Hotelogix Wins Contract in Erbil
Erbil Oscar Premium Hotel is a well-known, 5-star property located in the heart of Erbil, Iraq, the city which is touted to be the 2014 tourism capital of Iraq. The hotel required a cost-effective pricing software that could manage the entire hotel’s departments, i.e. restaurants, gym and swimming pool, minibars, etc., in an extremely easy […]
Weekly Security Update 21 - 29 August 2013
By Tom Walker, Director, Assaye Risk COUNTRY OVERVIEW Iraq, especially Baghdad and surrounding provinces, bore the brunt of an especially violent week as a re-supplied and resurgent ISI continue to pressurize the armed forces, the government and secular Sunni’s with a deadly bombing campaign that the ISF seem unable to combat effectively. Baghdad of all […]
More Foreign Firms Find Opportunities in Iraq
The sectarian violence continues in Iraq, with 80 people killed in a wave of bombings across Baghdad on Wednesday. But despite the best efforts of the terrorists, Iraq still presses ahead with its development, and foreign companies continue to seize opportunities to contribute to the country's growth and prosperity. In recent days, for example, we've […]
Basra Oil Exports to Hit 20-mth Low
Bloomberg reports that Iraq plans to reduce its exports of Basra Light crude from the Persian Gulf in September to the lowest in at least 20 months. Iraq will ship about 52.86 million barrels, or 1.76 million barrels per day (bpd), from al-Basra Oil Terminal (ABOT) (pictured), according to a loading program obtained by the […]
Explosions Shut Down Ceyhan Pipeline
Bomb attacks in northern Iraq have damaged part of the pipeline leading to the Turkish port of Ceyhan (pictured), according to a report from Associated Press. Three bombs exploded next to the pipeline on Wednesday night in a deserted area south of Mosul, 360 kilometers (225 miles) northwest of Baghdad. AP's sources said that technical teams […]
Dinar Exchange Rate Linked to Oil Exports, Federal Reserves
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. According to an Iraqi financial expert, the value of Iraq’s federal reserves currently amounts to about $80 billion, following the recent increase in the country’s oil exports. Nevertheless, no information was […]
Minister Zebari Meets UAE Ambassador
Foreign Minister Hoshyar Zebari held a meeting with the Ambassador of the United Arab Emirates, Mr. Abdullah Ibrahim Al-Shehhi, at the Ministry's head office on Wednesday. During the meeting, they discussed relations between the two countries and ways to develop and support them politically and economically. They also discussed recent developments in the Syrian crisis and […]
BP "Interested in Kirkuk Oil Field"
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] has confirmed that BP is interested in getting involved in the redevelopment of the giant Kirkuk oil field, which is suffering from falling output. According to a report from the Wall Street Journal, production at the field has declined to 260,000 barrels a day from 900,000 […]
Iraq "Blames Shell" for $4.6bn Lost Income
By John Lee. Iraq’s oil ministry has reportedly blamed Shell for $4.6 billion in lost revenue due to production delays, according to a letter seen by AFP . The document, dated July 21, 2013, sharply criticizes the company for shortfalls in oil extraction at Majnoon. Two separate sources with knowledge of the letter’s contents confirmed […]
Mitsubishi to Open Office in Basra
By John Lee. On September 1st, Mitsubishi Heavy Industries Ltd (MHI) will open an office in Basra, the second-largest city in Iraq. MHI aims to respond swiftly to emerging large-scale social infrastructure improvement projects supported by its vast oil reserve and rapidly increasing reconstruction demand from warfare and economic sanction. The new office will function […]
Starwood Sheraton Dohuk Hotel
Starwood Hotels & Resorts Worldwide has signed an agreement with Mase Co LLC, a company managed by Brilliant Role Group, to open a new-build Sheraton hotel in Dohuk, in the Kurdistan Autonomous Region in northern Iraq. Scheduled to debut early next year, the Sheraton Dohuk Hotel will be the first of four new Starwood hotels […]
Rollins Opens Franchise in Erbil
By John Lee. Consumer services company Rollins Inc. has announced that the company, through its wholly-owned subsidiary Orkin, has established two international franchises: one in Erbil, Iraq and one in Trinidad and Tobago. Both Orkin Erbil and Orkin Trinidad and Tobago will offer commercial and residential pest control and termite control services. Tom Luczynski (pictured), […]