Kuwait and Iraq have reached an initial agreement on sharing border oilfields, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said on Wednesday, according to a report from Reuters. 'They [the two countries] have agreed in principle. We have signed it from Kuwait's side. They [Iraq] will be signing it maybe this week or next week,' […]
DNO International ASA, the first foreign company to pump oil in Iraq since the 1970s, has raised 360 million Norwegian kroner ($60 million) to fund exploration drilling and license acquisitions. DNO sold 45 million shares at 8 kroner each, a 5.8 percent discount from the previous closing price. The offering was oversubscribed, the company said. […]
Iraq is among the countries reportedly boycotting the Nobel Peace Prize ceremony in Oslo. A Nobel official said that China has been putting unprecedented pressure on a number of countries to stay away from the prize-giving ceremony. This year's prize has been won by Liu Xiaobo, who is currently serving an 11-year prison sentence for […]
The Iraqi trade Ministry has announced that the ration card, known as the Public Distribution System, will now operate on a sliding-scale dependent on a citizen’s income. Walid al-Helo told AKnews that the ministry is trying to combat poverty in Iraq by expanding the scope of the system despite international pressure on the country to […]
Shares in Heritage Oil Plc (LSE: HOIL), the independent upstream exploration and production company with operation in Iraqi Kurdistan, were up more than 5% this morning after the company issued an Interim Management Statement for the periond July 2010 to 17 November 2010. Highlights The Miran West-2 well, in the Kurdistan Region of Iraq, has […]
The balance of risk and reward for investing in Iraq's vast oil reserves is changing, according to a report by Turner Investments. The report, called Oil in Iraq: A Profitable Gamble? considers safety risk for oil company employees and their families, risks to operations from bombs and landmines, and political risks ranging from a line of […]
National Alliance MP Hadi Al Amiri is holding the media responsible for creating tension over the government formation talks. I think that Iraq's politicians managed that well enough without us. The distrust continues, with Ayad Allawi, former prime minister, whose Iraqiya bloc won the most votes in the March elections now saying that the result […]
Prime Minister of the Kurdistan Region, Barham Salih, visited major investment projects that are underway in Sulaymaniyah, the most populous city in the region. At a foundation stone-laying ceremony for Majidi Mall, a major retail building project, prime minister Salih said that direct investment in the Kurdistan Region has surpassed US$13bn. Investment won't stop there: […]
A tourist resort has been opened this week in central Amara, 150km north of Basra, at a cost of more than 12 billion dinars, reports Aswat al-Iraq. It is part of a 2007 plan to construct a tourist town in the southern city, which is better known for its marshes and Mesopotamian sites. “Adan tourist resort […]
Committees don't just sit around in Iraq. On 19th October the Iraqi government created a committee to increase business and economic relations with Turkey. Now, a member of the committee has said that the two countries are going to increase commercial exchange up to $12bn in 2011, reports AKNews. This is a more than three-fold increase on previous […]
An Iraqi ministry has said that Australia supports its quest for World Trade Organisation membership, according to NINA. WTO membership will significantly boost investment in Iraq as well as increasing its access to goods and services due to fewer restrictions from WTO member countries. WTO membership takes almost as long to attain as agreement at a UN […]
Baghdad's airport road was considered the most dangerous motorway in the world, but the city is now turning it into "the most beautiful street in the world", according to AFP. The US military had called it "RPG alley" (that's rocket-propelled grenade), as road users were at the receiving end of particularly frequent attacks during 2006 and 2007. […]
