Scania Takes Majority Stake in Iraqi Distributor
Truck maker Scania has acquired a majority stake in its Iraqi distribution company. Through this investment, Scania is building further on its strong brand in Iraq. In the early 1980s, Iraq was one of Scania’s largest markets. Since 1961, 35,000 vehicles have been delivered. Combined with significant imports of used vehicles in recent years, approximately […]
New Comms Network Ensures Efficient Rail System for Iraqis
By John Lee. The U.S. Embassy in Baghdad and the Iraqi Republic Railroad (IRR) celebrated the launch of Iraq’s new Computer-Based Train Control (CBTC) and Digital Microwave Radio Communications Network (DMRCN) during a handover ceremony on July 18. The project was sponsored by the U.S. Embassy, through the U.S. Department of Transportation, in coordination with […]
Polish Companies Ready to Invest in Kurdistan
By John Lee. The KRG's Minister of Electricity, Yaseen Shekh Abubakir [Yassen Shekh Abubakir Mawati, Yasin Sheikh Abu Bakir Muhammad Mawati] (pictured), recently welcomed a delegation headed by Polish Ambassador to Iraq, Stanislaw Smolen, who said that Polish companies are ready to invest in the Kurdistan Region. At the meeting both sides discussed increasing investment […]
US and Iraq Sign Cooperation Agreement on Regulatory Reform
On July 18, the U.S. Embassy in Baghdad, through the United States Agency for International Development (USAID), signed a Memorandum of Understanding (MOU) with the Office of the Prime Minister of Iraq outlining American support for Iraqi efforts to reduce regulatory obstacles in Iraq’s private sector, as outlined in the Strategic Framework Agreement. The MOU […]
Hermes Datacomms Makes Key British Appointment in Iraq
Wide Area Communications specialist Hermes Datacomms has announced the appointment of a key member of staff to the team in Iraq. Vincent Davies (pictured) is the first British ex-pat to join the team and will take on the role of Technical Manager with the primary aims of improving in-country support and helping to build customer […]
Big Business, Black Markets, Bribery: Oil Smugglers in Kirkuk
By Shalaw Mohammed. 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. Oil smuggling is virtually a tradition in the oil-producing areas of Iraq. And local authorities are trying to prevent it. But, as this tale of oil […]
DNO to Get Payments for Tawke Production
By John Lee. DNO International, the Norwegian oil and gas company, announced today that it has reached agreement with the Kurdistan Regional Government (KRG) to fully apply the fiscal terms and conditions of the existing Production Sharing Contract (PSC) covering the Tawke license moving forward, replacing temporary arrangements in place since start of operations. The […]
Ex-PM of KRG Proposes Joint Companies with Iran
By John Lee. The former Prime Minister of Iraqi Kurdistan, Barham Salih (pictured), has called for the establishment of a joint Iranian-Kurdish industrial company. According to a report from IRNA, Salih, who is the deputy secretary general of the Patriotic Union of Kurdistan (PUK), called for the participation of Iran in establishing an "economic and […]
Project Development Center Opened in Kurdistan
By John Lee. The KRG's Ministry of Trade and Industry jointly has opened a Project Development Center in Ministry's headquarters. The center, established with the United Nations Assistance Mission for Iraq (UNAMI), is the first of its kind in the Kurdistan Region. According to a report from AKnews, Trade Minister Sinan Chalabi (pictured) said the […]
KRG Bans Import of more Fruit and Veg
By John Lee. The KRG's Ministry of Agriculture and Water Resources has decided to ban the importation of fruit and vegetables for a period of five months, reports AKnews. Marketing Director Nouri Ismael told the news agency: "The importation of apples will be banned from August 1 to October 30; pomegranates from August 15 to […]
Sterling Energy Issues Half-Year Results
By John Lee. Sterling Energy has announced its results for the six month period ending 30 June 2012. (Picture: Surface oil seeping from the ground at Sterling Energy's Sangaw North block) Summary Cash as at 30 June 2012 of $114.4 million ($112.9 million net of partner funds), no debt. $7.1 million expected in July from […]
Gulf Keystone, MOL, Spud Gulak-1 Exploration Well
By John Lee. Gulf Keystone notes today's announcement by MOL Hungarian Oil and Gas Plc., the operator regarding the spudding of the Gulak-1 exploration well on the Akri-Bijeel block in the Kurdistan Region of Iraq. Gulak-1 is the fourth exploration well to be drilled on the Akri-Bijeel block and the first exploration well to target […]