Iraq's core annual inflation rose to 1.9 percent in August from 1.7 percent in July, according to Reuters, quoting an official at the Central Bank. "The core inflation is stable, this is a normal rise due to the increase of food prices during the month of Ramadan," sais Mudher Kasim, a senior adviser in the […]
The Diyala State Company For Electrical Industries had sales of more than 4.12 billion dinars ($3.4 million) during August, according to a statement from the Industry Ministry. “The company has supplied the electricity distribution departments in Missan, Anbar and Diala with 308 generators to improve the performance of their networks,” said the statement received by […]
Shares in Sterling Energy (LSE: SEY), the AIM-listed oil & gas company with interests Iraqi Kurdistan, fell 40% in early trading this morning following an update on its activities at Sangaw North: Sangaw North #1 Exploration Well The exploration well has been drilled to an intermediate depth of 2,395m and open-hole wire-line log data acquired […]
Rosneft, reportedly Russia's biggest oil producer, is discussing projects in Iraq, its newly appointed president said on Friday. "We are discussing," Eduard Khudainatov told reporters on at the Sochi economic forum, without going into further details. The company is planning for continued growth, and intends to hire of world-class specialists; it is expected to announce […]
Russia's Lukoil has awarded a mine clearing contract at Iraq's West Qurna 2 oil field to G4S Risk Management, a division of the London-based G4S Ordnance Management, Lukoil said in a statement sent to Dow Jones Newswires. Lukoil did not disclose the value of the contract, but said work should finish in early 2011, when […]
The Agricultural Initiative panel plans to spend roughly 225 billion Iraqi dinars [$190m] on agricultural irrigation in 2011, according to a statement issued by the panel on Thursday. “The Initiative’s executive director, Dr. Hussein Jabir, proposed to the water resources ministry some selected projects for the year 2011 and offered a brief study on each […]
Patrick Fitzgerald, director of the US Defense Contract Audit Agency, told the Commission on Wartime Contracting that his agency lacks the resources to track all the money being spent in Iraq. The Pentagon’s top auditor said on Thursday that there may not be enough auditors to oversee all of the billions of dollars being spent. […]
Spanish equipment rental company GAM (General de Alquiler de Maquinaria) has announced a major investment to enter the Iraqi market. Chief Operating Officer, Carlos Araoz, told IRN that the new depot in Erbil would be part funded using $20 million from an American source. "In Iraq I will not have Loxam or Lavendon competing with […]
The Iraqi Transportation Minister, Amer Abdul-Jabbar, said that the ministry has signed a contract to purchase 66 vessels from an international company in order to reduce import expenditure, according to a report from AKnews. He said the ships will arrive next Monday and will create many job opportunities. Abdul-Jabbar noted that the project needs the […]
Iraqi Kurds have not delivered on promises to ship 100,000 barrels of oil a day to the outside world through Iraqi national pipeline network, the Oil Ministry has said, according to Azzaman News Agency. “The Ministry of Natural Resources in the (Kurdish) region has exhibited no sign of cooperation so far. It has not supplied […]
Syria's Oil Minister Sufian Alao [Sufian Allaw] has met representatives of Chinese companies in Beijing to discuss the long-delayed refinery project that could help save Syria billions of dollars in fuel imports. The refinery could eventually take oil from Iraq, if political differences between Syria and Iraq that have delayed plans to re-activate an oil […]
Iraq plans to increase oil exports to Asia, especially India and China, the State Oil Marketing Organization (SOMO) Director General Falah al-Amri said in Baghdad. “Europe is an old market, and it has made plans to diversify away from oil to cleaner alternatives,” Amri said in a speech marking the 50th anniversary of the Organization […]
