UK Boosts Diplomatic Presence in Baghdad, Erbil
By John Lee. As part of a review of the United Kingdom's diplomatic engagement with Iraq, which included the announcement today that the country's consulate in Basra is to close, the UK’s Secretary of State for Foreign and Commonwealth Affairs, William Hague (pictured), has announced increased resources for the embassy in Baghdad and the consulate […]
Video: Iraq Limits Number of Syrian Refugees
Thousands of Syrians are fleeing the conflict at home to take refuge in neighbouring countries. Jordan has announced it will open a second camp meaning as many as 250,000 refugees could be held in the country. But Iraq, another Syrian neighbour , is now limiting the numbers coming over the border saying it lacks the […]
LUKoil says no Approach from Iraq on West Qurna-1
Russia's LUKoil said on Tuesday that Iraq has not asked it to replace Exxon Mobil at the West Qurna-1 oilfield. Nefte Compass said last week that Iraq was considering replacing Exxon with either Russia's LUKoil and Gazprom Neft, but LUKoil Vice President Leonid Fedun (pictured) told Reuters: "No one has offered us West Qurna-1 ... […]
GKP Sued by Ex-Soldier over Iraq Oil Rights
By John Lee. Todd Kozel (pictured), Gulf Keystone's Executive Chairman and Chief Executive Officer, should not be considered a credible witness, a lawyer for Excalibur Ventures said at the opening day of a trial in London. Excalibur is suing the oil explorer for a 30 percent stake of the assets under a collaboration agreement, which according […]
Core Inflation Increases to 5.2%
By John Lee. Iraq's core inflation rate rose to 5.2 percent year-on-year in September, up from 5 percent year-on-year in August. Speaking to Reuters on Tuesday, Mudher Kasim [Mudher Saleh], deputy governor of the Central Bank of Iraq (CBI), blamed the increase on higher food prices and the start of the school year. Core inflation strips […]
Iraqi Dinar Exchange Rate Manipulated?
By John Lee. Investigators in Iraq have opened an inquiry into alleged manipulation of the exchange rate between the Iraqi dinar (IQD) and the US dollar, and arrest warrants have reportedly been issued for several officials including the head of the Central Bank of Iraq (CBI). Hassan Karim Aati, spokesman for the Commission on Integrity, […]
UK to Close Basra Consulate
The United Kingdom's Secretary of State for Foreign and Commonwealth Affairs, William Hague (pictured), has announced the closure of the British consulate in Basra. In a statement to the House of Commons this morning, he explained the decision as follows: "Because of the improving security situation, it is now easier and safer for staff to […]
Trade Bank of Iraq Doubles Capital
By John Lee. The Iraqi Cabinet has agreed to double the capital of state-owned Trade Bank of Iraq (TBI) to one trillion Iraqi dinars [$858 million], according to a report from Bloomberg Baghdad-based TBI is under investigation for alleged irregularities, and an arrest warrant has been issued for its former president and chairman, Hussein al-Uzri. […]
Frazer-Nash to Support Rumaila Modernisation
By John Lee. Engineering technology specialist Frazer-Nash Consultancy has been selected by BP Iraq, via the Rumaila Operating Organisation (ROO), to provide technical assurance during a fitness-for-service (FFS) assessment programme of the giant oilfield's pressure vessels and associated equipment, reports OilVoice. In addition Frazer-Nash has also been asked to assist in the development of a […]
Missan Oil Company to Drill 80 New Wells
By John Lee. The Missan Oil Company, Iraq’s third-largest state-owned oil company, plans to drill 80 new wells in the southeastern region, its director general, Ali Muarej, told Bloomberg. The plan is to boost crude oil output from its current level of 200,000 bpd to as much as 300,000 bpd next year. Half of Missan's production is […]
Basra’s Shanty Towns: Where Politicians Protect Squatters for Votes
By Saleem al-Wazzan. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The number of squatters in Basra is growing by the day and tens of thousands live in local shanty towns. The settlements are impeding development projects […]
TBI Denies Payments from Syria for Fuel
By John Lee. The Trade Bank of Iraq (TBI) has denied a report it had received cash or letters of credit from Syria for fuel supplies from Iraq, according to a report from Bloomberg. Chairwoman of the bank, Hamdiyah Al-Jaff, said in an emailed statement: "The Trade Bank of Iraq has not conducted such transaction(s)." […]