Lukoil Expects 150,000 bpd from West Qurna-2
By John Lee. Lukoil Chief Executive Officer Vagit Alekperov (pictured) has said that the Russian company expects to produce around 150,000 bpd of oil from the West Qurna-2 field by January: "The program of developing the oilfield infrastructure is proceeding according to schedule and work is ongoing at all the sites ... From 1st January […]
Video: Iraq to Investigate Killing of Protestors
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq's government has said it will set up a commission to investigate the killing of at least 20 protesters by soldiers. On Tuesday, security forces raided a protest camp in the town of […]
Video: Kurdish Journalists Protest
From Iran’s PressTV. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Officials in Iraq's Kurdistan Region have been shown the yellow card - quite literally. The warning comes from Kurdish journalists who say violations against them must stop. Journalists voiced their demands outside Kurdistan's […]
Iraqi Kurdistan Open To Arab Investment
By Abdel Hamid Zebari for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Arab states no longer look at the Kurdistan Region of Iraq with suspicion and apprehension, especially after the regional capital, Erbil, was selected as the Arab Capital of Tourism for […]
Iraqi Contingency Plans for Syrian Dam Collapse
AFP reports that Iraq has prepared contingency plans in case a dam on the Euphrates river in northern Syria collapses. The 880-MW dam, in Raqa [Raqqah] province, fell under the control of Syrian rebels in February. It is known as the Al-Thawra [Tabqa] or "revolution" dam (pictured), and was build in 1973; it holds back Lake […]
Missan Oil Company Builds New Runway
The Missan Oil Company (MOC) has announced that it has finished building a 1,700-metre runway in the Halfaya area. It will be used to transport employees of companies like CNOOC and Petrochina to and from the international airport at Basra. Mr. Ali M. Al-Bahadli, the director general of the MOC, said the runway is 30 […]
Minister: Rehabilitating Industry will take Years
The Minister of Industry and Minerals, Ahmed al-Karbuli [Ahmad Nassir Al-Karbooli] (pictured) has said that the rehabilitation of the industry in Iraq is not an easy task and will require years to complete. He told AIN: "The Ministry of Industry is keen to rehabilitate factories which are already 70 percent renovated." (Source: AIN)
Russian Firm in Talks on Power Station
A state-owned Russian company is said to be in talks with Iraqi officials on the resumption of work at the Yusifiya power station of southern Baghdad. According to a report from AIN, a company identified as "Ross Tej" (sic) said: "The talks included the cooperation in the electric power sector and the possibility of resuming […]
Contracts at Khor al-Zubair Free Zone
Iraq's General Commission for Free Zones, part of the Ministry of Finance, has announced the conclusion of a number of investment contracts in the Khor al-Zubair Free Zone. AIN reports that the local (Rashid) Trade Company concluded an investment contract involving a land area of "up to" 4000 sq meters, while another local investor concluded […]
Emaar "in talks" on $3bn Kurdish Resort
Dubai-based Emaar Properties and Kurdish firm Farouq Holdings [Farouk] are reported to be in talks with the Kurdistan Regional Government about developing a new $3bn resort in Sulaimaniya governate. Zawya reports that the KRG has approved the Dukan tourist city project, and that work could start within six months. The director-general of the Kurdistan Investment […]
$84m from Fake Bomb Detector Scam
A British businessman has been found guilty of an $84-million fraud involving the sale of fake bomb detectors to Iraq and other countries. A jury found Jim McCormick guilty on three counts of fraud over the scam, which involved passing off novelty golfball finders, containing no functioning electronics, as bomb detectors. They "ADE651" detectors were […]
Currency Auctions by CBI Called Into Question
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 experts, the hard-currency auction governed by the Central Bank of Iraq (CBI) — the authority in charge of implementing monetary policy in the country — has ushered in the […]