Iraq named a new electricity minister on Monday, after the previous minister Raad Shallal [Shalal, Shallal al-Ani] stepped down under government pressure in August following allegations of fraud in two electricity contracts. "Parliament voted by majority to nominate Abdulkarim Aftan [Abdul Karim Aftan al-Jumaili] as electricity minister," Faiza al-Obeidi, an MP with the Iraqiya list that […]
Iranian news agency FARS reports that senior Iraqi officials have launched a probe into corruption accusations against the country's parliament speaker, Osama al-Nujaifi. Media reports in Iraq have leveled several corruption accusations against al-Nujaifi in recent days, and questioned the source of the $600,000 he has spent on repairing his house. Some Iraqi officials have […]
Reuteres reports that a senior Iraqi oil ministry official said on Friday that two bombs hit pipeline networks transporting crude from Iraq's giant Rumaila oilfield. The impact on production from Rumaila was not immediately clear, but firefighters were working to put out blazes caused by the blasts. (Source: Reuters) (Picture: an oil pipeline at Rumaila)
Articles from the October/November issue of fDi Magazine, available free of charge to registered users: Iraq begins building towards long-term prosperity Security issues, corruption problems, processes bound up in bundles of red tape... The problems facing companies wanting to do business in Iraq are myriad, but the country's promise – as one of the world's […]
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 6th October 2011). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,675 / $1,858, +0.9% (weekly change). The number of weekly traded shares was 5.5bn and the weekly trading volume was […]
Global oil prices below $90 a barrel would be “difficult” to accept, Iraq’s Deputy Prime Minister for energy, Hussain al-Shahristani, told Reuters on Wednesday. Brent crude oil dipped below $100 a barrel on Tuesday on growing concern about a Greek debt default and the health of the global economy, tumbling from a 2011 peak of $127 […]
Permanent Secretary of the British Foreign and Commonwealth Office, and Head of Her Majesty’s Diplomatic Service, Simon Fraser, visited Baghdad, Basra and Erbil between 3 and 6 October 2011. Simon was accompanied on his visit by Additional Director of the Middle East and North Africa Department at the Foreign and Commonwealth Office, Jon Davies. Simon […]
Iraq's three mobile operators are unlikely to conduct initial public offerings until the middle of next year and will not be penalised for missing an August 2011 deadline, the country's regulator said on Thursday, according to a report from Reuters. Under the terms of the 15-year, $1.25-billion, operating licences they secured in 2007, Korek, Zain […]
The Colorado Securities Commission has ordered a company promoting speculation in Iraqi dinars, and its director, to stop soliciting investors in Colorado. The commission entered a cease-and-desist order on Thursday against AmIraq Fund LLP, general manager BB&M International Corp, and William Burbank, who serves as CEO and managing director of both companies. The order prohibits them […]
By Rickie Cole of SGS, in response to our Iraq Business News article on importation inspection: On 1st May 2011, the Central Organisation of Standardisation and Quality Control (COSQC) in Iraq implemented the Pre-Importation Inspection, Testing & Certification of Goods to Iraq (ICIGI) programme. This programme is designed to monitor the quality of regulated goods […]
The State Company for Oil Projects (SCOP), part of the Iraqi Ministry of Oil, has awarded the French-based Axens, a fully-owned subsidiary of IFP Energies nouvelles, the Basic Design and License contracts for the construction of the new refinery in Nassiriya, Iraq. Axens will supply the following process technologies for the refinery: H-Oil RC technology […]
Aswat al-Iraq reports that the Iraqi Ministry of Transport has decided to cancel land customs duties from sea ports of entry. The ports media director told the agency that Minister Hadi al-Ameri decided to cancel these customs in order to encourage merchants to transport their goods through Iraqi ports. Ports used to have land duty […]
