According to a report from AKNews, 1,602 foreign companies have branches in Iraqi Kurdistan. The latest figures from the Kurdistan Company Registration Directorate show that 18 months ago there were 1027 foreign companies operating in the region, meaning there has been an increase of 55 per cent. There are also 10,100 local companies working side […]
AKnews reports that the Kuwaiti Ambassador to Iraq has dismissed accusations that his country has extracted more than its share of oil from bordering oil fields. Ambassador Ali Mo’men counter-claimed that those behind the allegations were attempting to stir up ill-feeling between the neighboring states. He told AKnews that Kuwait is making every effort to […]
Shares in Norway-based DNO International jumped 16% on Monday following the announcement of its merger with RAK Petroleum's Middle East and North Africa subsidiaries. A tie-up between the two companies has been rumoured for some time, especially following the boardroom coup that saw RAK's CEO oust DNO's chairman. You can hear a replay of this […]
The creation of a new Iraqi National Oil Company (INOC) to run the country's energy sector is not essential and might confuse the work of the oil ministry, Iraq's oil minister said on Sunday, according to Reuters. Iraq's cabinet approved a draft law setting up a new national oil company in 2009, but the agency […]
Iraq has signed a $1.2 billion contract with Canada's Capgent to build 10 power stations with a total capacity of 1,000 megawatts in a bid to meet local demand, Reuters reports. A ministry spokesman told AFP that the plants were to be constructed within 12 months in the provinces of Anbar, western Iraq, and in […]
A ministerial-led delegation of business leaders from the Kurdistan Region in Iraq this week visited Edinburgh, where they met Scottish ministers, members of parliament and business organisations who all agreed the two nations should strengthen their ties. Trade and Industry Minister Sinan Çelebi and Municipalities and Tourism Minister Samir Abdullah Mustafa discussed tourism, the trading […]
By Marko Lukic. In October of 2010, Move One reported on the economic recovery of Basra as the first wave of post-war energy exploration companies set up operations and introduced a level of prosperity and stability that has not been seen in years. Since then the city has become a focal point for foreign investment […]
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Mott MacDonald is owner’s engineer for the conversion of Arbeel Power Plant in Erbil, Iraq from simple cycle to combined cycle. The project, on behalf of Mass Global Investment Company (MGI), will be the first combined cycle gas fired plant in Iraq. The existing plant consists of eight 9E gas turbines, manufactured by GE, operating […]
Turkish and Iraqi civil aviation authorities have signed a cooperation agreement increasing the number of flights and launching new flight destinations between the two countries, according to Business Turkey Today. Within the framework of the agreement, Turkish airline companies will operate flights from Istanbul, Ankara and Antalya to the Iraqi cities of Baghdad and Irbil. […]
Iraq signed a $365 million agreement to install a pipeline network to import natural gas from Iran for power stations in the country, according to reports from Bloomberg and Iran Independent News Service. The pipelines will eventually supply 25 million cubic meters of Iranian natural gas a day to the Sadr, al-Quds and South Baghdad […]
The passing of control of the Development Fund for Iraq (DFI) to the Iraqi government may make the assets vulnerable to seizure. A lawyer for Kuwait Airways told Bloomberg in an interview that “the class of assets against which we can seek enforcement has expanded.” Christopher Gooding (pictured), a partner at London-based Fasken Martineau, said: […]
