Iraq Business News brings you the latest information on developments and opportunities in the construction & engineering industries in Iraq.
The Director General of Missan Oil Company has announced that 14 of the 20 oil wells at Bazargan [Bazirgan] oil field have been drilled. He said that Weatherford accomplished the drilling operation in record time, and they were working on three of the remaining six wells. The wells have provided production capacity of 6,900 bpd. […]
By John Lee. Sulaymaniya's general directorate of investment has said that a local company called 'Mario' is building an automobile factory on a 22 hectare (90 donum) site. The company will initially import parts from China and assemble them at the new plant; at a later stage the factory will also make the parts itself, […]
By John Lee. Iraq's Petroleum Contracts and Licensing Directorate, part of the Ministry of Oil, has announced that it is working on the launch of the country's 5th energy licensing round. This round of bidding will relate to gas prospects only, with the PCLD saying it will: Choose the exploratory areas that have high and promising […]
By John Lee. The General Company for Iraqi Ports has signed a contract with a specialized Company to rehabilitate a courtyard for storing containers in Um Qasr seaport. A statement by the Transportation Ministry said: "The Head of Northern Umm Qast port, Safa Abdul Hussein, signed a contract with Alaq Almisk and Almisnav Company to […]
By John Lee. In July 762 AD, Caliph Abu Jaafar al-Mansur commissioned the building of a city on the River Tigris. Baghdad rapidly became a centre of learning and an economic and political powerhouse. Today, despite a population of over 7 million, the city's standing is greatly diminished; security continues to be a problem, and […]
By John Lee. Delays in the construction of an Iraqi pipeline threaten to stall production at Shell's Majnoon oilfield for at least three months, forcing the field to miss a 2012 target of 175,000 barrels per day, reports Reuters. In February, production at Majnoon was 54,000 bpd, Shell says, but averaged only 18,600 bpd for the […]
By John Lee. The Iraqi government has awarded a contract to rehabilitate a steel plant in the province of Basra to Turkey’s UB Holding, according to report from Bloomberg. An official at the Iraqi Ministry of Industry and Minerals told the news agency that the contract would be signed within a month. UB Holding will […]
By John Lee. Inflation for July was up 7% year-0n-year, according to the Central Statistics Department of the Planning Ministry. Prices of some food and beverages, particularly fruits and vegetables, fell. Houses prices were up by 10% nationwide, with rents up 13%. In a separate report, 'core inflation', which strips out fuel prices, fell to […]
By John Lee. Iraq's Deputy Prime Minister with responsibility for energy affairs, Hussein al-Shahristani (pictured), has reportedly said that Baghdad was considering offering foreign oil firms more lucrative contracts. According to a report from Aswat al-Iraq, he admitted that the recent fourth auction of exploration blocks had not been as successful as officials had hoped. […]
By John Lee. Un-named US officials have said that the first batch of F-16 fighter jets bought by Iraq are due to be delivered in September 2014, according to a report from AFP. Washington agreed last year to sell 36 F-16 jets to Baghdad as part of a package of deals worth $12 billion covering […]
By John Lee. The Provincial Council in Babel [Babil] has voted unanimously for "the participation of each of Karbala, Babil and Najaf provinces in managing the Mid-Euphrates airport, which is hopefully established in the land among the three provinces". The Head of the Investment Committee in the Council, Mahdi Aakul, told AIN: "The participation will […]
By John Lee. An MP and member of Regions and Provinces Committee called on the Iraqi Cabinet to punish ministries who are slow in the implementation of projects. Mahdi Haji told AIN that ministries should not hold meetings to pretend to be working, and the Cabinet should punish procrastinators. He said that some ministries did […]
