Deputy Governor of CBI Released
By John Lee. The Iraqi authorities have reportedly released the deputy governor of the Central Bank of Iraq, Mohamed Salih, who has been detained for more than month on charges related to corruption. In October, Prime Minister Maliki removed the head of the central bank, Sinan al-Shabibi, accusing him of mismanagement and currency manipulation. He […]
West Quran 2 Contract Terms Revised
By John Lee. The Chairman of Russia's LUKoil, Vagit Alekperov, has signed an amendment to the contract to develop the West Qurna-2 oil field with the South Oil Company (SOC). According to the amendment, the 18.75 percent share of the project formerly owned by the Norwegian company Statoil is to be taken over by LUKoil, […]
New Report: Drilling & Oilfield Services Market
Advertising Feature Douglas-Westwood conducts comprehensive industry study into Iraq and Kurdistan Drilling and Oilfield Services market 2012-2016 The potential scale of the Iraqi oil sector is unprecedented in modern times, and represents a significant opportunity for the drilling and oilfield service industry. However, limited historical information, coupled with the highly complex political situation make accessing […]
Afren Shares Up on Trading Statement
By John Lee. Afren plc's trading statement and operations update includes the following review of its activities in Iraqi Kurdistan. Shares in the company closed up 2.7 percent: Barda Rash Having commenced an extensive testing programme at the BR-1 well in July 2012 and establishing oil rates in excess of 6,000 bopd of 28° to […]
Questions About Practices of Private Iraqi Banks
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. Privately held Iraqi banks have almost entirely relinquished their traditional functions — such as giving out loans, lending credit and issuing letters of credit — due to default risks. Instead, they are […]
US, Iraq to Improve Iraqi Agriculture
The U.S. Embassy, through the United States Agency for International Development (USAID), and the Iraqi Ministry of Agriculture (MOA), met from January 15 to January 17 to help Iraq improve its agricultural sector through the U.S.-funded Harmonized Support for Agricultural Development (HSAD) project. This project will improve agricultural investment opportunities and efficiency and introduce modern […]
Pres Barzani Hosts Annual Diplomatic Corps Mtg
President of Iraqi Kurdistan, Masoud Barzani, hosted foreign diplomats and representatives of international organizations based in Erbil last week to discuss the latest political and economic developments in Kurdistan and in Iraq and to reflect on 2012. The annual gathering, attended by Minister Falah Mustafa Bakir, Head of KRG Department of Foreign Relations, touched on […]
S. Korea's LS Industrial wins $67m Deal
By John Lee. South Korea's LS Industrial Systems has won a $67-million deal to build power distribution control centres for the Iraqi government. Under the deal with the Ministry of Electricity, the company will build seven distribution control centers across the country by early 2015. According to the report from Electric Light and Power, the centres […]
Shimadzu Sells X-ray Equipment to Iraq
By John Lee. Japanese precision equipment maker Shimadzu has won ¥1.5-billion ($17-million) worth of contracts from the Iraqi government. Japan Times reports that the machines — 106 for stomach X-rays and 27 for chest examinations — will be installed at public hospitals in Iraq from February. With the country expected to build new hospitals and […]
Video: British Energy Minister visits Baghdad
In the first visit by a British Energy Minister to Iraq since 2003, Mark Simmonds MP talks about his trip to Baghdad. (Source: UK FCO)
New Dorm Facilities for AUIS Students
Over 250 students moved into the American University of Iraq, Sulaimani’s new dorm facilities. The apartment-style rooms are spacious, modern, fully furnished, and located at the heart of the university's new 169-hectare campus. “We are thrilled about this transition and the change in the atmosphere on campus is palpable,” said Director of Student Services, Leah […]
Iraq Allocates $86m for Return of Expats
By John Lee. Iraq has allocated 100 billion Iraqi dinars ($86 million) for a project that aims to bring skilled expatriates back to Iraq in 2013, reports Mawtani. The Ministry of Migration and the Displaced announced last week that these skilled Iraqis will receive housing and work opportunities upon their return home. Sameer Nahi, the […]