We recently reported on a constitutional challenge to Iraq's oilfield development contracts, which was being pursued by a former member of parliament - you can find our article here, with additional legal opinion here. The challenge centered on the Rumaila contract, signed with BP and CNPC in 2009, as a test case. According to Iraq […]
Reuters reports that oil exports from Iraq’s Basra terminal recovered to 1.56 million barrels on Tuesday, after dropping to 720,000 barrels on Monday due to pipeline repairs. “The flow rate from Basra port is recovering after they finished repairs on some parts of the export pipeline yesterday evening,” a shipping source claimed. The shipper said […]
An Iraqi navy has tracked down the thieves who hijacked a number of ships near Iraq’s oil ports in Basra, a news report from Aswat al-Iraq quotes an Iraqi Web site. “We cannot describe these thieves as pirates, they are just thieves,” said an Iraqi source. He described such incidents as one-off events committed by […]
Two new syndication deals with Iraqi news agencies have boosted the impact of the Institute for War and Peace Reporting (IWPR) Iraq’s work across the country. Growing republication of IWPR’s acclaimed Iraqi Crisis Reports, ICRs, which editors and readers say provide impartial stories in a media landscape tainted by bias, are further evidence of the […]
Sales and cash-flow were up at Norwegian oil producer DNO in the second quarter of 2010, but its shares are down 0.8% this morning on the Norwegian bourse. The company, which has significant operations in Iraqi Kurdistan, issued the following statement: DNO International ASA achieved an EBITDA of NOK 171 million [$27.8m] from total sales […]
Energy companies from the UAE are interested in investing as Iraq’s oil and natural-gas industries, a government official said. “There are indications that the UAE will have a place in the petroleum and energy sector,” Abdullah Ibrahim Al Shehi, the country’s ambassador to Iraq, said on Monday at a gathering of diplomatic officials in Abu […]
Iraqi banks might offer huge growth opportunities in the future for investors willing to take some risks, but analysts and investors say the industry needs to consolidate first and change its business model, according to a report from Reuters. With violence ebbing from the peak of sectarian warfare in 2006/07, foreign firms and banks are […]
An official from Basra Provincial Council (BPC) said on Tuesday that the council allocated 400 billion Iraqi Dinars (IDs) -- around $350 million-- from oil and customs’ revenues to provide public services in the province, the head of the monitoring and planning committee of the BPC told AKnews. Walid Gitan said the Iraqi Finance Ministry […]
Oil exports from Iraq's Basra terminal fell to 720,000 barrels on Monday, down from 1.728 million barrels the previous day, due to maintenance on the offshore pipeline, according to a report from Reuters. "Exports from Basra dropped today as technical teams are conducting maintenance work on some parts of the export pipeline," a source said. […]
An Iranian delegation has made an offer to the Baghdad Investment Commission to build 100,000 residential units in the Iraqi capital. “The delegation informed the commission that the units will be designed to modern standards, and will be funded through investment,” the commission said in a statement received by Aswat al-Iraq news agency. It noted […]
The Iraqi subsidiary of UK bank HSBC is eyeing opportunities to fund infrastructure projects as the country is being rebuilt, while the lender gradually opens more branches, the unit's chief executive said, in an interview for Reuters. As Iraq's economy recoves slowly after years of violence since the US-led war in 2003, regional and some […]
The United Nations World Food Programme (WFP) is targeting unemployment in some of the areas most affected by violence and insecurity in Iraq through expanding its cash-for-work programme to reach more than 11,000 vulnerable people and help them meet their daily food needs. The scheme provides beneficiaries with short-term employment in agricultural infrastructure projects with […]
