Sept Oil Exports Highest for Decades
By John Lee. Iraq's Ministry of Oil has announced that oil exports for September rose to 2.6 million barrels per day, at an average price of $107 per barrel, bringing in revenues of 8.4 billion dollars over the 30-days month. Platts used a more precise figure of 2.598 million bpd. This compares to 2.564 million […]
Zain Iraq Aims for IPO by Early 2013
By John Lee. Zain Iraq plans to finally go ahead with its stock market listing by early 2013 at the latest, according to a report from Reuters. Hisham Akbar (pictured), Zain's deputy chief executive and chief operating officer, told reporters on Tuesday that the company still needs to convert to a joint stock company in […]
Iraqi Infrastructure at Another Impasse
By Mustafa Habib. 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. Despite billions in oil income, Iraq says it cannot afford to build the infrastructure citizens badly need. A draft law allows Iraq to borrow money to […]
BIC Licenses Cement Factory in Umm Qasr
By John Lee. The Basra Investment Commission has licensed a cement factory in Umm Qasr, according to a report from Aswat al-Iraq. The $26-million project will have a production capacity of 3,000 tons of cement per day. (Source: Aswat al-Iraq)
Iraq Makes Initial $650m Oil Payment to KRG
By John Lee. Iraq's, Deputy Prime Minister for Economic and Industrial Affairs, Dr Rowsh N Shaways, told Reuters on Tuesday that Baghdad's Finance Ministry has begun payment of an initial $650 million to Iraqi Kurdistan for oil companies working in the region. Erbil and Baghdad agreed last month to draw a line under a dispute […]
Brinkley Lands Deal to Modernise Iraqi Port
By John Lee. Iraq signed a $14-million deal with a U.S. consortium on Tuesday to modernise the Maqal Port on Shatt al-Arab waterway. The consortium, led by North America Western Asia Holdings (NAWAH), will invest in a new heavy-lift crane as well as container handling capabilities, and will build a modern container yard in one […]
Iraq Mega Projects Kicks Off in Dubai
Advertising Feature The third edition of CWC’s Iraq Mega Projects Conference & Exhibition opened its doors on Monday at the Madinat Jumeirah, Dubai, under the Patronage of His Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum. The three-day event, being held 1-3 October 2012, will bring together stakeholders from across the value chain to […]
Oil vs Tomatoes: Basra’s Farmers Continue To Protest
By Waheed Ghanim. 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. Basra’s farmers say the oil industry is “occupying” their land – and that the one thing the Iraqi government is forgetting in its race to get […]
Iraq to Spend $500bn on Energy Industries
Iraq will invest around $500 billion in energy and linked industries with the help of the private sector by 2030, the Deputy Prime Minister for Energy told a conference hosted by the Iraq Britain Business Council and Iraq's National Investment Commission. Dr Hussain al-Sharistani (pictured) said the move would generate around $6 trillion in revenues […]
$125m Allocated to Build 182 Schools
By John Lee. Azzaman reports that Iraq's Ministry of Education has allocated $125 million to build 182 schools in four Iraq provinces. 98 schools are to be built in Salahaddin, with the rest in the provinces of Nineveh, Kirkuk and Diyala. The state-run al-Simoud Steel Enterprise, one of Iraq’s largest domestic pre-fab companies, is building […]
Leighton Wins $200m Iraq Contract
By John Lee. Habtoor Leighton Group (HLG) has been awarded a sub-contract for the construction of infrastructure in Southern Iraq and is part of an engineering, procurement and construction project to deliver a central production facility. The Australian reports that the contract is valued at more than $200 million. HLG CEO and Managing Director Laurie […]
Iraq’s Petroleum Sector Development - Opportunities & Challenges
By Ahmed Mousa Jiyad. Since mid-2009 Iraq has been pursuing aggressive strategy to develop the country’s petroleum sector, especially the upstream and midstream subsectors. Such development efforts would, if realized, bring outstanding results for Iraq and the world petroleum market. However, there are huge uncertainties and formidable challenges in the path of such unprecedented expansion. […]