Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Within five years, Iraq will turn from an importer of petroleum products into the world’s largest exporter, according to the Oil Ministry’s new investment map, unveiled in Nassiriyah this week. To achieve this, Iraq has opened the door wide for international companies to build four new refineries and refurbish existing ones in order to boost […]
Iraq's cabinet has approved a multi-billion dollar deal with Royal Dutch Shell and Japan's Mitsubishi Corp. The deal, signed on Tuesday, will provide much needed electricity from natural gas that is currently being burned off. The State-owned South Gas and Basra Gas companies in southern Iraq will take a 51 percent stake in the contract, […]
Iraqi firemen put out a fire caused by a bomb explosion in northern Baghdad on Tuesday, according to a report from Xinhua News Agency, citing an Iraqi security forces spokesman. The attack took place earlier in the day in the al- Rashediyah district just north of the Iraqi capital, sparking a huge fire, said Qassim […]
Three local companies won a tender to transport oil derivatives from southern Iraq to the central provinces, an official spokesman for the oil ministry said on Tuesday. “The ministry needed local companies to transport oil derivatives as pipelines were damaged because of terrorist attacks,” Essam Jehad told Aswat al-Iraq news agency during the second stage […]
Is your business in Iraq or going to Iraq or just thinking about it? Either way our community of subscribers and readers in 112 countries will almost certainly contain people who could become customers or influence buying decisions. Some of them may already be customers. Either way, telling them about your business, keeping your name […]
According to report from Reuters, oil exports from Iraq's southern oil hub of Basra partly recovered on Monday to 1.08 million barrels per day, having been disrupted by a sandstorm over the previous two days. Basra's shipments were: Friday - 1.68 million barrels Saturday - 1.128 million barrels Sunday - 720,000 barrels Monday - 1.08 […]
Dhiya Jaafar, chief executive of Iraq's state-run South Oil Co (SOC), has said the country seeks to open a special border crossing with neighbouring Kuwait for international oil firms working in the country, Reuters has reported. The new border crossing would facilitate the inflow of equipment for the oil companies that secured contracts to develop […]
Business Monitor International (BMI) forecasts that Iraq will account for 9.00% of Middle East (ME) regional oil demand by 2014, while providing 11.08% of supply. Regional oil use of 7.47mn barrels per day (b/d) in 2001 rose to an estimated 10.64mn b/d in 2009. It should average 10.98mn b/d in 2010 and then rise to […]
Both KurdNet and Haaretz (citing original reports the French Jewish website JSS and Intelligence Online) say that Idan Ofer, the chairman of the Israel Corporation, visited Sulaimaniyah in Iraqi Kurdistan in May. He is reported to have met with senior Kurdistani officials including Vice President Kosrat Rasul Ali, and Prime Minister Barham Salih. The visit […]
According to a report from Reuters, international oil executives will gather in Baghdad on Saturday to discuss contracts for four new oil refineries. "There are many international companies that expressed their interest to participate and to reach an agreement with the Oil Ministry," said Oil Ministry spokesman, Assim Jihad. Iraq's eight oil refineries have a […]
Gulf Keystone, the Kurdistan-focused oil explorer, has had to delay the drilling of its Shaikan-2 exploration well, after running into difficulties with its current Bijeel-1 well. Mechanical problems were encountered when testing and evaluating the lower section of Bijeel-1. This has necessitated a sidetrack and re-drill of this portion of the well to "fully evaluate […]
(Sources: Reuters, Financial Times) Reuters reports that Iraqi Oil Minister, Hussain al-Shahristani, has taken over the electricity portfolio after the electricity minister resigned over protests against power shortages in the sweltering heat of summer, the Oil Ministry spokesman said on Tuesday. Karim Waheed stepped down as electricity minister after demonstrations triggered by power cuts, claiming […]
