Hilton Worldwide is set to open its first hotel in Erbil, the flourishing capital city of Iraqi Kurdistan, under a management agreement with New York based real estate developer The Claremont Group. Comprising of 200 serviced apartments, DoubleTree Suites by Hilton Erbil is expected to open at the end of 2013. The new hotel will […]
The Kurdistan Region Presidency (KRP) issued a statement on Sunday on the Iraqi Council of Ministers’ approval of a draft federal hydrocarbons law. The following is a translation from the original Arabic: Following six years without a federal oil policy; the unjustified failure to implement political agreements; the clear avoidance of the ratification of a […]
Iraq's August crude oil exports hit 68 million barrels per day (bpd) in August, according to a report from AKnews. The figure represents an increase of about 1% from the previous month's 67.2 million bpd, with a total revenue of $7.31 billion. Deputy Iraqi Oil Minister, Akram Mu'tassam, told AKnews that the average daily oil […]
The deputy governor of Iraq's central bank has announced that foreign currency reserves have risen to close to $58 billion, and are expected to increase further thanks to a rise in oil revenues. Mudher Kasim said higher global oil prices could result in a budget surplus for 2011. Reuters quotes him as saying, “(The amount […]
The new chairman of Basra Investment Commission (BIC), Mr. Khalaf Lafta Athafa Al- Badran, began his duties on Tuesday morning. He met the deputy-chairman of BIC, Eng. Haider Ali Fadhil, and reviewed the works of BIC and the main obstacles facing it. He also met the heads of BIC Departments and discussed the administrative structure […]
Xinhua reports that the Philippine government has decided to partially lift the ban on the deployment of overseas Filipino workers to Afghanistan and Iraq. Rosalinda Baldoz, Department of Labor and Employment Secretary, said the Philippine Overseas Employment Administration (POEA) Governing Board, which she also chairs, has issued a resolution for the partial lifting of the […]
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26 August 2011). Publication of this report was delayed for technical reasons, but we will publish future weekly updates every Friday. The RSISX index ended the week at ID1,633 / $1,811, +1.9% (weekly change). The number of weekly traded shares was 3.0bn and the weekly […]
According to a report from Associated Press, Iraq's Foreign Minister Hoshyar Zebari (pictured) says that a dispute over a planned Kuwaiti port has been resolved, and that the facility will not disrupt Iraqi shipping in the Persian Gulf. The minister said that a technical review showed that the Mubarak port on Boubiyan Island "won't affect our […]
Gulf Keystone provided an update on its ongoing exploration and appraisal programme for the Shaikan block in the Kurdistan Region of Iraq on Monday: Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis with a mean value […]
Hunt Oil Co. was warned before it signed a contract with the Kurdish government in Iraq that it might not be dealing in Kurdish territory, UPI reports. The Dallas-based energy company signed a production-sharing contract (PSC) with the Kurdistan Regional Government (KRG) in 2007. It was warned by the U.S. Embassy in Baghdad that the […]
Reuters reports that Iraq's Oil Ministry has excluded American oil firm Hess Corp from competing in its 4th energy auction because the company signed deals with Iraq's northern Kurdish region. As we reported last week, Hess was one of the 41 companies pre-qualified for the auctions, but it was not included on a new list […]
Iraqi's Ministry of Electricity signed a contract on Saturday with French conglomerate Alstom to build a power generation plant in Nineveh province at a cost of approximately $94 million, according to AKnews. The Ministry said the plant will begin generating by the end of 2012. Reuters reportst that the deal requires Iraq to pay 10 […]
