Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
According to lawmakers, the border area between Kuwait and Iraq should no longer be disputed territory. However Iraqi locals see it differently and accuse Kuwait of blocking their waterways, stealing their oil and teaching their children untruths about the area, according to this report from Niqash. As dusk falls along the southern borders that Iraq […]
Washington and Baghdad have made significant progress on a deal for Iraq to buy Lockheed Martin F-16 warplanes but do not have a signed contract, according to Bloomberg. In February the Iraqi government delayed its planned purchase of F-16s and diverted $900 million set aside for an initial payment on the aircraft into its national […]
Officials in Basra have reportedly blocked a $500m power generation deal with Korea's Hyundai, because of the company's involvement with the controversial Mubarak Port in Kuwait. The project was due to be launched on Thursday. Ayad al-Amara, an official spokesman for Basra Governorate told AKnews that the Governorate has decided to stop work with all […]
Azzaman reports that the Iran Foreign Investment Company (IFIC) is willing to invest heavily in a number of projects in the southern Iraqi province of Wassit, and is prepared to accept deferred payment for its acvities. The head of the province’s information office, Majid al-Atabi, said the company’s offer was tempting because Wassit did not […]
The final report of the congressionally chartered US Commission on Wartime Contracting in Iraq and Afghanistan says at least $31 billion has been lost to contract waste and fraud, and that major reforms are required. Commission reform objectives include improving federal planning for use of contracts, strengthening contract management and oversight, expanding competition, improving interagency […]
KBR (NYSE: KBR) has announced that it has been selected by the UK’s Foreign and Commonwealth Office (FCO) to provide life support, vehicle maintenance and healthcare services across Baghdad, Basra and Erbil in Iraq, and Kabul and Lashkar Gah in Afghanistan. This builds on KBR’s existing relationship with FCO delivering services in challenging environments. The […]
The electricity, trade, defense and interior ministries have been identified as the most corrupt of the country's ministries, the Integrity Committee in parliament. Iraq's Integrity Commission has announced that it has opened an investigation into corruption in the Iraqi Defense Ministry AKnews reports that the investigation relates to all of the department's dealings since 2003, […]
A Ukrainian-based defence manufacturer has reportedly suspended work on a contract to supply the Iraqi military with light transport planes until it receives payment for work already done under the contract. Interfax reports that state-run Antonov has a $550 million contract to supply military equipmment, including its An-32 aircraft, to Iraq, and a spokesman said […]
Three rockets were fired in the area of the Iraq-Kuwait border on Friday. Reuters quotes an Iraqi official as saying that they landed inside Iraq and were not aimed at Kuwait or the disputed Mubarak port. "The rockets targeted the (former) Bucca prison building, which is used by foreign companies," Ali al-Maliki, head of the Basra […]
Iraq’s Planning Minister, Ali Yousif al-Shakari [Ali al-Shukri], pictured, met with Rashid al-Mansouri, the Ambassador of the United Arab Emirates (UAE), to discuss joint cooperation between the two countries. Minister Shakari expressed his admiration for the UAE, according to Aswat al-Iraq. The agency quotes the Ambassador as “having expressed UAE’s readiness to expand horizons of […]
If anyone ever doubted the international nature of business in Iraq, just look at the list of nationalities represented on the list of companies pre-qualified for the country's fourth round of oil licences: Angola China Croatia Egypt France India Indonesia Italy Japan Kuwait Malaysia Netherlands Norway Pakistan Russia South Korea Thailand Turkey United Arab Emirates […]
From the beginning of 2012 the Ministry of Trade will strictly control the importation of goods into the country, says the minister. Khayrullah Hassan told AKnews that the ministry will work according to a quota system based on need, and all imports must attain its prior approval. “We will not allow businessmen to trade in […]
