Turkish Firm to Build Exxon Pipeline
By John Lee. Energy Global reports that the Turkish construction firm EID Insaat is to build a 120-km pipeline for ExxonMobil in Iraq. The $90-million project is expected to take approximately one year to complete. The company Chairman said that this was in addition to an 85-km long pipeline project currently under construction. The Iraqi […]
Astra Upgraded due to Iraq Steel Mill
By John Lee. Aljazira Capital has raised its rating on Astra Industrial Group to overweight from neutral after the Saudi industrial conglomerate started a new steel millin Iraq. The Jeddah-based investment bank was initially expecting the melt shop of 450,000 metric tons/year of billet and mill of 300,000 mt/y of rebar to begin operations in […]
MAG Boosts Iraq Shipping Capacity by 60%
By John Lee. Dubai-based MAG Container Lines (MCL), a division of the multinational MAG Group, has added three new automated vessels to its existing fleet on the UAE-Iraq route. According to the report from TradeArabia, the addition of the Al Hussein, MAG Bride (pictured) and MAG Pearl boosts the company's potential capacity on the route by 60 […]
JICA Updates KRG on Latest Activities
The Chief Representative of Japan International Cooperation Agency (JICA), Shohei Hara, met with the Head of the Department of Foreign Relations, Minister Falah Mustafa, on Tuesday to discuss JICA’s new projects in the region as well as other areas of mutual interest. The meeting was also attended by the Assistant Head of the DFR, Siham […]
New $472m Industrial City for Anbar
By John Lee. The Iraqi government of has approved plans to build a $472-million industrial city in Anbar Governorate. According to Zawya, a spokesman for the General Directorate for Industrial Development (GDID) said the contract to develop this project has been awarded to the State Company for Industrial Design and Construction (SCIDC). Dedicated to small […]
Kurdish Oil Exports "Only with Iraq Approval"
By John Lee. The Deputy Prime Minister for Energy, Hussain al-Shahristani (pictured), has said that Iraq is keen to see oil shipped via pipeline from the Iraqi Kurdistan, but any exports must be approved by Baghdad. Turkey and the KRG signed a multi-billion-dollar energy deal last month, but Reuters reports that the Iraqi central government is […]
Trade Delegation Visits Karbala
A trade delegation representing companies from the United States, Europe, the Middle East and Asia met with the Governor of Karbala as well as members of the Provincial Council last week. The companies presented their capabilities and discussed with officials and technical experts of the provinces a wide range of economic and social development and […]
US Man Jailed for Iraq Generator Theft
By John Lee. A US man who helped steal two 10-ton electrical generators from a military base in Iraq in four years ago has been sentenced to three years in prison and ordered to pay $352,111 in restitution. Ruebin S. Thomas, a former civilian contractor, had pleaded guilty to stealing the two generators from the […]
Iraqi Children Foundation (ICF) Fundraising Video
Building on the theme of UTN1’s music video “While We Can,” the Iraqi Children Foundation (ICF) is launching a year-end fundraising campaign to raise $15,000 for food, tutoring, and a safe place for Iraqi orphans and street children to go during the day. After 10 years of war in Iraq, bombings and killing are on […]
Doubt Surrounds Satarem-Missan Refinery Deal
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Recent information on Satarem sheds serious doubt about its prospects and ability for executing the Missan Refinery project. Iraq’s Ministry of Oil signed, in the presence of the Prime Minister Mr. Nuri […]
Iran Ups Electricity Exports to Iraq
By John Lee. Iran is to increase its electricity exports to Iraq by an additional 500MW. According to a report from PressTV, the Iranian Energy Minister Hamid Chitchian (pictured) said: “The first outcome of these accords is the increase of electricity exports by 500 megawatts (MW) in addition to previous agreements reached with the country .... […]
New 25-Storey Hotel for Basra
By John Lee. The Basra Investment Commission has reportedly approved a number of projects including the construction of a 25-storey hotel and a shopping mall. According to a report from Zawya, Commission Chairman Ali Gasib said the luxury hotel would be located near the Shatt Al Arab river, while the shopping facility would be situated […]