Friend or Foe? Baghdad and Erbil’s ‘Arms Race’
By Hoshnag Ose. 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. A recent stoush between Iraqi and Iraqi Kurdish forces near the Syrian border is a symptom of the “arms race” between the two. They act more […]
Iraqi Oil: Resource Curse or Glorious Blessing?
Our Expert Blogger Ahmed Mousa Jiyad talks to Robert Tollast about Iraq’s energy revolution. RT: The involvement of major US IOC’s such as Exxon and Chevron in Iraqi Kurdistan has sparked a war of words between Baghdad and Erbil. Possibly concerned about a breakdown in relations between the KRG and Baghdad, the US State Department […]
Kentz Wins FEED Contract at West Qurna
By John Lee. In its half-yearly report issued on Thursday, Irish engineering services group Kentz announced that it was recently awarded a new engineering design contract in Iraq. The company will serve as the main FEED (front-end engineering and design) contractor on the Tuba Project, comprising part of the overall development of the West Qurna […]
Baghdad: 1,250 Years and Counting
By John Lee. In July 762 AD, Caliph Abu Jaafar al-Mansur commissioned the building of a city on the River Tigris. Baghdad rapidly became a centre of learning and an economic and political powerhouse. Today, despite a population of over 7 million, the city's standing is greatly diminished; security continues to be a problem, and […]
Iraq Pipeline Delays Threaten Shell's Majnoon Output
By John Lee. Delays in the construction of an Iraqi pipeline threaten to stall production at Shell's Majnoon oilfield for at least three months, forcing the field to miss a 2012 target of 175,000 barrels per day, reports Reuters. In February, production at Majnoon was 54,000 bpd, Shell says, but averaged only 18,600 bpd for the […]
US Delivers Last of 140 Tanks to Iraq
By John Lee. Iraq has taken delivery of last nine American M1A1 Abrams tanks from the order of 140 that it has received over the past two years. AFP reports that the tanks are valued at $860 million, $804 million of which was paid by Iraq with the remainder of the cost borne by the […]
KRG Warns on Oil Exports
By John Lee. The Kurdistan Regional Government has again warned Baghdad that it will stop exporting oil if the central government continues withholding payments to the oil companies operating in the region. The KRG has set 1st September as the start date for halting oil exports. An official has said Baghdad has not given any […]
Korean Consul General Completes Term in Erbil
Outgoing Consul General Joo Joong-Chul met on Monday with the Head of the KRG's Department of Foreign Relations, Minister Falah Mustafa, as he prepares to depart for his next assignment at the Republic of Korea’s embassy in Baghdad. Minister Mustafa thanked Mr Joong-Chul for his nation’s continued support and for his personal contribution during his […]
7 Questions for Dinar Speculators
By John Lee. We get many enquiries at Iraq Business News relating to the future of the Iraqi dinar (IQD), for example: Will the Iraqi dinar increase in value? Will the currency be re-denominated, dropping the 'three zeros'? Is it wise to buy Iraqi dinar? Firstly, Iraq Business News is not in a position to […]
Weekly Security Update
By Gary Sandiford, Olive Group’s Dubai based assessments manager. Olive Group is a leading provider of security and technology solutions and has operated continuously in Iraq since 2003. Overview Olive Groups Iraq statistics are drawn from multiple sources, including media reporting and direct liaison with in country assets. Included within the statistics are a […]
Turkish Firm Wins $500m Steel Plant Rehabilitation
By John Lee. The Iraqi government has awarded a contract to rehabilitate a steel plant in the province of Basra to Turkey’s UB Holding, according to report from Bloomberg. An official at the Iraqi Ministry of Industry and Minerals told the news agency that the contract would be signed within a month. UB Holding will […]
Zain Confirms Talks on Vodafone Tie-Up
By John Lee. Zain has confirmed rumours that it is close to sealing a deal with Vodafone that would allow the global telecoms group to expand access to networks across countries including Saudi Arabia, Iraq and Bahrain. According to the report from Reuters, Zain has said that it is "at an advanced stage in negotiations […]