one sprawling complex. Slated for completion in 2017, the […]
Travelport, a "leading distribution services and e-commerce provider for the global travel industry", has announced the renewal of a multi-year distribution partnership with Rawat-Al Hajer for Travelport technology and services in Iraq. The renewal of the agreement comes after four successful years of partnership between Rawat-Al Hajer and Travelport. Through this period, Travelport has experienced rapid growth in […]
By John Lee. Iraq’s justice minister, Hassan al-Shimmari, said on Tuesday that the notorious Abu Ghraib prison just outside Baghdad has been shut due to unspecified security concerns. According to a report from Washington Times, the prison’s 2,400 inmates have been taken to other facilities across the country. Several months ago, rebel al Qaeda groups […]
Iraq’s Finance Minister, HE Dr. Safauddin Mohammed Al Safi, and the Acting President of the Islamic Development Bank (IDB), Dr. Abdul Aziz Al Hinai (pictured), have signed an agreement for $217 million to fund the construction of Expressway No. 1, a major trade-corridor connecting Iraq to its neighbouring countries. The signing was attended by HE […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th April 2014). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,823 (+0.1%)/ $1,943 (+0.1%) (weekly change). The number of week traded shares was 14.4bn and the weekly trading […]
