WesternZagros Announces Four-Fold Increase at Kurdamir
WesternZagros Resources has announced a fourfold increase in the Company's contingent resource estimates at the giant oil discovery on the Kurdamir Block in the Kurdistan Region of Iraq. Shares closed up 2.7 percent on Monday, but have risen more than 21 percent since the start of last week. The total mean estimate of gross unrisked […]
EPGI Awarded 11m Sq. Metre Oil and Gas Project
International developer EPGI has announced that they have been awarded the development management contract to develop and build the new Basra Oil and Gas International Free Zone in Iraq. The project is the second largest of its kind in the world covering over 11 million square metres, and is strategically located near the southern Iraq […]
Iraq to Achieve Electricity Self-Sufficiency
By John Lee. Electricity minister Kareem al-Jumaily has announced that Iraq will achieve electricity self-sufficiency by the end of this year, "except the problem of transporting the power from the stations to the cities". In an interview with Arabia TV station, he said Iraqi power production will jump to 13,000 MW before the coming summer. […]
Iran-Iraq Trade Could Hit $12bn
By John Lee. Iran Daily reports that trade between Iran and Iraq exceeded $10 billion in the current Iranian year (started March 20, 2012). Speaking at a seminar on trade and investment in the Iraqi Kurdistan region, which was held by Isfahan Chamber of Commerce, the Secretary-General of Iran-Iraq Chamber of Commerce Jahanbakhsh Sanjabi (pictured) […]
Bulgaria Opens Embassy in Iraq
By John Lee. Bulgaria's Minister of Foreign Affairs, Nikolay Mladenov (pictured), has opened a new Bulgarian Embassy in Baghdad. The Minister's Chief of Staff, Valeri Rachev, has been appointed Ambassador in Baghdad on a temporary basis until the Cabinet appoints a permanent representative. Bulgaria had an Embassy in Iraq, but it was closed in 2003 […]
Sistani Calls for 'Civil State' in Iraq
By Mustafa al-Kadhimi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi politicians — whether Shiites, Sunnis or Kurds — have for years tried to drag supreme Shiite cleric Ali al-Sistani into their ongoing political conflicts. To this day, certain parties have not […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 24th January 2013). Please click here to download a table of listed companies and their associated ticker codes. ID1,580 / $1,709 (-2.1%) (weekly change). The number of week traded shares was 19.5bn and the weekly trading volume was ID23.7bn ($19.8mn). ISX Company […]
Indian Company to Build Pipe Factory in Basra
By John Lee. The National Investment Commission (NIC) has awarded India's Welspun Corporation an investment licence to establish a factory for the production of iron welded pipes in Basra province. A press release from the Council of Ministers says that the cost of the project is $450 million [dinar?]. (Source: Cabinet)
Funding for SIGIR to Expire in March
By John Lee. Washington Post reports that the mandate and funding of the Special Inspector General for Iraq Reconstruction (SIGIR), which was established in October 2004, is due to expire in March, marking what it describes as the end of an effort to document and fix the myriad failings of the most ambitious U.S. rebuilding […]
Foreign Minister Meets Kuwaiti Counterpart
By John Lee. Foreign Minister Hoshyar Zebari met with his Kuwaiti counterpart, Sheikh Sabah Al Khalid, in Riyadh to discuss relations between the two countries. Amongst the issues discussed were the compensation due to Kuwaiti Airways, the endorsement of the joint administration agreement for the navigation of the Khor Abdullah, and the start of the […]
Shell Awards WorleyParsons 3-Yr Gas Contract
WorleyParsons has been awarded a three year contract by Shell Gas Iraq BV to provide project management support and services for the rehabilitation of gas facilities and infrastructure that are part of the scope of Basrah Gas Company (BGC). In November 2011, as part of a push to make better use of its gas resources, […]
Iraq Completes Submarine Cable Project
By John Lee. The Iraqi Ministry of Communications says a submarine cable project linking Iraq with other countries has been completed. The deputy minister of communications, Ameer al-Bayyati, told Al-Shorfa that the two-year, $36-million project, was completed by Gulf Bridge International, and will provide internet, telephone and television services at lower prices and with higher […]