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 […]
One of the first acts of Iraq's oil minister is to announce that oil exports from the northern, semi-autonomous region of Kurdistan will begin again shortly, according to Associated Press. Abdul Karim al-Luaibi said exports will resume "in the coming few days." Al-Luaibi is independent, but with links to Prime Minister Nouri al-Maliki's Daawa party. Just a […]
In another sign of Iraq's continued, swift, steady progress, Iraq's ports reported record profits exceeding 46bn dinars, according to Aknews. This is an increase of 10% compared to last year. Anmar al Safi, a director of the Iraqi Ports Public Company, said: "The rate of cargo dump increased 100,000 tonnes from 2009." No doubt shipping imports and profits will […]
Egypt’s Foreign Minister, Ahmed Abul Gheit, officially opened his country’s consulate in Erbil on Sunday; this is the first Arab consulate to be opened in the Kurdish region, according to a report from Bloomberg. The opening of the consulate is expected to boost bilateral ties between Egypt and Iraq and Kurdistan Region. The minister stressed […]
Iraq's oil minister, Abdul-Karim Elaibi [Luaibi], says the country's daily crude production has exceeded 2.6 million barrels a day. The minister says oil production will reach its planned targets "sooner than expected." Elaibi did not set a date for reaching these new levels in comments to reporters on Monday, although some reports put the target […]
Iraq has applied to join the Economic Cooperation Organization, or ECO, Turkey's President Abdullah Gul has reported, according to an article at the weekend from World Bulletin. Leaders of ECO-member countries gathered in Istanbul for a one-day summit meeting during which Turkey assumed the rotating term presidency from Iran. Iraq, as well as Qatar and […]
