India's Reliance Globalcom sets up Iraq Subsea Broadband Link
By John Lee. India's Reliance Globalcom, the underseas cable unit of Reliance Communications, has said it has launched a joint venture with the Iraqi Telecommunications and Post Company (ITPC) that substantially expands the country's broadband and telecommunications links to the outside world. By activating the Al-Faw Cable Landing Station (CLS), the venture will connect Iraq […]
Iran Discovers More Oil on Iraqi Border
By John Lee. Bloomberg reports that Iran has discovered crude reserves near its western Yadavaran oil field along the border with Iraq. Iran's Oil Minister, Rostam Qasemi (pictured), said the discovery of the deposits will add as much as 6 billion barrels to Iran's recoverable reserves. The Yadavaran field, which the country shares with Iraq, […]
Sonoro Update on Iraqi Progress
Sonoro Energy recently announced the following operational and corporate updates. Drilling Rig As previously announced on June 12, 2012, Sonoro and its partners entered into an agreement to establish a joint venture company ("JV Co") and purchase a 750 HP drilling rig, subject to certain conditions including a final satisfactory rig inspection. JV Co has […]
Video: Is Iraq a Failing State?
By John Lee. "Is Iraq a failing state, or has it already failed", asks Peter Lavelle on Russia Today's Crosstalk programme. Discussing the question are Robert Maginnis, Douglas Ollivant and John Glaser.
British Consul General Bids Farewell to Kurdistan Region
By Chris Bowers, British Consul General in Erbil. This article was originally published by Rudaw, and is re-published with permission by Iraq Business News. All good things have to come to an end. After one season short of two years, dear reader, I will be returning to London to spend more time with my family. […]
Basra Oil to be Exported via Turkey?
By John Lee. Turkey's Energy Minister, Taner Yildiz, said the ministry has started technical work with Iraq's central government on shipping crude oil from Basra, in southern Iraq, via the Kirkuk-Ceyhan pipeline to Turkey's Mediterranean coast, according to Reuters. The announcement came days after the KRG said it might sell natural gas directly to Turkey […]
Iraq Watchdog to Fine Zain for Failing to List
By John Lee. Following its recent fine on mobile phone operators Asiacell and Korek, Iraq's communications regulator is to fine Zain Iraq $12,864 a day since September of last year for failing to list on the country's stock exchange, according to Reuters. The three companies are required to list on the local stock exchange as […]
Iraq Re-Invites Bids for 44,000 Tons of Steel Products
By John Lee. Iraq has reportedly re-invited bidders to supply 44,000 metric tons of steel products, having received no bids when it first sought offers a month ago. The products include plain galvanized sheets and hollow window sections, said Trade Ministry spokeswoman Fawziyeh Hameed. According to a report from Bloomberg, the deadlines for bids are: […]
Details Nearly Finalised for Diwaniya Housing Project
By Padraig O'Hannelly. Early last year, Iraq Business News interviewed Mohammed Alkhouzai, the head AMH Group, which, which along with a consortium of multinational companies was preparing to break ground on an exciting new project to build more than 10,000 housing units in Diwaniya. I spoke recently with Mr Alkhouzai, who confirmed that they are […]
Saudi Companies Keen to Invest in Kurdistan
By John Lee. Several Saudi companies have expressed a desire to invest in the Kurdistan Region. Assaf Ben Nasser, President of Administration & Human Resources of the Western Region and General manager of several factories in Saudi Arabia, and Abdulaziz Ben Othaymeen, a Saudi businessmen, told Puk Media that the commercial, industrial and investment markets […]
KRG Head of Foreign Relations meets British Ministers
Minister Falah Mustafa, the Kurdistan Regional Government's Head of Foreign Relations, met Lord Howell, Foreign Office Minister in the House of Lords, in London. He also met other ministers and British parliamentarians, and thanked them for their support for the Kurdistan Region. Minister Mustafa and Lord Howell discussed ways of deepening the already good relations […]
Leighton Executive Sacked in Probe into Iraq Bribery
By John Lee. Australian construction group Leighton Holdings has sacked a senior manager, whom it did not name, as part of its probe into allegations of bribery related to its $1.3 billion of oil contracts in Iraq. The company said "its internal review of the Iraq projects undertaken by its subsidiary, Leighton Offshore Pte Limited, […]