Business Monitor International (BMI) forecasts that Iraq will account for 9.00% of Middle East (ME) regional oil demand by 2014, while providing 11.08% of supply. Regional oil use of 7.47mn barrels per day (b/d) in 2001 rose to an estimated 10.64mn b/d in 2009. It should average 10.98mn b/d in 2010 and then rise to […]
Author Archive | Editor
Tags: Oil & Gas
Iraq Disputes so-called 'Friendship Dam'
According to a report from AK News, the Iraqi government has increased its diplomatic efforts with Syria and Turkey regarding their plans for the Tigris River. "Iraq will form a delegation of experts in the fields of water and agriculture to visit Turkey, Syria and Iran soon, to persuade those countries on the size of […]
3rd Unit of al-Kahlaa Power Plant Starts Next Month
The third unit of the al-Kahlaa power plant in Missan will start operating next month at a capacity of 45 Megawatts, the director of the plant said on Thursday. “Within the plan, made by U.S. experts, who supervise the plant, the third unit of the new al-Kahlaa power plant will start operating as of next […]
100 Firms Take Part in Basra Trade Fair
One-hundred Iraqi and foreign companies will participate on Friday in the Basra International Trade Fair, according to a province’s businessmen union board member on Thursday. “The companies that will attend the five-day event are coming from Turkey and Germany, alongside Iraqi companies,” Hussein Hashim al-Sa’edi told Aswat al-Iraq news agency. “The fair, which will be […]
Tags: Basra News, Trade Fair
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 […]
Chairman of Israel Corporation Visited Iraqi Kurdistan
Both KurdNet and Haaretz (citing original reports the French Jewish website JSS and Intelligence Online) say that Idan Ofer, the chairman of the Israel Corporation, visited Sulaimaniyah in Iraqi Kurdistan in May. He is reported to have met with senior Kurdistani officials including Vice President Kosrat Rasul Ali, and Prime Minister Barham Salih. The visit […]
Tags: Israel Corp, Oil & Gas
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 […]
Tags: Emirates
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 […]
Tags: Electricity In Iraq, Iran
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 […]