According to a report from Bloomberg, the $130 million [150 billion Iraqi dinar] contract to build a 500-megawatt power station in central Iraq has been won by the Baghdad Company for Gas Turbines Ltd. The privately owned company was founded in 1993, and re-registered in 2003. The company is scheduled to build the natural-gas fired […]
Kuwait will open consulates in Erbil and Basra in the next few days in an effort to increase the country’s investment in the regions, the Kuwaiti Embassy in Baghdad said today. Kuwait's ambassador to Iraq Ali al-Muamman said: "Kuwait is working to expand diplomatic and economic relations with Iraq by opening consulates in various Iraqi […]
The Iraqi government energy committee decided to cancel plans for the construction of four power plants to boost power-generation capacity by 2,750 megawatts, according to Bloomberg. The bids were for a 1,250-megawatt plant near Basra, and three 500-megawatt plants in the cities of Samawa, Diwaniya and Amara. “These proved to be non-profitable for the Electricity […]
The Los Angeles Times reports that theft has not been ruled out by auditors trying to trace $6.6 billion [7.9 trillion Iraqi dinars] of missing cash. A total of $12 billion in shrink-wrapped bricks of $100 bills was flown to Iraq in 2003 and 2004 to pay for public services, contractors, and general reconstruction. More […]
The Iraqi government has approved only $927 million [1.1 billion Iraqi dinars] in the 2011 budget to tackle the electricity shortage in the country. In February, the Ministry of Electricity had demanded $6 billion (6.99 trillion Dinars) to resolve the energy crisis. On top of that an investment of between $3 billion and $4 billion […]
The Iraqi government says it will dig 1000 wells every year to address the drought that has depleted much of Iraq’s water resources. Director of planning at the Ministry of Water, Ali Hashim, said it has completed 500 wells throughout the Iraqi provinces. "The ministry intends to make more effort to exploit groundwater for human […]
Adnan al-Sharif, head of the state-owned car manufacturing company, has told Azzaman news agency that Swedish truck manufacturer Scania is to set up an assembly line in Iraq for the production of 800 trucks a year. Sharif did not say how the deal will be financed, but he said his company aspires to become Scania’s […]
Shares in DNO were up as much as 7% during the day on Tuesday, before closing the day up 4.25% up on Monday's close, following the announcement of increased reserves at its Tawke oilfield: The Ministry of Natural Resources of the Kurdistan Regional Government (KRG) is conducting its first ever survey of regional oil and […]
Further to the announcement of 23 May 2011, Gulf Keystone has announced that currently the Company is in the commissioning phase of oil export operations from its Extended Well Test (EWT) facility close to Shaikan-1 and Shaikan-3. The commissioning phase, involving final preparations and customary checks and tests on all elements of the process, including […]
The head of the Wassit Investment Commission today laid the cornerstone for a $24m [29 billion Iraqi dinar] iron and steel factory. This is the first factory to be established in the province in the last 40 years, the province's media director stated. Majid al-Attabi told Aswat al-Iraq that the factory will be established in […]
The Telegraph reports that nine palaces inside a lakeside complex featuring moulded ceilings, a Saddam Hussein mural and a former prison cell are among the properties to be vacated by US troops at the end of this year. The US military has been headquartered in the complex near Baghdad International Airport since it reached Baghdad […]
By next year, car companies must open branches in Iraq if they want to sell cars in the country, the Trade Ministry announced on Sunday. Currently, cars are imported through agents in neighboring Gulf States. AKnews reports that these intermediate imports will be prohibited by the end of the year. With the new law, the […]
