Syrian exports to Iraq reached 20 million dollars in December, half of it from Aleppo, according to Alwatan daily. Aswat al-Iraq says Iraq is a major contact for Syria following sanctions against the regime. (Source: Aswat al-Iraq)
Genel Energy announced on Monday morning that it has taken a step forward in its strategy to consolidate its position as a leading oil and gas player in the Kurdistan Region of Iraq by becoming the government's sole Contractor in the Chia Surkh exploration block. The Company said today that it is to increase its […]
The parliamentary Finance Committee said on Sunday that it is considering adding 42,000 jobs to the 58,000 allocated in the 2012 budget, according to AKnews. On Jan. 5 the Iraqi government approved the 2012 budget of $100 billion USD (117 trillion IQD) with a deficit of up to $13.5 billion USD (20.5 trillion IQD), based […]
The Middle East Economic Survey (MEES) reports that Norwegian producer Statoil ASA is trying to sell its stake in the West Qurna-2 oilfield. According to the report, the company may use the negotiations to improve the terms of the West Qurna-2 contract and decide against pulling out. If a sale happened, it would be the […]
The first of four new single-point mooring facilities will be ready to commence operations on Jan. 25, according to a report from Bloomberg. If correct, this would be a pull-forward of the schedule reported by Reuters on 4th Jan. Dhia Jaafar, director general of South Oil Company, said the project involves laying pipelines, building eight […]
AKnews reports that over 16 million pilgrims flocked to Karbala to mark Arbain, the 40th day after Ashura, which is the day Shiite's believe Imam Hussein Ibn Ali was martyred in the 7th century. The deputy leader of the Karbala Provincial Council Nassif, Jassem al-Khutabi, told AKnews that over half a million come from abroad, […]
Iraq’s new media law, the product of several years of debate, is supposed to protect journalists, but it has been the subject of much controversy. Hazim al-Sharaa, an IWPR editor in Iraq, looks at why some fear the legislation will restrict rather than enhance freedom of speech. Can you describe the new media law? This […]
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th January 2012). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,456 / $1,598, -1.5% (weekly change). The number of weekly traded shares was 3.1 bn and the weekly trading volume […]
Russia’s Interfax news agency reports that OAO Bashneft is in talks to form a consortium to develop Iraqi oil fields. The company, controlled by billionaire Vladimir Evtushenkov’s AFK Sistema, reportedly wants to be a junior partner in a consortium that will bid in the next round of tenders for Iraqi oil fields. (Source: Bloomberg)
Reuters reports that a Japanese consortium is planning to build and operate a $2 billion fertilizer plant in Basra. Citing an article from Japanese business daily The Nikkei, they say the Japan International Cooperation Agency (JICA) will provide up to 150 million yen ($2 million) to Mitsui, Toyo Engineering Corp and Tokyo-based consulting firm Unico […]
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. […]
Azzaman reports that Iraqi rice yields have dropped to 108,000 tons from an average 200,000 tons it used to produce annually, increasing the country’s reliance on imports. Iraq is estimated to have imported more than 1.5 million tons of rice last year. The country’s Grain Board said the year’s rice produce has already been shipped […]
