According to U.S Energy Information Administration data, Iraq generates the majority of its revenue by exporting oil and importing about 30% of the gasoline it uses. The country is now seeking $30 billion in foreign investment to build refineries and develop oil and gas fields to avoid importing gasoline and diesel. Iraq Mega Projects 2011 […]
Iraq's cabinet plans a substantial boost in public spending next year in a draft budget proposed on Sunday, government spokesman Ali al-Dabbagh said in a statement. AFP reports that the $111-billion spending programme for 2012 is a 36 percent increase on the same figure for this year, with 15 percent of next year's budget allocated […]
Iraq’s extensive rebuilding requirements could make it “the next Saudi Arabia” for contractors and suppliers, according to an executive at MAN Trucks. Construction Weekly reports that Dave van Graan, vice president of sales at the German heavy vehicle giant, said the gradual pick up in demand for machinery to help develop Iraq has already given […]
Most of Iraq’s revenue comes from oil. But natural riches may also mean fewer political freedoms and a state that behaves like a charity toward its own people. This must change, an Iraqi economist Nagih al-Obeidi argues in this article from Niqash. The economic and political theory on “rentier states” says that a nation that […]
Tamimi Global will pay $13 million to settle U.S. criminal and civil allegations that it paid kickbacks to a KBR employee and improper gratuities to a U.S. Army sergeant, according to a report from Bloomberg. The Dhahran-based unit of the Saudi Arabian construction and manufacturing Tamimi Group, gave kickbacks to get Army logistical support subcontracts […]
The United States Agency for International Development (USAID), together with program partners convened Wednesday, September 14, 2011, in Baghdad to award the first round of grants funded by the US Government through USAID’s Iraq Access to Justice Program. Representatives of Government of Iraq ministries, the U.S. Embassy and other partner organizations attended the meeting, at […]
The KRG’s Head of Foreign Relations in Erbil met Sweden’s Ambassador to Iraq, who announced that Sweden will upgrade its diplomatic presence in Kurdistan to an Embassy Office. The Kurdistan Regional Government’s (KRG) Minister Falah Mustafa Bakir received H.E. Carl Magnus Nesser and his delegation. The ambassador said that the Swedish government has decided to […]
Gulf Keystone has announced that it has successfully raised $200 million to fund its exploration programme in Iraqi Kurdistan. In line with the Company's forward strategy announced on 14 September 2011 and in order to increase the focus on the aggressive programme of exploration and appraisal of the Shaikan, Sheikh Adi and Ber Bahr blocks […]
Volvo Truck Corporation now re-establishes its presence in Iraq by signing an importer contract with the Iraqi company Zam Zam Spring General Trading. A Letter of intent has also been signed for delivery of 1,000 trucks to the Iraqi Ministry of Transport and its related state companies. The intention is to deliver trucks for operation […]
Reuters reports that a fire has broken out at a state-run gas compression unit at Iraq's Rumaila oilfield on Tuesday, killing one person and hitting oil production. "We have stopped exporting gas that would have been exported into this compressor and this will have an impact on our production from Rumaila," BP spokesman David Nicholas […]
As part of the Kurdistan Regional Government’s ongoing transparency initiative, the Ministry of Natural Resources is putting all signed production sharing contracts (PSCs) for oil and gas in the Kurdistan Region into the public domain. The move, announced today by Minister of Natural Resources Ashti Hawrami, means that the PSCs, their attachments and amendments are […]
The Iraqi-Italian Economic Forum was opened in Erbil on Monday, with the participation of between 40 adn 50 Italian companies, along with representatives from the Italian Chambers of Commerce and Industry and Iraqi Chambers of Commerce. The forum, also attended by Iraqi Kurdistan Region’s Minister of Industry & Trade, Sinan al-Chalaby [Chalabi] and the Minister […]
