Iraq's Ministry of Electricity has just promised that shortages will be eliminated by the end of the year. Readers of Iraq Business News will remember a previous commitment, made in strident terms just four months ago, to end blackouts by the end of October. Ministry spokesperson Musaib Mudaris claims the country now produces around 11,000 […]
By John Lee. Austrian oil and gas company OMV has said that second-quarter profit dropped 29 percent as production fell in Libya and its gas-trading unit lost money, according to Bloomberg. Chief Executive Officer Gerhard Roiss (pictured) is shifting OMV’s focus to exploration and production, including in Iraqi Kurdistan, while selling assets like gas stations […]
By John Lee. The Ministry of Electricity’s 2013 budget has soared to $14 billion to help it end power outages in the country, reports Azzaman. But the ministry’s spokesperson Musaib Mudaris said the blackouts will continue until the end of the year, by which time output will reach 13,000 megawatts, enough to meet the country’s […]
By John Lee. The Iraqi Ministry of Housing and Reconstruction on Tuesday has announced a 25-billion-dinar ($21.5-million) plan to develop roads and bridges across the country. According to a report from Al-Shorfa, the plan involves building three bridges on the Euphrates in western Iraq and one in Kirkuk province. The ministry also plans to renovate […]
By John Lee. Iraqi power stations are using nearly 60 million liters of fuel per day, according to a report from Azzaman. The Oil Ministry issued the statistics in response to complaints by the Ministry of Electricity, which has repeatedly blamed lack of fuel for power shortages. Last month Iraq signed a multi-billion deal with […]
By John Lee. Shares in Irish-based explorer Petrel Resources were up as much as 20 percent in early trading on Wednesday following the announcement that the company has agreed to acquire a 20 percent shareholding in Amira Hydrocarbons Wasit B.V. ("Amira"), which is the holder of a 25 per cent carried interest in certain oil […]
By John Lee. Foreign Minister Hoshyar Zebari will meet with Secretary of State John Kerry on Thursday; the Daily Beast speculates that among his top requests will be for the White House to overcome objections in Congress to selling his country advanced Apache helicopters the Iraqis say they need to fight terrorists within their borders. […]
By John Lee. Iraq's Ministry of Oil has announced that the long-awaited start of production at the Gharraf [Garraf] oilfield is now scheduled for the end of August. Initial output is expected to be 35,000 barrels per day (bpd). The company previously had a plan to start operations by September of last year, and were […]
By John Lee. Iraqi Airways is due to receive its first new Boeing 737-800 (pictured) this week, according to KUNA. It will the first of a total of 30 aircraft to be received between now andl 2017, and includes 12 first class seats and 150 economy seats. Iraq signed the deal for the aircraft in […]
From Reuters. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. A crowded cafe, a school and a playground are among the targets of a new wave of attacks in Iraq. Paul Chapman reports:
By Abdullah Salem. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Lack of a working property registration office in Mosul means fraudsters are taking advantage of legal loopholes to sell buildings and land out from under unwitting, […]
The United Nations is marking International Youth Day with an urgent call on the Government of Iraq to protect and empower young people, as a worsening security situation and limited employment prospects drive youth to seek a life outside the country. “The global theme for International Youth Day in 2013 is ‘migration’,” explained Gyorgy Busztin, […]
