Iraq's Ministry for Electricity has confirmed the extension of bidding by international companies to invest in four electricity stations for an additional 40 days. The Ministry's press officer, Musaab al-Mudarris, said that the ministry will study offers in order to choose the best of them to install stations in four areas: "Basra, Amara, Simawa, and […]
An adviser to the Iraqi prime minister, Nouri al-Maliki, said on Thursday that in the coming Arab League Summit in Baghdad, Iraq will push for the creation of an “exclusive” Arab trade organization, similar to the World Trade Organization (WTO). The organization is to boost trade and economic cooperation among the oil producing, industrial and […]
The Chairman of Iraq's National Investment Commission (NIC), Dr. Sami Al- Araji, confirmed during his meeting with the Netherlands Ambassador to Baghdad, the National Investment Commission's willingness to create huge economic partnerships between Iraq and Netherlands in various sectors. Dr. Al- Araji said during the meeting that the commission is ready to grant investors willing […]
The Iraqi Oil Ministry has announced a plan to equip three refineries with modern equipment that would help in producing oil derivatives. The Undersecretary of the Oil Ministry, Ahmed Shaiyaa, told AKnews that the ministry plans to rehabilitate three refineries: Baiji [Bayji] (pictured), Kirkuk, and Doraa [Doura]. "The ministry will contract with a number of […]
2010 saw hundreds of trade agreements signed, a score of new consulates opened, and dozens of countries and thousands of companies scrambling to get in on the Iraq story. Inflation has remained low all year and exchange rates have been stable. The oil price averaged $15-$20 above the $62.50 price allowed for in the Iraq budget. […]
It is one of the better problems a rebuilding country can have: Iraq is attracting too much oil investment. The problem is that the infrastructure does not exist to export most of the extra oil produced. However, this is going to change as early as next year, perhaps increasing exports by one million barrels of oil per day, an increase […]
Shares in Gulf Keystone fell 30% on Wednesday as markets opened for the first time since last week, when Excalibur Ventures in New York issued a legal challenge. Three hours after the London market opened the share price has recovered somewhat, but still leaves a fall of around 10% at 167 pence. Excalibur believes it is entitled […]
Iraq's budget for 2011 was approved some months ago, but with the government now formed it is back on the table, according to AKNews. Kurdish MP Mahmoud Othman said: "There is an agreement between the Kurdistan Regional Government (KRG) and the prime minister Nouri al-Maliki to amend the current budget." Amendments are needed to resolve a […]
South Korea's STX Heavy Industries concluded a deal with Iraq for a petrochemical plant in the southern city of Basra, according to Aswat al-Iraq. A Basra official said.“The delegation discussed with the governor the mechanism to implement a memorandum of understanding the company signed with the industry ministry to rehabilitate the petrochemical complex in Basra.” The […]
As Baghdad ponders fewer checkpoints, oil exports sent by sea face more checks. The capital has 870 security checkpoints, which have been blamed for slowing an already congested city down and inhibiting productivity. Some commuters must stop at half a dozen checkpoints each morning, sometimes waiting for an hour at just one of them. Many residents find […]
The oil minister, Abdul Karim al-Luaibi, has been busy in the few days since his appointment. Not only has he announced that exports from the northern Kurdistan region are to resume, but he has also promised that the focus will be on rebuilding the decayed oil infrastructure, according to the Arab Times. Al-Luaibi, who has […]
With a new Iraqi government now finally formed, Basra's desire for a referendum on becoming semi-autonomous may finally get past Baghdad's stalling tactics. The Iraqi constitution allows provinces to become semi-autonomous, just like the northern region of Kurdistan. The Associated Press reported on the pros and cons, writing that Basra would be able to stop […]
