Nigerian Billionaire Sets Sights On Iraq
By John Lee. Forbes reports that Nigeria’s richest man, Aliko Dangote, plans to expand his Dangote Cement Company into Iraq, among other countries. Dangote, whose worth is estimated at about $12.5 billion recently told the Financial Times that construction on a plant in Iraq could begin as early as next year. Dangote Cement, which is […]
Clinton Address to G-8 on Arab Countries in Transition
The following is the full text of the speech given by US Secretary of State Hillary Clinton to the G-8 on the subject of Arab Countries in Transition: Good morning. Let me start by thanking everyone for the contributions that you have already made to this partnership, and for your support of democracy in the […]
Iran to Export Gas to Iraq by mid-2013
By John Lee. Iran will provide Iraq with natural gas by the summer of 2013, according to Iranian news agency Fars. Javad Oji, the head of the National Iranian Gas Company, said Iran has completed more than 25 percent of a 48-inch pipeline that could carry up to 25 million cubic meters per day of […]
TBI Buys 2 Passenger Jets from Germany
By John Lee. The Trade Bank of Iraq (TBI) has announced that it is purchasing two Airbus passenger planes from Germany at the cost of $86 million. The Bank's Chairman, Mrs. Hamdiya al-Jaff, told NINA that the planes, each capable of carrying 200 passengers, were made in 2009 and have not been put into service since […]
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 […]