Iraq Lobbies for Cut in War Reparations

Iraq is seeking to reduce the amount of annual oil revenue it sets aside for war reparations, primarily to Kuwait, by 80 percent, the Iraqi ambassador to the United Nations told Reuters on Tuesday. Nearly 20 years after Iraq, then under the rule of Saddam Hussein, invaded its oil-producing neighbor, Baghdad is pressing the U.N. […]

Compensation Payments Should Continue - UN

The UN on Tuesday expressed satisfaction that the Iraqi Government is willing to continue to pay five percent of its oil revenues into the Compensation Fund whether under the present mechanism or a successor mechanism to the Development for Iraq (DFI) whose mandate expires in December of this year. "It is important to ensure that […]

Governor Invites Locals to Rebuild Kirkuk

Kirkuk Gov. Abdilrahman Mustafa on Monday has invited local investors to rebuild their province. "Those investors should actively participate in rebuilding and developing their province," a local provincial media source quoted Mustafa to Aswat al-Iraq news agency. Mustafa noted that investment is a pillar to develop countries, according to the source. "Local authorities in Kirkuk […]

Greeks Seek Opportunities in Missan

Missan’s governor discussed on Tuesday with a delegation from a Greek company the possibilities of investing in the province, mainly in the housing sector, according to a media official. “Governor Mohammad al-Shayaa al-Sudani held a meeting on Tuesday (April 6) with a local delegation representing a Greek company to discuss the possibility of setting up […]

Kurdistan’s Parliament to Discuss Budget Bill

Kurdistan region’s parliament will resume discussion of the general budget draft law on Thursday, according to the media advisor to the Parliamentary Chairman. “Parliament’s Speaker Kamal Karkouki invited all legislators to attend next Thursday’s session at 10:30 a.m. to resume discussing the draft law,” Tareq Jawhar told Aswat al-Iraq news agency. The parliament had discussed […]

Oil-for-Food Funds transfer by year end.

The Iraqi Government has a “realistic” plan to take full ownership by the end of this year of a fund administering proceeds from export sales of petroleum under the now defunct Oil-for-Food Programme, a top United Nations budget official told the Security Council today. “Once all the outstanding activities under the Oil-For-Food Programme are concluded, […]

BP Partners Net Contracts Worth $500m

BP has announced the first major contracts involving its partners on the rehabilitation of the Rumaila field in Southern Iraq. Three contractor groups were selected for drilling wells, worth a total of around $500 million, and will provide seven additional drilling rigs from the second half of 2010. The contracts will be awarded to: - […]

French Total Company on Graft charge.

French oil giant Total said Tuesday it has been charged with corruption and influence-peddling relating to the United Nations' Iraqi oil-for-food programme of the 1990s. A French judge decided on February 27 to charge the company and several other defendants despite a prosecutor's request that the investigation be dropped. Total lawyer Jean Veil told AFP […]

S.Korea Destroyer Reaches Tanker Seized by Pirates

A South Korean navy destroyer has caught up with a supertanker hijacked by pirates that was cruising towards the Somali coast with a cargo of crude oil worth as much as $170 million, an official said on Tuesday. The South Korean-operated, Singapore-owned Samho Dream, which can carry more than 2 million barrels of crude, was […]