Basra Investment Commission (BIC) met a group of Irish companies to discuss ways of investing in Basra and the prospects of joint cooperation, and agreed to hold the Irish economic conference in the city. The group consists of 12 companies involved in construction, infrastructure, housing, waste recycling and communications and other disciplines. It is already […]
Increased volumes and the higher price of crude oil pushed Iraq's income from oil sales up by nearly 60 percent in 2011 compared to the previous year, according to AFP. Oil ministry figures published on Monday showed that total exports of oil increased 15 percent to 790.5 million barrels of oil, or an average of […]
The Chairman of the National Investment Commission, Sami al-Araji, has had a series of meetings in recent days with business and diplomatic representatives: met a group of Italian companies on 18th of January; met representatives of the Korean Trac company on 19th of January; met the Technical Committee of Al- Mustaqbal City on the 19th […]
The Department of State warns U.S. citizens against all but essential travel to Iraq given the dangerous security situation. Civilian air and road travel within Iraq remains dangerous. This Travel Warning replaces the Travel Warning dated September 13, 2011, to update information regarding the Government of Iraq's strict enforcement of immigration and customs regulations and […]
Iraq would be drastically affected should Iran block the Hormuz Strait. Most of the oil Iraq produces is exported via the Strait. The scenario is seeing Iraq, distinct because of its good relations with both the US and Iran, practice its new diplomacy again, according to this article from NIQASH. Any opinions expressed are those […]
Central Bank of Iraq announced that it revaluated the Iraqi Dinar by 3.4% relative to the US Dollar, according to a report from Al Sumaria. “During the daily auction of foreign currencies’ exchange, the Central Bank raised the value of Iraqi dinar against the dollar by 3.4%, or four Dinars,” the deputy governor of the […]
Bloomberg reports that Malaysia's Petronas and the Japan Petroleum Exploration Co. (JAPEX) will start producing crude from the Gharraf oil field in southern Iraq by September. Sattar Mahdi, head of field development, said the field will initially produce about 35,000 barrels a day by the end of the third quarter, gradually increasing capacity to 230,000 […]
OAO Gazprom Neft started drilling a second appraisal well at the Badra oilfield, according to a report from Bloomberg. The Russian producer, which started drilling the first such well at Badra in November, expects to complete the second well in spring, and plans to approve the field development plant in February 2013. (Source: Bloomberg)
Prime Minister Barham Salih will hand over to former Prime Minister Nechirvan Barzani in a reshuffle of the Kurdistan Regional Government cabinet. The move is part of the strategic alliance between the Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK) which are in a coalition government. Under the agreement, Dr Salih was […]
When Becca Heller, current director and co-founder of the Iraqi Refugee Assistance Project, first met Moustafa in Amman, Jordan in August 2008, he and his brother were the only surviving members of his family. His father and other brother had been kidnapped and tortured. A video of them pleading for their lives was sent to […]
The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
Gulf Keystone has issued an update on its ongoing exploration and appraisal programme in the Kurdistan Region of Iraq, which includes the Shaikan block, a major discovery with independently audited gross oil-in-place volumes of between 8 billion barrels to 13.4 billion barrels calculated on the P90 to P10 basis with a mean value of 10.5 […]
