US to Sell Air Traffic Control Equipment to Iraq
By John Lee. The US Defense Security Cooperation Agency (DSCA) has notified Congress of a possible Foreign Military Sale to the Government of Iraq for commercially available Federal Aviation Administration Air Traffic Control and Landing System/Navigational Aids and associated equipment, parts, training and logistical support at an estimated cost of $60 million The Government of […]
MP: Some Ministries Too Slow in Implementing Projects
By John Lee. An MP and member of Regions and Provinces Committee called on the Iraqi Cabinet to punish ministries who are slow in the implementation of projects. Mahdi Haji told AIN that ministries should not hold meetings to pretend to be working, and the Cabinet should punish procrastinators. He said that some ministries did […]
Minaret Mosque in Samarra to be Restored
By John Lee. The General Secretariat for the Council of Ministers has announced that it will form a committee headed by the Minister of Sciences and Technology Dr. Abdul-Kareem Al-Samarrai, to restore the Minaret Mosque in Samarra (pictured). The Director of Samarra’ Endowments, the Director of the Province’s Antiquities, and the province's Budget Director will […]
ShaMaran Shares Fall as Total Buys Stake in Taza
By John Lee. Shares in ShaMaran Petroleum were down 13% on Monday following the announcement that the company has sold its entire 20% undivided participating interest in the Taza PSC (held by the fully-owned subsidiary ShaMaran Petroleum B.V.) to a subsidiary of Total S.A. for the cash sum of US$ 48 million plus a reimbursement […]
Musayyib Power Station may Stop Due to Lack of Fuel
By John Lee. Iraq's Ministry of Electricity has reportedly warned that the 2,000-MW Musayyib [Mussaib] power station may be forced to stop due to lack of fuel. Musab al-Mudares, a spokesman for the Ministry of Electricity, said that fuel tanks at the station can hold enough fuel for two weeks, but the plant may stop […]
MP Says Bismayah Housing Project has ''Failed "
By John Lee. An MP and member of parliament's the Economic Committee has described the giant Basmaya [Bismayah] City housing project as "failed", and says "the National Investment Commission (NIC) will not be able to implement it." Azez al-Mayahi, of the Iraqiyya party, demanded that the NIC clarify that status of the project, according to […]
Video: Iraq Help to Iran Poses Diplomatic Problem
By John Lee. Earlier this month, the US accused Elaf Islamic Bank of doing business with Iranian banks that had been blacklisted. According to a news report from NBC, Iraq's central bank has been transferring dollars to Iran, helping Iran stay afloat in spite sanctions. It now appears President Maliki may be involved. NBC’s Andrea […]
Lack of Skilled Iraqi Employees Preventing Oil Industry Progress
By Mayada Daood. 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. In a country where the unemployment rate has caused mass demonstrations, one local economist believes that Iraq lacks thousands of skilled workers for the oil industry […]
Erbil Oil & Gas Exhibition 3-6 September 2012
“Erbil Oil & Gas Exhibition”, the most exlusive and utmost industry fair in Kurdistan inspires and guides prospective investors in Kurdish oil. Being the first and only oil and gas sector exhibition in the region, the exhibition provides unparalleled opportunities for the investors. The Northern Iraq Kurdish Administration produces 150.000 bpd; however, the administration is […]
Iraq to Increase Basra Light Exports for 2nd Half Aug
By John Lee. Bloomberg reports that Iraq will increase its exports of Basrah Light crude from the Persian Gulf by 6 percent in the second half of August, compared with the previous two-week period. According to the loading program, Iraq will ship 23 cargoes from the al-Basrah Oil Terminal (ABOT) (pictured), three more than in […]
DNO to Book Q2 Loss on Kurdistan, Oman Charges
By John Lee. DNO International, the Norwegian oil and gas company, announced today that its share of oil exports from the Kurdistan Region of Iraq has averaged 40,000 barrels per day from startup ten days ago and that the Company will continue to deliver these volumes at least through the first week of September as […]
Bahrain's Gulf Air to Resume Service to Iraq
By John Lee. Gulf Air plans to restart flights to Iraq and Iran on 20th September after a break of 17 months. The airline, based in Sunni-ruled Bahrain, halted service to the Shiite-led countries at the height of anti-government unrest last year, during which at least 50 people were reported to have been killed. It said […]