The new head of the European Union Delegation to Iraq, Ambassador Jana Hybášková, paid her first visit to the Kurdistan Region to discuss political and economic ties. In a meeting with Kurdistan Region President Masoud Barzani, recent developments, the current programs and role of the EU in Iraq, and the relationship between the Kurdistan Regional […]
According to a document obtained by Reuters from Iraq's oil ministry, Iraq's Zubair oilfield will reach its peak output target of 1.2 million barrels per day (bpd) by the start of 2017. The Zubair consortium plans to invest around $18 billion to upgrade the southern Iraqi field, spending $2.8 billion in 2011, $4.9 billion in […]
Petrofac, the international oil & gas facilities service provider, and China Petroleum Engineering & Construction Corporation (CPECC), the engineering and construction subsidiary of China National Petroleum Company (CNPC), have established a new strategic joint venture, China Petroleum Petrofac Engineering Services (CPPES). Based in Sharjah, UAE, the joint venture will provide project management and engineering services […]
Iraqi Prime Minister Nouri al-Maliki has ordered the formation of a Higher Council for Economic Affairs to act as a consultant on economic projects in the country, according to a report from Bloomberg. The council “will propose recommendations on economic agreements and the volume of commercial exchanges between Iraq” and countries with which it cooperates […]
Bloomberg reports that Iraq’s oil production rose to 2.81 million barrels a day, the highest level since the U.S.-led invasion in 2003. Output from oilfields in the Basra reached 2.113 million barrels a day, while daily production in Kirkuk stood at 697,000 barrels, the Oil Ministry said in a statement. (Source: Bloomberg)
Jordan and Iraq agreed on Saturday to ease regulations at Iraqi border posts to facilitate the transport of goods, according to a report from Petra. A joint committee tasked with easing transport and trade also emphasised the importance of a rail link between the two neighbours and to carry out a memo of understanding signed […]
Iraq has recovered $116 million [139 billion Iraqi dinars] from bank accounts in France belonging to an official from ex-dictator Saddam Hussein's regime, the country's Commission on Integrity said in a statement. The Commission said the funds comprised $106 million deposited in 'French Arab Union Bank' (UBAF), a French-registered bank whose shareholders include 19 Arab […]
Iraq has been devastated by severe conflict for several years. However, rebuilding Iraq will prove to be one of the biggest global investment opportunities for companies involved in the energy sector. According to a recent article in The National newspaper, Iraq sits on the third largest oil reserves in the world and pumps 2.75 million […]
Harnaz Group is pleased to announce its strategic level sponsorship of the Al Anbar 2nd Annual International Investment Conference to be held in Istanbul, Turkey on October 24-26. Harnaz Group which operates in several sectors such as pharmaceuticals, power, construction, insurance and general trading, has achieved and maintained a leading strategic position in Iraq. With […]
The FMG Iraq Fund continues to outperform world stock markets. The fund was up some +2.0% in the month of August and it has risen by +25% since its launch in May 2010. The current size of the fund is now $20 million under management. FMG offers a retail share class for a minimum investment […]
Aberdeen City Council has announced a new initiative to encourage North-east companies to explore business opportunities in Iraq. Upper Quartile, an Edinburgh-based economic development consultancy, will manage the programme, which will target the oil and gas sector, academic institutions and other contractors. Seminars will be held over the coming months to inform firms of the […]
Mobile telecom operator Asiacell has streamlined its business processes to improve services to its 8 million subscribers across Iraq with a business service management solution from HP. HP Business Service Management software gives Asiacell’s IT team full visibility of the company’s IT infrastructure, applications and services as a single integrated platform that can be tracked, […]
