Kurdish MP: Oil Licences Violate Iraqi Constitution
MP Firhad al-Atroushi of the Kurdistani Alliance, and a member of the Parliamentary Oil and Energy Committee, has reportedly described Iraq's 4th round energy auction "a violation to the Iraqi Constitution." He added that it represents a legal problem since it is supposed to be overseen and supervised by the Parliament: "The Kurdistani Alliance has […]
Iraqi Companies to List Shares in London and NY?
The chief executive of the Iraq Stock Exchange (ISX), Taha Abdulsalam, believes secondary listings for local companies on bourses in London and New York would eventually attract extra liquidity and boost trade. "That is the long-term strategy. It's not going to happen overnight, but the plan is to aim to develop the same standard of […]
USAID Initiative Boosts Youth Employment
USAID-supported job training, apprenticeships and microfinance loans help unemployed Iraqi youth secure meaningful work. CHALLENGE. At the start of 2010 Iraq had the highest rates of unemployment in the Middle East. Thirty percent of its adults lacked jobs. More than half of the country's young urban males were unemployed. At 19 percent, female participation in […]
Iraq's 5th Round Energy Auction to Follow
Following the allocation of only three of the 12 exploration fields on offer in Iraq's 4th round energy auction, the Oil Ministry plans to go ahead with a 5th round auction for more sites. “Of course, we will prepare for a fifth round, and we have more than 60 blocks ready for bidding,” Oil Minister […]
4th Round Energy Auction: Only 2 more Fields Awarded
Iraq’s government signed deals for only three of the 12 oil and gas exploration blocks offered in its fourth energy auction, which ended on Thursday, reflecting reluctance of foreign bidders to risk money in unexplored areas. Russia's LUKoil, along with partner Inpex Corp of Japan, won the deal for the 5,500-square-kilometer Block 10 in Muthanna […]
Red Double-Decker Buses Return to Baghdad
Red double-decker buses to returned to Baghdad's streets this week, a colourful sign that the country is moving towards normality. Once a distinctive feature of the capital, the red buses with long white and black stripes disappeared after the 2003 invasion, and were either stolen or broken down. Hadif Omran, an official in a state-run […]
Playing Hardball with Iraq's Oil
Wednesday was Day 1 of Iraq's two-day auction for the rights to 12 new exploration fields, but the long-awaited and often-delayed event was widely considered a disappointment, with only two bids received and only one deal agreed. The reason, say critics, is that Iraq is playing hardball on the terms offered to the 47 international […]
Just 1 Deal on First Day of Iraq's Energy Auction
The first day of Iraq's fourth energy auction resulted in just one successful bid, with four of the today's six exploration fields receiving no bids from the 47 pre-qualified bidders. The six blocks offered today were numbers 2, 9, 6, 12, 1 and 11. A consortium of Kuwait Energy (40%), Turkey's TPAO (Turkiye Petrolleri AO) […]
Dinar Move a Plus for Stocks
Last week the Central Bank of Iraq (CBI) announced that it was authorizing the two largest state-owned banks, Rafidain Bank and Rashid Bank, to sell US dollars at auction. The CBI’s goal is to reduce the spread between its own auction rate and the unofficial “street” exchange rate, which has recently been as wide as […]
Weekly Security Update for 30th May 2012
Levels of violence fell slightly in Iraq last week. At least 43 people were killed and 125 injured in nationwide incidents. A total of 43 bomb attacks left 24 people dead and 106 injured. There were no suicide bombings recorded although a number of militants were killed whilst handling explosive devices that detonated prematurely. A […]
STCI Re-Announces Machines Supply Tender
The State Company for Tires Industries one of the companies of Ministry of Industry and Minerals re announce the tender no 9/T/TYN /2012 for supplying Machines specialist for the new tire project under classification (A2, T5, D3, S1) within the allocation of the investment plan 2012 so the experienced & specialized companies that have desire […]
Lukoil Seeks Asian Partners for West Qurna-2
Russia’s Lukoil is seeking partnerships with Asian oil firms to develop the West Qurna-2 project. The company's Vice-President, Leonid Fedun (pictured), told investors at a company presentation in Hong Kong: “We are holding talks with several potential bidders, including Asian firms. I believe we may get positive news by the end of this year.” Lukoil […]