Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Tehran announced that it will host the second 2010 International Iraq Reconstruction Conference on October 30-31. Secretary General of the conference, Jahanbakhsh Sanjabi, said that 700 traders, directors, industrialists and officials from Iran, Turkey, Syria and Iraq will get together in the meeting to consider issues regarding regional free trade. He said the conference is […]
Dr Ashti Hawrami is Minister for Energy Resources for the KRG (Kurdistan Regional Government) and will be speaking alongside Foreign Office Minister Alistair Burt and Nadhim Zahawi MP at a fringe meeting on October 5th at the Conservative Party annual conference. Iraq’s Kurds have a great and long-standing respect for Britain. In particular, we remember […]
Two Iraqi economists criticized the Iraqi investment law for supporting foreign investors and sidelining local businessmen, urging the government to amend the law radically. The law opens all sectors and areas of investment to foreign and Iraqi investors, except for oil and gas extraction and production, and banking and insurance. AKnews reports that according to […]
Iraq's crude oil exports rose in September to 2.021 million barrels per day from 1.789 million bpd the previous month, Reuters has reported. Falah al-Amri, the head of Iraq's State Oil Marketing Organisation (SOMO), said average exports from the southern oil hub of Basra reached 1.508 million bpd, while exports from oilfields in the north […]
Iraq has raised the level of the oil reserves it claims to own by 24% in its first revision since the change of regime in 2003. The country has 143.1bn barrels of known and extractible oil, up from the 115bn barrels previously estimated. If correct, the revision means that Iraq now has bigger oil reserves […]
Nouri al-Maliki has made progress in his bid to retain power, having secured the backing of the main Shi'ite parliamentary bloc for his re-nomination for the post of Prime Minister. He notably received support from the self-exiled, hard-line cleric Moqtada al-Sadr, leading to increased concerns amongst the Sunni population. Al-Maliki still requires the support of […]
The General Manager of Turkey’s Genel Enerji, Orhan Duran, said on Thursday that plans to set up a refinery in northern Iraq, shelved due to the global financial crisis, were back on the agenda and planned total investment was $500 million. He also told Reuters in an interview the company was continuing work on building […]
A second tranche of a World Bank loan to Iraq, amounting to $741 million [890 billion Iraqi dinars], will be allocated for the improvement of the country’s electricity sector, an Iraqi academician and economist said on Sunday. “The agreement between Iraq and the World Bank offered Iraq a $3.6-billion credit, the first tranche of which […]
Iraq is set to announce a "big increase" in its oil reserves on Monday, which currently stand at 115 billion barrels, a spokesman for the oil ministry said. Iraq's crude reserves are the world's third largest but its production rate is low thanks to years of sanctions, under-investment and war. Baghdad has signed a series […]
Iraq offers $200 billion investment opportunities to foreign investors, making it one of the most lucrative investment destinations in the region, an Iraqi government adviser said on Thurday. "To be or not to be is not the question here as huge investment opportunities do exist in Iraq and the government will ensure the security to […]
By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. The opinions expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. The absence, thus far, of a democratically elected and accountable government -- over six months of political horse-trading -- underscores Iraq's fragile democracy that is exacerbated by […]
An initial agreement has been reached with a Russian company to invest in gas produced from the Missan oilfields, the Chairman of the local council’s energy committee said on Tuesday. “The agreement will help to increase the revenues allocated to the province, and to meet the local demand, in addition to using the gas produced […]
