By John Lee. In its half-yearly report issued on Thursday, Irish engineering services group Kentz announced that it was recently awarded a new engineering design contract in Iraq. The company will serve as the main FEED (front-end engineering and design) contractor on the Tuba Project, comprising part of the overall development of the West Qurna […]
By John Lee. In July 762 AD, Caliph Abu Jaafar al-Mansur commissioned the building of a city on the River Tigris. Baghdad rapidly became a centre of learning and an economic and political powerhouse. Today, despite a population of over 7 million, the city's standing is greatly diminished; security continues to be a problem, and […]
By John Lee. Delays in the construction of an Iraqi pipeline threaten to stall production at Shell's Majnoon oilfield for at least three months, forcing the field to miss a 2012 target of 175,000 barrels per day, reports Reuters. In February, production at Majnoon was 54,000 bpd, Shell says, but averaged only 18,600 bpd for the […]
By John Lee. Iraq has taken delivery of last nine American M1A1 Abrams tanks from the order of 140 that it has received over the past two years. AFP reports that the tanks are valued at $860 million, $804 million of which was paid by Iraq with the remainder of the cost borne by the […]
By John Lee. The Kurdistan Regional Government has again warned Baghdad that it will stop exporting oil if the central government continues withholding payments to the oil companies operating in the region. The KRG has set 1st September as the start date for halting oil exports. An official has said Baghdad has not given any […]
Outgoing Consul General Joo Joong-Chul met on Monday with the Head of the KRG's Department of Foreign Relations, Minister Falah Mustafa, as he prepares to depart for his next assignment at the Republic of Korea’s embassy in Baghdad. Minister Mustafa thanked Mr Joong-Chul for his nation’s continued support and for his personal contribution during his […]
By John Lee. We get many enquiries at Iraq Business News relating to the future of the Iraqi dinar (IQD), for example: Will the Iraqi dinar increase in value? Will the currency be re-denominated, dropping the 'three zeros'? Is it wise to buy Iraqi dinar? Firstly, Iraq Business News is not in a position to […]
By John Lee. The Iraqi government has awarded a contract to rehabilitate a steel plant in the province of Basra to Turkey’s UB Holding, according to report from Bloomberg. An official at the Iraqi Ministry of Industry and Minerals told the news agency that the contract would be signed within a month. UB Holding will […]
By John Lee. Zain has confirmed rumours that it is close to sealing a deal with Vodafone that would allow the global telecoms group to expand access to networks across countries including Saudi Arabia, Iraq and Bahrain. According to the report from Reuters, Zain has said that it is "at an advanced stage in negotiations […]
By John Lee. Turkish authorities have allowed Iraqi Airlines to operate in the country again following the suspension of the airline due to a lack of punctuality in departures and arrivals. The General Directorate of the Turkish State Airports Authority (Devlet Hava Meydanları İşletmesi, DHMİ) said it would allow Iraqi Airlines to continue operations until […]
By John Lee. Inflation for July was up 7% year-0n-year, according to the Central Statistics Department of the Planning Ministry. Prices of some food and beverages, particularly fruits and vegetables, fell. Houses prices were up by 10% nationwide, with rents up 13%. In a separate report, 'core inflation', which strips out fuel prices, fell to […]
By John Lee. The Iraqi Minister for Communications, Mohammed Tawfiq Allawi, has resigned, accusing Prime Minister Nouri Maliki of refusing to stop "political interference" in his ministry. Mr Allawi is a member of the Sunni-backed Iraqiyya bloc, and a cousin of its leader Ayad Allawi. "I present my resignation because I have become incapable of working […]
