America's new ambassador to Iraq, James Jeffrey, arrived in Baghdad last week and presented his diplomatic credentials to President Jalal Talabani. He replaces Christopher Hill, who retired after a 16-month stint in the post, and a 33-year career in the diplomatic service. Unlike Hill, Jeffrey already has wide experience in this part of the world, […]
A senior official at Shell said that Iraq is losing $50 dollars per second, more than $4 million a day, as a result of flaring the gas associated with oil production in the province of Basra. The company's Vice-President for the Middle East and North Africa, Mounir Bouaziz, reportedly said his company was currently awaiting […]
AFP reports that Iraq's privately-owned banks have called for the country's state-owned lenders to be privatised, to break up a near monopoly in lending by politicians whose actions remain stuck in the Saddam-era. Although foreign cash has flowed in since the US-led invasion of 2003, ministers still opt to use government banks to do business […]
Dr. Ali al-Obaidi, who has been in charge of Iraq's Baiji refinery since 2007, has reportedly resigned from his position, having successfully slashed the level of theft from the facility. He had initially been installed as part of a joint U.S.-Iraqi corruption crisis team. According to Iraq Oil Report, the man credited with reducing theft […]
Basra International Oil & Gas Conference and Exhibition 25–28 November 2010 International Exhibition Center, Basra – IRAQ Our participants has passed 100! Why Exhibit Have a key role in rebuilding of Iraqi Oil & Gas Sector. Build a network of new and productive business contacts and establish local partnerships which is important to do business in […]
Aswat al-Iraq reports that the Iraqi Industry Ministry has reached agreement with a Chinese producer to assemble 10,000 Chinese cars in Iraq. The ministry is also currently in negotiations with a French producer to assemble trucks in Iraq. IBN believes the truck-maker to be Renault. “This should be the first step toward establishing an automotive […]
There has been much speculation in recent months that the Iraqi dinar would be re-based, knocking off the last three zeros. The lastest news is that Iraq will not in fact remove the zeros from its currency, because it will not resolve inflation and will create opportunities for corruption, reports AKnews, citing a senior source […]
KBR (NYSE: KBR) today announced that it has been awarded two contracts by the Republic of Iraq Ministry of Oil through the South Refineries Company. KBR will provide licensing and basic engineering services for the construction of Fluid Catalytic Cracking (FCC) and Solvent Deasphalting (SDA) units at the planned grassroots Maissan Refinery in Maissan [Maysan], […]
Kuwait has signed an agreement to share oil from cross-border fields with Iraq and is waiting for its northern neighbour to reciprocate, the emirate’s oil minister has said, according to a report from The National. The deal could help to smooth the often thorny relationship between the two countries 20 years after Saddam Hussein’s armies […]
By Jody Ray Bennett for ISN Security Watch In hopes of making good on a campaign promise just months before the November elections, President Barack Obama successfully oversaw the last of combat troops depart from Iraq just a few weeks shy of the 31 August deadline. While 50,000 soldiers will remain in Iraq as ‘advisors,’ […]
Iraq’s central bank has decided to cut commercial banks’ reserve requirement to 15 percent from 20 percent, in order to spur bank lending as core inflation continues to slow, Reuters reported on Tuesday, citing a Central Bank of Iraq official. Mudher Kasim, a senior advisor in the bank, said the central bank made the move […]
Revenue from Iraq's crude oil exports increased 3% to $4.009 billion in July, compared with $3.889 billion in June, the Iraqi oil ministry said in a statement Tuesday. It said Baghdad sold its crude oil at an average price of $71.21 a barrel in July (versus $71.10 per barrel in June). July oil revenue brought […]
