Iraq's Ministry of Electricity said on Wednesday that it had received bids by three foreign companies to build a 1,014 megawatt gas power plant in the town of Taji, 20 km (12 miles) north of Baghdad. Reuters reports that South Korea's Hyundai Engineering & Construction bid at around $500 million, Egypt's Orascom Construction at $463 […]
Iran's Deputy Commerce Minister, Hamid Safdel, said Iran has plans to increase its annual trade with Iraq from the current level of around $6 billion to $10 billion, the official IRNA news agency has reported. Speaking at a seminar titled "Opportunities in the Iraqi Market", the minister said that the Iraqi market is very competitive, […]
The Ministry of Construction and Housing is to build a highway linking Baghdad with Turkey, according to a report from Azzaman. The 508 km road is to be financed by the International Monetary Fund (IMF). “This project is a challenge to the ministry since it assumes great economic significance for the country,” the ministry quoted […]
A company owned by the Iraqi Ministry of Industry and Minerals has announced that it will buy buy a textile production line from a Swiss company for 1.77 million Swiss francs [$2.24 million, 3 billion Iraqi dinars]. Alforat TV quotes a director of the company as saying that the company is waiting for Ministry approval […]
Due to the lack of investment in developing Iraq’s oil sector during the old regime, pipelines lack capacity and are corroded, ports need redeveloping, refineries need to be upgraded to increase supply, mines cleared, power supply is irregular and an increase in water supply is crucial. Iraq has the fourth largest oil reserves in the […]
As we reported in recent days, Iraq has decided to offer 18 factories to foreign investors to renovate and run, on very attractive terms. According to the reports, the deals are to be sweetened by some very interventionist means, such as paying half the wages of Iraqi workers in those plants, and restricting the importation […]
The Wisconsin Department of Financial Institutions is warning investors about advertised opportunities to invest in Iraq's currency, the dinar. The DFI says several web sites say Iraq's currency is poised to increase in value, even dramatically, but it says investors aren't told that the dinar is only good in Iraq. There is no currency exchange […]
Iraq earned more than $48 billion in revenue from crude oil exports in the first seven months of this year, Oil Minister Abdul Kareem al-Luaibi [Elaibi] has announced, according to Bloomberg. The country’s 2011 oil exports will exceed $80 billion and have already “helped the government ease the budget deficit and carry out several projects,” […]
Iraq's oil ministry said on Tuesday that it would unveil model contracts for oil and gas exploration blocks to pre-qualified international companies on 11th September, kicking off a process that will culminate with the award of contracts in January, according to a report from Platts. Iraq launched its first post-war exploration round in April, offering […]
Iraq's three main mobile phone companies - Zain Iraq, Asiacell and Korek - appear unlikely to meet a month-end deadline to list on the local stock exchange, raising the chances of them being penalised, according to Reuters. The companies are required by Iraqi law to launch initial public offerings on the Iraq Stock Exchange (ISX) by […]
The Iraqi Transport Ministry said on Wednesday that the designs for Grand al-Faw port will be ready in less than a year. AKnews reports that the statements said that all the necessary preparations have been made to initiate the construction of the port including the financial allocations and the technical and engineering staffing. Iraq announced […]
Reuters reports on Wednesday that Iraq has awarded a $472 million contract for an oil export facility expansion and sub-sea pipeline to the Italian group Saipem, a subsidiary of oil group Eni. Saipem will build a single point mooring buoy (SPM) with an export capacity of 900,000 barrels per day and construct a 50-kilometre pipeline […]
