Carlyle Group to Consider Investments in Iraq
By John Lee. American-based private equity firm Carlyle Group is reported to be looking for opportunities in Northern Iraq. A report from Dow Jones says the move comes as a result of a new $750m fund that the company hopes to raise to invest in the Middle East and North Africa. The firm, which is […]
Iraq 'Fails to Resume Kirkuk-Ceyhan flows'
By John Lee. Iraq has again failed to restart exports of crude oil via the Kirkuk-Ceyhan pipeline, reports UpstreamOnline. Pumping was suspended since 21st June due to a leak in the Ain al-Jash area, around 290 kilometres northwest of Baghdad. There was a brief restoration of service last week, but flows are again reported to […]
Law to Reform Political Financing is Blocked
By Ali Abel Sadah for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. On July 9, 2013, a source close to Iraqi Parliament Speaker Osama al-Nujaifi (pictured) revealed that the political parties draft law will not be enacted during the current legislative session, due […]
Iraq Offers India Three Oilfields
By John Lee. Iraq has offered three discovered oilfields to India "on a nomination basis" and agreed to renegotiate a contract pending since 2000, reports Telegraph India. Oil Minister M Veerappa Moily told reporters that Iraq offered to give state-owned Indian firms the Kifil, West Kifil and Merjan oilfields in the Middle Furat region in […]
BIOGH Issues First Construction Licence
By John Lee. The Basra Oil and Gas International Free Zone (BIOGH) and its development managers EPGI have issued its first construction license to Basra Mas Company in relation to an initial 10 year construction programme. Works commenced on site on the 9th July with handover to Basra Mas who this week began work on […]
Russia, Iraq to Resume Direct Flights
By John Lee. Prime Minister Nouri al-Maliki has announced that scheduled non-stop flights between Baghdad and Moscow will resume in August. Azzaman reports that the agreement comes amid reports that Iraq is keen to expand its traditional ties with Russia, which was the country’s main supplier of arms, adding that an arms deal, which was […]
AS&E Wins Cargo Inspection Contract
By John Lee. American Science and Engineering, Inc. (AS&E) has announced a $3.5-million order for its cargo inspection systems from Restrata, an Olive Group company, of a major housing project in Baghdad. Restrata is acting as the security partner for the giant Bismaya development, 10 kilometers south of Baghdad. AS&E's cargo X-ray inspection systems will […]
New $35m Shopping Mall Opens in Baghdad
By John Lee. The Baghdad Investment Commission (BIC) has inaugurated a new $35-million shopping mall in the Mansoor [Mansur] district. The mall, the largest of its kind in Iraq, has four floors housing some of the world’s most famous commercial brands. According to a report from Azzaman, it was the largest construction project undertaken by […]
Oryx Petroleum Reveals Kurdistan Plans
By John Lee. Bloomberg reports that Oryx Petroleum Corp. (OXC) is to drill a well at its Banan site in Iraqi Kurdistan in the third quarter. The company, Canada’s newest publicly traded oil explorer, is hoping to find out of the site has the same type of reserves as its Demir Dagh discovery, which has 160 million […]
Central Bank Governor Promises Bright Future
By John Lee. The Governor of Iraq's Central Bank, Abdulbasit Turki, has said that Iraq’s financial capabilities are stronger than any challenges the country might be facing. Speaking at a celebration to mark the 10th anniversary or Iraq’s Commercial Bank, he said "The near future will be a surprise … our potentials are greater than […]
Sonoro Terminates Iraqi Agreement
By John Lee. Sonoro Energy Ltd. has announced that the Company has changed its strategy of making significant use of advisory and consulting services in Iraq to primarily utilizing its own established network. With this change, the Company has terminated its advisory and consulting agreement with Amira Management B.V. (an entity with the same principals […]
Construction Booming in Baghdad
By John Lee. The head of the Baghdad Investment Commission (BIC), Shakir al-Zamil [Shaker Shabib] (pictured), said he recently authorized the construction of 2600 housing units for the Ministry of Higher Education and Scientific Research. Azzaman reports him as saying that private and foreign investments are pouring into Baghdad, despite the latest upsurge in violence. He […]