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 […]
Iraqi Airlines Re-Admitted to Turkey
By John Lee. Turkish authorities have allowed Iraqi Airlines to operate in the country again following the suspension of the airline due to a lack of punctuality in departures and arrivals. The General Directorate of the Turkish State Airports Authority (Devlet Hava Meydanları İşletmesi, DHMİ) said it would allow Iraqi Airlines to continue operations until […]
Inflation Running at 7% Year-on-Year
By John Lee. Inflation for July was up 7% year-0n-year, according to the Central Statistics Department of the Planning Ministry. Prices of some food and beverages, particularly fruits and vegetables, fell. Houses prices were up by 10% nationwide, with rents up 13%. In a separate report, 'core inflation', which strips out fuel prices, fell to […]
Communications Minister Resigns over 'Political Interference'
By John Lee. The Iraqi Minister for Communications, Mohammed Tawfiq Allawi, has resigned, accusing Prime Minister Nouri Maliki of refusing to stop "political interference" in his ministry. Mr Allawi is a member of the Sunni-backed Iraqiyya bloc, and a cousin of its leader Ayad Allawi. "I present my resignation because I have become incapable of working […]
Petroceltic Announces Interim Results and Operational Update
By John Lee. Petroceltic International, the independent oil & gas exploration company with interests in Iraqi Kurdistan, has announced its results for the period ended 30 June 2012. Highlights: Proposed Merger of Petroceltic & Melrose Resources plc ('Melrose') announced 17 August. Declaration of Commerciality announced 9 August for the Ain Tsila Field in Algeria. Final […]
34 Tons of Gold Imported into Kurdistan
By John Lee. AKnews reports that gold imports into Iraqi Kurdistan have hit 34 tons during the first seven months of the year. The increase in imports coincides with a surge in jewel and gold stores in the region’s three main cities. Of the total, 12,376 kilograms were imported through Erbil International Airport, with 22,384 […]
Kirkuk Pipeline Disrupted by Fire
By John Lee. Oil pumping from Iraq to Turkey was suspended temporarily on Monday due to a pipeline fire in Turkey. The fire occurred in Dorkulu village, near the town of Slopi in Turkey's Sirnak province. It is understood that the fire has been extinguished, but the loading of tankers at Ceyhan port has been […]