Revenues from oil sales account for 95 percent of Iraq's income, Oil Minister Hussein al-Shahristani said on Tuesday, underlining the war-battered nation's reliance on crude to rebuild its economy. Shahristani said Iraq raised 171 billion dollars from sales between 2006-2009, which accounted for all but five percent of the government's income during those years. Shahristani […]
The outgoing Iraqi government has faced criticism from economists for failing to increase the value of the Iraqi dinar despite the rise in oil prices on the international market, according to a report from AK News. The dinar continues to suffer from it's significant difference in value from the hard currencies and this divide has […]
Al Anbar Province announced that it is ready to hold its first investment conference with the participation of numerous international companies, according to Al SumariaTV. The province said that it formed a committee to prepare the program for the conference. Meanwhile, the Province Council said that the conference is one of the solutions suggested by […]
"The Iraqi government has sent a delegation of economic experts to Amman to discuss development of the Free Zone between Iraq and Jordan," an adviser in the Iraqi government said on Tuesday. The team aims to develop economic relations between the two countries, especially in terms of trade, he said. "The relationship between Iraq and […]
After more than 20 years, Saudi Arabia will restore aviation links with Iraq - the first flight from Jeddah to Baghdad will be by the Kingdom's privately owned Alwafeer Air on Thursday. Alwafeer Air will initially operate a weekly flight from Jeddah to Baghdad and two flights a week from Jeddah to Basra, said Saleh […]
One of the fastest growing business jet destinations wasn't much more than a smoking hole a few years ago but Baghdad is back. According to BusinessWeek, Lufthansa will start scheduled service next week and Royal Jet, which operates 11 corporate aircraft is reporting brisk business carrying oil executives and other business leaders to the calmer […]
Korek Telecom, one of Iraq's three national telecom operators, has recently chosen Aastra, a leading company at the forefront of the enterprise communication market, for the expansion of its contact center of its headquarters in Irbil, in addition to establishing two new contact centers in Baghdad and Sulaimaniyeh. This major step comes as a necessary […]
Twice in recent days, senior Iraqi government officials have stressed the need to solve the parliamentary stalemate internally within Iraq, without influence from outside: Prime Minister Nouri al-Maliki specifically warned the United States not to interfere in the country’s internal affairs, while Vice President Adel Abdul-Mahdi reportedly described it as “an internal affair and non-Iraqis […]
Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global Engineering and Construction Group has been awarded a project management consultancy (PMC) services contract by South Oil Company (SOC) for the Iraq Crude Oil Export Expansion Project onshore in southern Iraq and offshore in Iraqi waters. SOC is a company under the Ministry of Oil […]
Russia's Lukoil and Norway's Statoil have started issuing tenders for the multibillion project to develop Iraq's supergiant West Qurna Phase 2 oil field in southern Iraq, a person familiar with the plans said Sunday, as reported by Reuters. The "first tender is a 3D seismic survey at the field", the person said. A second tender […]
The Iraqi Electricity Ministry is seeking to increase electricity production to 10,000 MW during the next 3 years," the Director of the Planning & Studies Department at the Electricity Ministry said on Monday. "The Ministry has developed a plan parallel to the Investment Plan and presented it to investors in the electricity sector to implement […]
Iraq's northern Kurdish region is cracking down on fuel oil smuggling through the area and across Iraq's borders, the government of the semi-autonomous region said on Sunday. The Kurdish Regional Government (KRG) issued a statement in response to a New York Times story on Friday that said hundreds of millions of dollars worth of crude […]
