In our ongoing efforts to brings you all the best information on doing business in Iraq, we continue to add to the list of reports available from our reports service. This week we've added two reports on energy exploration and electricity generation: Oil and Gas Exploration and Production Outlook in Iraq to 2015, an essential […]
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Inflation hits 7.6 in August
Iraq's core annual inflation (which excludes expenditure on fuel) increased from 7.1 percent in July to 7.6 percent in August, according to Reuters, driven mainly by higher prices of food and clothes over the Muslim holy month of Ramadan. Central Bank Deputy Governor, Mudher Kasim, told the agency that the higher price of gold in […]
Tags: inflation
Iraq Aims to Join OPEC Quota System by 2014
Bloomberg reports that Iraq will ask to rejoin OPEC’s quota system for crude output in 2014. The holder of the world’s fifth-largest oil reserves plans to increased production from an average of 2.9 million barrels a day to 3.4 million barrels a day next year, and 4.5 million barrels a day in 2013, said Falah […]
TAQA Favours Iraqi Energy Assets
In an interview with Bloomberg, the new CEO of the Abu Dhabi National Energy Company (TAQA) said the state-run company looking at more opportunities in Iraq, and aims to exploit the synergy in its oil, gas and power businesses. Last week the company agreed to invest $46 million in WesternZagros Resources, acquiring a 19.9 percent […]
Salahaddin Province Declares Autonomy
The provincial council of Iraq's Sunni Arab majority Salahaddin province voted on Thursday to declare the province an administratively and economically autonomous region within the “Unified Iraq”, similar to Kurdistan, according to reports from AFP and Al Sumaria. However, for the decision to take effect, it must still be approved in a referendum by residents […]
Strengthening Ties between Kurdistan and Scotland
Karim Sinjari, the Kurdistan Regional Government's Interior Minister, yesterday met Alex Salmond, Scotland's First Minister, who offered Scotland's cooperation in a wide range of fields and discussed ways to strengthen relations among the peoples of both nations. Minister Sinjari separately met Kenny MacAskill, Scotland's Justice Secretary, and visited the Scottish Police College. The meetings were […]
The Iraqi Oil Rush
The rush is on for exploration and production real estate in Iraq. Companies with promising licences, or existing operations, are clearly very desirable to potential investors, and so have had little difficulty tapping the markets for more funds. In recent weeks alone we've seen: WesternZagros Resources raise C$46 million from the Abu Dhabi National Energy […]
Key Industry Developments Discussed at Iraq Mega Projects 2011
Senior executives and industry experts gathered at the three day conference and seminar Iraq Mega Projects 2011 hosted by The CWC Group at the Ritz Carlton, Istanbul between the 18-20 October 2011. Focusing on the recent developments of Iraq’s oil and gas fields, water projects drilling activates, infrastructure growth and corporate social responsibility the event […]
Tags: CWC, Iraq Mega Projects
Genel Plans Takeover of DNO?
Former BP chief executive Tony Hayward (pictured), who heads the cash-rich Genel Energy group, said he would be interested in buying Norwegian oil company DNO and its Kurdish oil licences. Norwegian newspaper Finansavisen reported on Tuesday that the remarks come a week before DNO shareholders are to vote on a contested proposal to buy UAE-based […]
LUKoil Starts Drilling at West Qurna-2
Russia's RIA Novosti reports that the country's largest private oil firm, LUKoil, has started exploration drilling on the giant West Qurna-2 oilfield in Iraq. Company head Vagit Alekperov said on Tuesday, "we have launched drilling, well borers are already there". In 2009, a consortium comsisting of LUKoil and Norway's Statoil won a tender to develop […]
Iraq Earmarks $50bn for Airport Projects
According to The Saudi Gazette, the Iraqi government has earmarked an estimated $50 billion for airport development projects in Iraq over the next few years. Iraqi Airways is scheduled to add new 55 Boeing and Bombardier aircraft to its fleet soon. The emerging markets of China, Russia, India, the Middle East, and Africa are forecast […]
Tags: Airports
ShaMaran Announces $50m Private Placement
ShaMaran Petroleum reports that, subject to regulatory approval, it will carry out a non-brokered, private placement of up to an aggregate of 125 million common shares of the Company at a price of $0.40 per share for gross proceeds of up to Cdn $50 million. Shares issued pursuant to the private placement will be subject […]
Tags: fundraising, ShaMaran